The following is an extract from the Market Watch commentary article
written by Paul Farrell on Sept 20, 2011:
"Finally, in researching 5,000 millionaires, money manager Ric
Edelman discovered that on average millionaires spend about six
minutes a day on personal finance. They don't waste time watching
cable news, reading self-serving brokerage reports, attending
seminars, studying stocks tables, subscribing to financial
newsletters, pondering economic reports, reading the financial
newspapers, etc., etc.
They invest in their business and build Lazy Portfolios that operate
quietly in the background, generating long-term returns with minimal
effort and attention.
Yes, folks, things are tough and will get tougher. But still life
is for living and having fun, not wasting time investing. Winning
portfolios are certainly a heck of a lot simpler than Wall Street
and your financial planner want you to believe. They complicate
investing to justify all the money they're siphoning off.
There are far more important things in life: loved ones, family,
hanging out with friends, doing charities, sports, hobbies, movies
.. plain old, ordinary, everyday living. Don't get sucked into
buying risky stocks and greedy investments."
The trading wisdom from these 5,000 millionaires
should augur loud and clear to all of us: 10 minutes a day should
be just nice to do our trading/investing. So, don't spend too much
of your time trading, following or researching the market. As life
is short, you should live and enjoy your life fully, serve as a
philanthropist to help the poor like those wise millionaires!
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