Up one day, down the next…is the stock market roller coaster making you nervous?
I completely understand. To help you get a better handle on this, check out the post I made today on my Kinkelaar & Associates’ financial planning blog. It highlights the importance in having an investment strategy that you can stick with.
Now, I also have to share a personal annoyance with you. One of the comments you hear from financial professionals at these times is to “take your emotions” out of your financial decisions. That may sound great, but it’s completely unrealistic. Even financial professionals get jittery (I know I do) and we’re suppose to know better.
Here’s why it doesn’t make sense: We’re all emotional creatures and money is one of the elements that we need in our survival toolbox. As far as Maslow’s hierarchy of needs are concerned, financial resources are an element of safety. So with something so fundamental to survival, how do you completely disconnect the emotional part?
The best I think most of us can expect is to recognize we’re uncomfortable, understand why it’s making us feel this way and then figure out a way to “manage” the emotions so we’re not just reacting to them. That may mean learning a bit more about the markets, understanding how the media covers market turmoil, and/or talking with a financial professional or money coach to get you through these times.
I hope this helps. Let me know your thoughts and what has or has not worked for you. Stay strong as this, too, shall pass.