Fresh Start Monday #88: Finding consistency
Many people act based on how motivated they feel or whether they feel like doing something. Your emotions get the best of you. The problem with this approach is inconsistency.
You don't build or grow in any one direction.
A metaphor for this is the stock market. When the stock market is on the way up, it's exciting. You're riding a high. You want to get in on the action, and you start buying more stocks/funds.
However, when the stock market is on the way down, you may sell because you don't want to lose money. You feel depressed and down as you see your account balances trend downward.
Many investors lose money when they ride the emotional roller coaster of the stock market. They buy high, sell low.
One solution is called Dollar Cost Averaging (DCA). DCA is the practice of systematically investing equal amounts of money at regular intervals, regardless of the price of a stock or fund. You set it and forget it.
For example, you automatically invest $100 twice a month regardless of what the stock market is doing.
DCA brings the greatest returns from a financial perspective.
Dollar cost averaging is also a great strategy in other aspects of life, like health and relationships.
You've probably heard the phrase or experienced yo-yo dieting. It's when you go on a diet, lose weight, then stop dieting, and regain all the weight back.
By applying DCA in this example, you'll find a consistent way of eating that feels sustainable in the long term.
DCA might be a financial concept, but the principle is about consistently investing in yourself over time. DCA balances out what are otherwise large fluctuations and creates stability over time.
Consistency over intensity.
Where can you apply DCA in your own life?
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Getting the Love You Want: A Guide for Couples: Third Edition
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Training for the Uphill Athlete: A Manual for Mountain Runners and Ski Mountaineers
The 5AM Club: Own Your Morning. Elevate Your Life.
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