I stopped following politics years ago because it was a waste of my time, I don’t follow sports, watch TV programs, because they don’t help me work towards my goals and waste my time. But I felt good watching the financial markets because it does involve making money, after all, I keep my opinions to myself and I barely remember most of the financial news that I read.
My daily emails were from Investopedia, Market watch, IBD Tech report, Hargreaves Lansdown, Goldman Sachs…. have been cut out, saving me an hour a day, my focus from really making money was being taken away from news that is totally irrelevant to me. I was listening to macro voices about the markets from high net worth individuals, but a lot of this info was absolutely wasting my time but it felt like the right thing to do.
I don’t need millions of stock picks, I don’t need to hear about world financial news, I don’t need to know about gold prices but the best service I used was seeking alpha alerts to tell me about what my stocks are doing, that’s where my focus is now at.
I also follow 3-4 YouTubers that I use for stock ideas and keeping track of them, so I have gone from knowing the world financial market to just looking at the companies I have invested in or more that I am interested in. This is applying the Pareto rule with my investing. I have cut out Bloomberg, CNN, motley fool and other guys that have opinions on which way the S&P is going. (saving 1-2 hours per day)
Now I have optimised the best bits, I have more time for my business, but less time knowing stuff that is probably useless for me, but makes me sound smarter! I know what I need to know to leverage my money, my plan is established and I just need to follow it. I will have to seem ignorant to the markets but continue to become wealthier faster.