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You Choose Which to Focus On

The value of a long-term view is perhaps the greatest tool we can master, as investors and as individuals.

As I'm writing this, the US equity markets are again at new all time highs, but it wasn't that long ago that things were really scary (October and December of last year, May of this year). And a short term perspective might have caused some investors to panic, get out of the market, and miss out on the inevitable return upward. 

The stock market is a volatile beast in the short term - but a handsome rewarder for those who have the patience and discipline to ride things out. 

The same thing goes for other aspects in life. 

Recently I was talking with an advisor friend about the growth of our advisory firms. I expressed some frustration in some of my growing pains, things that I felt I wasn't doing well or could do a lot better. He wisely asked me to zoom out and assess things from a wider lens, and I almost instantly saw things differently. I was indeed in a lower spot than I was most recently, but I was in an infinitely better spot than I was 2 years ago. 

Spiritual growth. Child raising. Emotional health. Physical wellness. The list goes on. Short term fluctuations can be hard, but it almost always help to take the long view to see our growth.
Interesting Resources 

1. FinancialPlanning.com - CFP Board Willing to Lose Thousands of CFPs, if Necessary, Over Fiduciary Issue
I realize this might not be of interest to a lot of readers - but I wanted to at least pass on some developments in the finance-advice giving industry. Being a fiduciary is a big deal to me, and something I believe in strongly. Recent SEC guidance (Reg BI) effectively neutered the potential requirement for advisors to be required to act as fiduciaries. As a result, some large brokerage companies (Edward Jones, Wells Fargo, LPL Financial) might discourage or even outright prevent their advisors from obtaining or even using the Certified Financial Planner™designation unless the CFP®board modifies language to not require CFP's (like myself) to act as fiduciaries. I'm really hoping the CFP Board stands its ground and is willing to lose in the short term to do the right thing in the long term. 

2. CalibratingCapital - Kids Self Employment System
I promise I won't always cross-post my own content here, but this is something I've wanted to try and distill down into a Fident Friday for awhile now. But I can't summarize it in 250 words. So here's a longer-form post on how my wife and I have implemented our kids "allowance" system, without it actually being an allowance. We set up a Self Employment system, with a list of jobs we expect them to do, how much they get paid to do it, some savings incentives, and some guidance on where to use it. The intention is to give them a framework for thinking about money at a young age. 
What's something that you can try and take the long view on today? 

Gratefully,
Jeremy
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