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My Big Day Thumbnail

My Big Day

Once a year I peek at my retirement account to confirm I am on track with my financial goals. Monday, January 2 was my big day. My peek confirmed I am on track, so I will take another peek on January 2, 2024.  For most of us, our primary financial goals are the same – at some point, we want to retire and maintain a lifestyle similar to the one we have grown into while working. For Coffeehouse Investors, staying on track with this goal means honing in on our savings (while working) and our spending (in retirement). And “on track” has nothing to do with the markets, which is why I review my account balances only once a year. The way I look at it, ignoring the markets over the past 25 years (when my first book was published) and capturing its return has served me well, with the Dow Jones Industrial Average (DJIA) growing from 7,965 to over 33,000 today. If the DJIA maintains its same relentless pace over the next 25 years, it will be trading at around 225,000. I intend to capture the market’s return over this period as well.If you are intent on building wealth, ignoring Wall Street and getting on with your life over the next 25 years, an essential component to that is “ignoring Wall Street.” Coffeehouse Investors have seen the powerful impact on their financial and emotional well-being by ignoring the markets, focusing on their financial plan, and most importantly, getting on with their lives.Benjamin Graham, Warren Buffett’s mentor at Columbia University’s business school, declared “The investor’s chief problem – and even his worst enemy – is likely to be himself.” For the new year, I challenge you to ignore the markets, peek at your portfolio only once a year, and get on with your life.     Make a Plan for the New YearIf you are worried about your financial plan in this bear market, let's talk and strategize a path to your financial freedom and peace of mind.