Stop Checking Your Investments (Your Future Self Will Thank You)

There is a paradox at the heart of modern investing. The easier it becomes to manage our money, the harder it can be to achieve long-term financial goals.

We now live in a world of constant access. Portfolios can be checked in real time, trades can be placed at any hour, and market news arrives instantly. Technology has removed almost every barrier between investors and their money.

Yet this accessibility may be working against us.

The tension between today and tomorrow

In 1997, economist David Laibson highlighted a fundamental conflict in human behaviour. We want financial security in the future, but we are hardwired to prioritise how we feel in the present.

This creates two problems for investors. First, we struggle to save enough, because spending today feels more rewarding than planning for tomorrow. Second, even when we do invest, we find it hard to stay invested during periods of volatility. When markets fall, our instinct is to act quickly to stop the discomfort.

Laibson argued that high liquidity and easy access to money make this worse. The more freedom we have to act, the easier it is to make short-term decisions that undermine long-term outcomes.

Why friction can be a good thing

The solution is not to lock money away completely, but to introduce sensible “commitment devices”, structures that help protect investors from impulsive behaviour.

These can include automatic contribution increases, long-term asset allocation frameworks, investment structures with lock-up periods, or simply forcing a pause before major portfolio changes.

Despite their benefits, many people resist these measures. Restrictions feel uncomfortable, and most of us believe we will behave rationally under pressure. In reality, market stress affects almost everyone.

A perfect environment for bad decisions

If liquidity worried Laibson in the 1990s, today’s environment would be even more concerning.

Markets are effectively always open, removing natural breaks that once encouraged reflection. Constant portfolio monitoring makes every small fluctuation feel important. Social media and 24-hour financial news amplify fear and excitement at exactly the wrong moments. At the same time, investing has become increasingly gamified, blurring the line between long-term planning and short-term speculation.

Volatility has always existed, but we have never been so continuously exposed to it.

Protecting long-term wealth

Think of your investments as a goose that lays golden eggs. Each egg represents future consumption, retirement, security and freedom. The goose itself is your portfolio.

Modern investing does not usually destroy that goose in one dramatic decision. Instead, it is worn down by repeated, emotionally driven actions that seem harmless in isolation but compound over time.

The most successful investors are not those with the best predictions or fastest reactions. They are the ones who build systems that protect them from themselves.

A more realistic approach to investing

Effective financial planning recognises these behavioural realities. A sound strategy on paper is not enough if it cannot be maintained in practice.

This often means automating decisions, creating boundaries around when and how changes can be made, and having a trusted adviser who can provide perspective during periods of stress.

The aim is balance. Enough flexibility to deal with real life, but enough structure to prevent short-term emotions from derailing long-term goals.

The bottom line

We are not going back to a world of limited access and quarterly statements. But we do need to counter the behavioural risks that constant access creates.

Sometimes the best investment decision is the one that is hardest to reverse. The purpose of investing is not to react to every market movement, but to ensure that decades from now, the goose is still laying golden eggs.