Well, I did it. I set up my automatic contributions to my Roth IRA for 2009. I set it to max out the contribution by using monthly investments.
I've been putting it off because the market has been so tough to watch. It's hard to look at how much my investment has lost and still be able to consider putting in more money. But I have to have faith that I'm buying low and selling high. I'm not retiring for 30+ years, so it makes sense to put as much money as possible into my Roth IRA while I'm still young and let that money grow. It's not like I'll be able to catch up later.
I opted for automatic contributions as part of the "set it and forget it" method of investing. I know that what I'm doing is the right decision. I've researched the funds. I know that right now, investments are losing money, but history tells us that they will come back. I feel like a bad personal finance blogger admitting that part of my plan is to ignore my retirement funds. After all, shouldn't I want to know everything there is about my money?
Well I do. Sort of, anyway. I have alerts set up for all of my retirement funds so I know what's going on with them. I know when shares are falling or when reports are issued on those funds. I just choose to not look at my personal balance. If I know shares are falling then I know my balance is falling. It just sometimes creates a sinking feeling to look at my actual numbers. So while I know in general what my money is doing, I prefer to not know the actuals. At least not everyday. I check in on them at least once a month when I update my net worth, and usually can't resist a peek or two throughout the rest of the month.
I would much rather look at my savings account balances. At least those I have some control over. I can't control the markets, so I shouldn't worry about it. I should just remember that I'm putting away money for my future and that's what's important.