Straight Teeth and Smart Investing: Short-Term Pain, Long-Term Gain
A few years ago, I began an Invisalign treatment. For those of you who are unfamiliar, Invisalign is an orthodontic treatment that uses a series of clear plastic aligners (similar to mouth guards) to straighten teeth. The aligners need to be worn for 22 hours per day for six to 12 months. The challenge with 22 hours per day is that the aligners must be removed when eating or drinking anything other than water.
That was a big challenge for me. Pre-Invisalign, I spent at least six hours a day eating, snacking, dining, and drinking coffee and the occasional beer or cocktail. My entire routine needed an overhaul.
Stopping the Pain
Throughout the straightening process, I daydreamed about taking a break, giving myself a day off to eat without sore teeth. I could enjoy slowly drinking coffee in the morning, snacking all day, and spending a night out at a restaurant with my wife, followed by a movie and a big bowl of popcorn.
The problem with this is obvious, however. If I had taken shortcuts to eliminate the discomfort and inconvenience, I would have prolonged the treatment timeline. I know this from experience from shortcuts I took long ago and am paying for now.
When I was a kid, I had braces. I didn’t like the headgear (do they even do that to kids now?), so I didn’t wear it as prescribed. I wore a retainer after my braces came off but I didn’t like that either, so didn’t wear it. I was too immature and short-sighted back in junior high school to realize what I was truly sacrificing. I didn’t fully appreciate the tradeoff of short-term pain for long-term rewards.
I cannot help thinking the discomfort of teeth straightening is like what some investors feel during negative and volatile market conditions. I’ve spoken with many people over the years who cannot help but look at their account balance every day. From my perspective, there’s an easy solution—just quit looking—but I know this isn’t so easy for many.
Long-Term Gains Over Short-term Discomfort
The key to investing and anything that involves short-term discomfort is to focus on the end result. Going to the gym at 6:00 am isn’t easy but the results are worth it for those disciplined enough to stick with it. Going to college or trade school requires sacrifices, but with the focus on the long-term prize, the rewards can be great.
Taking a break from market turmoil by getting out of the market could just make things worse down the road. You would be swapping temporary short-term discomfort for longer-term discomfort.
A Trusted Advisor
I have complete trust in my dentist. I consider him as much as a friend as he is my dentist and I have no concerns that he would send me down a path that I couldn’t handle (although I may be more of a wimp than he knew). Just as important, investors should work with someone they trust to take a comprehensive view, and not just someone selling the product of the day.
Life is about tradeoffs, and everything comes at some price. If we only focus on our comfort today, we will most likely miss out on future rewards. Looking back, my struggles with teeth straightening seem worth the short-term pain. It can be the same when you take a long-term approach to investing, too.
This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.
Kenneth R. Duetsch
Managing Partner / Financial Advisor
CFP®, CFA®, MBA