Chapter 7. The Time to Have the Fire Drill Is Not in the Middle of the Fire

We’ve talked about the need for prioritization, planning, and responsibility. How do we manage these, considering our emotional reactions to the changing investment world? The answer is that we must do the most difficult planning first, when we can think clearly and have opportunities to evaluate our strategy. Then, the consequences are small. When there is no pressure or need for immediate reaction, we can contemplate various options and discuss them with family members and advisors. Unfortunately we don’t always use this time effectively because we are preoccupied with other pressing tasks—or because we somehow just don’t get around to taking action regarding what ...

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