Warren Buffett once famously said: “You only have to do a very few things right in your life so long as you don’t do too many things wrong.”
A good plan for your investments doesn’t have to be a massive production. At a minimum, you should have an idea of how much money you’ll need to meet your cost of living and what your reliable sources of income will be when you’re retired. There will probably be a gap between those numbers, and you should have a plan for how to bridge it.
But in fact, the stock market has lost money on average about one in every four years. If you’re counting on meeting your needs from regular double-digit returns, you’re likely in for some major disappointments. If you’re skeptical about what I’m saying, here’s an article on this topic. And here’s another one that should frighten you.As Jason Zweig, one of my favorite authors, likes to say, you should worry if you think you can predict what is going to happen. Zweig cites decades of studies showing that rats and pigeons are better than humans at staying “within the limits of their abilities to identify patterns, giving them what amounts to a kind of natural humility in the face of random events.
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