The stock market, and investing, isn't just the black and white of price to earnings ratios and the numbers. It's also got a bit of emotion in it. Today let's talk about how emotions might hurt you.
Emotions- Everyone has emotions, even traders who trade professionally. It's really important to acknowledge that you have and operate in an emotional frame of mind. Now, you have to mitigate those emotions so they do not control you. If you could see your actions in someone else, would you say, wow, that's crazy? Or, might you say, look how steady and self-controlled they act. How are you behaving with your investments?
Your plan- your plan is the main mitigating map for you and your family. Where are you planning to go with your money? What are the specifics of how you are going to get to that beautiful land, your end-of-the-rainbow destination? This is where practical steps are mapped out in a process that helps you achieve you goals, your way. Make sure you consult your plan when you feel light-headed, confused or scared about the stock market.
Adjustments- The only way to become wise is to have life happen. You learn all kinds of things while living a normal life. You learn what risks you really can tolerate and what risks you really can't tolerate. Maybe you though you could manage but not you feel differently. Adjust your plan and modify how you will achieve you goals.
When you have an advisor and make a plan for your money, it is a great map when times are volatile or calm.
Citation:
Marion Syversen, MBA
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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