We all have blind spots – particularly in investing. Maybe you fancy yourself a great stock picker, but objectively you’re underperforming. Maybe you’re overly concentrated in company stock, but objectively you need to diversify.
The tricky thing about blind spots is that they’re difficult to notice by ourselves. They exist just out of our direct sight, quietly influencing our choices and possibly affecting our financial well-being.
So, how do we manage these blind spots?
First, we must acknowledge their existence. Once we acknowledge that we have blind spots, we can start to do something about them.
Second, we should look for individuals who can uncover our blind spots. That’s where professionals like coaches, trainers, mentors, and financial advisors come in. They can provide a fresh, objective perspective.
Third, we have to be open to guidance. When a blindspot is revealed it’s common to get defensive. Instead, we should embrace the other perspective and decide what action we should take.
Blind spots are a natural part of life and they certainly can affect our investments. But just because they’re tricky to see on our own doesn’t mean they can’t be managed.