Power of Consistency is applicable in Investing too
My daughter has just started going to school last month. Every day the teacher asks her to write some shapes, alphabets, and letters and till now she can write A to D and 1 to 4. It didn't happen in one day, it took her one month in school as well as we have practiced her to write every day continuously. The teacher always asks her to make her write continuously at home and we should not skip a day. This is because to build the consistency within the kid to write and learn.
PC: Pixabay.com
When we grew older we usually forget about it and we think that we will be successful in one day. Success needs practice too, which means we have to be consistent in our efforts to get that success which we always desire. Everyone has goals in our lives, even the unserious ones and everyone's goal is different. Everyone can reach their goal too, it is just that we have to be consistent in achieving that. If you are consistent and you have the power to do something about the goal every day then you can actually achieve the goal.
For example, at the start of 2021, I was sitting at 10K HP and have created a goal for myself that I have to reach 15K HP by year-end.
By midway of 2021 I have to revise the goal to 12.5K HP which is achieved, now why I cannot achieve the goal of 15K HP is because I lacked consistency. Though there are reasons for that, again what I have missed is achieving the goal which I have set for myself. Getting upvoted or not is not in my hand, but writing is in my hand, if I would have written continuously for the whole year might be the scenario would be different.
Similarly, you will see that the GYM owners actually reduce the price at the time of the new year for the whole year package because they know that people will actually buy the package and might not remain consistent enough for the whole year to come to the GYM. Setting goals is the first step towards success but again to get to that success we need the mental power to stay focussed as well as consistent. Now success doesn't mean only money, many people consider it successful if they do what they love like writing continuously for 30 days, like pushing themselves every day to actually write and be better for yesterday.
When we see people succeeding in life by having too much money, we actually do not see the struggle they have to go through each and every day like continuously pushing themselves to be better every day and be consistent.
Consistency in Investing
Now when it comes to investing, nothing can beat the consistency. Why I choose Mutual Funds SIP over Stocks is because it brings consistency in investing each and every month without fail. We investors might buy or sell at the wrong time but when we invest regularly through SIP it will be profitable in the future as well as small drops of money compounded yearly will give you huge returns.
Similar to Hive Power Up Day, I guess the contest is because to let people come up with a consistent approach towards increasing their Hive Power every month. It can be as low as 10 HP too, but again when you are consistent it will rise and rise in the future and will actually create wealth.
PC: Groww.com
If we invest consistently like the image above your wealth will actually grow multi-fold in the future. Similarly, if we have to buy a coin or stock what we actually need to do is to do a dollar-cost averaging and thus free ourselves from ups and downs on the market, this is again a type of consistent approach in investing.
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that's why one need SMART goal. Too big goal over a long period of time is main reason of breaking consistency.
Small and periodic review helps.
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That's absolutely correct, I think if the too big a goal is divided into smaller SMART goals, then even if you miss one or more goal, your main goal will be intact because you know how to complete those goals if they are SMART enough.
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This is exactly what i try to do and be realistic with goals is always important to try and achieve them. So im hoping 10k will be possible by the end of 2022 :)
That's great, along with the goal we should also plan for it. That means planning to complete the goal and another plan if it doesn't work the way we wanted.
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Consistency is key and if we could keep it up I am sure we would get recognition on the Hive ecosystem and be able to rise our stack to be more influential. I have sometimes writing walls and simply my mind doesn't want to produce any posts, but after it passes (1-2 weeks sometimes), I come back with more energy than ever...
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That's absolutely true, even if we cannot do something every day we should at least think about it or at least spend some time on that topic. Consistency means that only, we should try to do something, if that doesn't happen we should at least do something about it.
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It is the case in all walks of life, something that people often forget.
Consistency in any endeavor is required if success is going to be attained. Even keeping the house clean requires consistent effort.
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That's true, a small step taken every day will become a long walk in some days or years, it is just that we have to be consistent to continue taking that step.
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You are so right. COnsistency is the way to grow as an individual, a company or an investor.
But why doesn't everyone do it then? Because it is HARD ! It takes work and dedication. 2 qualities just a few people have... daily.
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When people start to work on their goal they set the target as well as some plan to achieve it, but the problem is they lose the dedication and consistency in between and thus the goal is never achieved.
When investing we must be consistent and because consistency is the key to every success. Work towards your goal constantly
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That's absolutely true, success is defined by how consistent you are.
Consistent create compounding interest
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That's true too