I know everyone is getting tired and depressed about the current financial rollercoaster. So how do you get through in a calm fashion? The short answer? Ignore the media. The long answer has a couple more details to it!
- Ignore the media – If you do not subject yourself to the over analysis done by the media of what is going on it is harder to become depressed and easier to stay calm. Liken it to a watched pot never boils, nothing major is going to change in one day. Check in on what is going on once a week and spend the rest of your time focusing on you! (See number 4)
- Remember what your timeline is – Investing is for the long run. If you don’t need the money for five years there is nothing to worry about. The market will come back and we will move on. If you need it before 5 years you should not have been in the stock market. It is a volatile investment in the short term and a great investment in the long term. What to do if you are in it and you do need the money? Sit for as long as you can, but then take it when you needed. Exhaust all other responsible options first.
- Use your extra time that you are not watching the news to educate yourself about how markets work and other money matters. All economies must have their ups and downs. We have been very lucky to have had a long period of growth; it was inevitable to have a down turn. It has happened before, it will happen again and we will all be okay.
- Remember that YOU create your destiny. Take this as a time to move forward when everyone else is drowning in their tears. Take a minute, determine where you are and then get out there and move yourself in the direction you want to go!
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