Novice Investing Tip: Set it and Forget It

Novice Investing Tip: Set it and Forget It

I’ve only done a little bit of investing so far in my lifetime. Mostly I’ve been working on managing my debt and setting up some retirement for myself. However, in recent years, I’ve started investing a little bit. I’m definitely a novice. But there’s one thing that I learned really quickly: Set It and Forget It.

Set It and Forget It

The saying comes from an old infomercial that got drilled into my head when I was a kid. It was for some kind of cooking utensil. The idea was that you could throw all the food in there, “set it and forget it.” In other words, you didn’t need to tend to it. The item worked for you while you did other things. I never actually purchased or used the item. Obviously, I’ve forgotten what it was even exactly for. However, the catchy saying stuck in my mind. And I thought of it recently when I was thinking about my investments.

Monitoring Investments on Apps

So far, I’m doing most of my investing through apps. I used the Stash wallet for investing in ETFs. I do small bonds investing through SMBX. Finally, I’ve started using cryptocurrency, staking a little bit of it for a potentially return. All of these apps are, obviously, right at my fingertips. Therefore, I have the ability to check them constantly. Honestly, though, I never felt that urge to do so until recently.

My ETFs and SMBX investments are pretty small. Furthermore, they’re pretty steady. Therefore, nothing interesting happens when I open the app and look at them. Sure, the apps have a lot of financial information that I could review if I wanted to. However, it’s just never really interested me much. In this sense, I “set it and forgot it” with those small investments.

Monitoring Cryptocurrency Changes Feels Addictive

All of that changed when I started investing in cryptocurrency. First, I got on the cryptoart / NFT bandwagon. Therefore, I had to purchase cryptocurrency. I got myself a Coinbase wallet. Then I purchased some Bitcoins and Ethers. Over time I added a few other small cryptocurrency investments. Then when I was able to, I staked my ethers into ETH2, which means I might earn more money off of them although I can’t see / trade them for a period of time.

Unlike with the other apps, I find myself constantly drawn to Coinbase. For one thing, Ethereum in particular has had wild changing values. Therefore, I can’t help but look to see if my money is way up way down. Just like many other things on the Internet, I get that lovely dopamine hit when I see the numbers are up. Therefore, my brain wants to keep coming back to the app. Plus the app includes news and opportunities to earn rewards, both of which draw me back again and again.

But, Really: Set It and Forget It

Although I’ve been having some fun checking on my cryptocurrency a lot, it’s really not the best use of my time. Moreover, it has the potential to cause highs and lows in mood with the rapid changes in value. It’s best for me if I just stick my money in there, set it and forget it. In other words, for me, for now, automating my investments then leaving them alone is the best course of action.

How often and in what ways do you monitor your investments?

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