Lately, I spend way too much time sifting through the news and blogs for the latest updates on the economy. While doing that, I sometimes get distracted by the “most popular news” headlines and who knows what else. Frankly, it’s getting in the way of my work. So I’m taking Steve Pavlina’s advice (I know it’s not his idea) and I think I’ll put myself on some kind of media fast.
I think it might not be reasonable to expect that I’ll cut out ALL financial media ALL day for an extended period of time, but I need to somehow cut it back enough that I can get more work done at home.
The fact of the matter is that there isn’t much more to learn about this crisis. At least at this stage, it’s just fallout (unless the shoe of a third, unknown giant’s leg drops). And to be honest, whenever I listen to any “explanation” of the crisis, or even attend a forum (as I did this week) on what to do going ahead – I learn very little simply because I’ve read so darn much about it already.
Additionally, this media fast is going hand in hand with a money fast. Usually I focus on growing my money supply, but I’ve already done those tasks for the next six months or so – I front-ended all my investments so that I could take advantage of lower stock prices which may – who knows? – have increased again by the time I would normally have been able to afford investing in them.
So far this month, I’ve:
- paid another $200 off on my VISA, lowering its credit limit yet again
- paid another $400 off on my student loan, which isn’t even due yet but this makes a permanent increase in my net worth automatically
- invested about another $700 into my DRIPs (still waiting for these checks to be cashed….)
And all this without even having paid my rent yet. But it’s about paying myself first – I really, really, feel the urgency to be ramping things up financially. I look at my DRIP statements from years back and see the slowly increasing dividends and wished that I had participated more and sooner. And if I’m already thinking that now, at my still fairly young age – imagine what could happen if I ignored this signal over the next decade?!
Perhaps it’s a bit manic and overconfident… I see the potential risk, but I don’t really think so. The key for me going ahead now is (1) to not take on any more debt and (2) to spend less than I normally do on basic everyday things (usually I don’t even bother to rein in my spending on eating out, etc., for pragmatic reasons).
I see this as my quarterly portfolio check-up, I guess. I’m going to spend less time researching companies (since I’ve made all my investments, basically, for the next quarter) and more time improving other areas of my life. Such as doing more side work to bring in more income.
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In the spirit of the Four Hour Work Week, I could not agree more that a media fast is exactly what we all need! Actually, though, just a little of this type of news is what we need to save, so that when the market is booming, we will stick to our investment strategy, rather than join the erratic greed train :)
I love the 4HWW. And I agree about not getting on the greed train. It can happen so subtlely, too – it happened to me last summer when I started buying some junior mining companies in Canada that didn’t pay a dividend because they hadn’t even made any finds yet – they just had the land! I learned from that very quickly.
Now I only buy stocks that pay me. I don’t subscribe to “buy and hope.”
Good luck with the fast and the decrease in spending! I am also trying to cut back the amount of news in general I take in. I think the media encourages the economic downturn to spin out of control by inciting paranoia.
I agree that media coverage of the downturn
seems to be doing more harm than good, both
to our individual psyches (and judgments!) but
also to the larger situation in the world.
At the moment, I’m cutting back my spending
in concert with the amount that my income
has dropped, but still maintaining my tithe,
sending it to the local Food Bank. I’m sharply
aware that I am still better off than a lot
of folks.
Good goals. However, I know I won’t be doing the media fast. At some point this market and economy will turn and I plan on being ready when it does.
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