“We’re trying to buy $10 bills for $5.” – Phil Town
In this week’s episode of InvestED, Phil and Danielle talk about the importance of creating checklists that are precise, efficient, easy to use under difficult circumstances, do not try to spell out everything and provide reminders about the most important steps.
Danielle suggests checklists are the bones of every good investor because they help us stay rational when we become emotional. Most importantly, they keep us focused and on-track.
Need a helpful tool to learn more about checklists? In the episode, they highlight the Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger.
Fear changes the way people think. The advice given in this episode is to sell when the market is greedy and buy when they’re fearful. The markets go through this fluctuation regularly and the result is you are able to get a bargain. Having a checklist allows you to stay calm and organized when fear arises.
If you want to learn more about the importance of checklists, join us on the podcast today!
Show Notes:
- Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger by Charlie Munger and Peter D. Kaufman
- Checklist Manifesto by Atul Gawande
- Invested by Phil and Danielle Town
Subscribe & Review in iTunes
Are you subscribed to InvestED? If you’re not, we want to encourage you to do that today because we don’t want you to miss an episode. Our episodes are weekly and are sometimes multiple parts and if you’re not subscribed there’s a good chance you’ll miss out on current events happening in the market. That would be a major bummer. Click here to subscribe in iTunes!
Now if you’re feeling extra loving, it would be awesome if you left us a review on iTunes, too. Those reviews help other people find this podcast and Danielle and Phil also love reading them so that we can improve your listening experience. Just click here to review, select “View in iTunes”, then “Ratings and Reviews”, and “Write a Review” and let me know what your favorite part of the podcast is. Now go play!
On the InvestED podcast, Phil and his daughter Danielle shine a light on the successful investing strategies that gurus like Warren Buffett have used for 80 years. Listen in for a great stock market education on basics, learn how to invest on your own, and follow along with real-time examples and investing tips from week to week.