Your Guide to the Market – March 2020
As if a major health crisis wasn’t enough, Americans are also dealing with an insanely volatile stock market.
In recent weeks, the stock market has experienced record breaking lows and it has a lot of us feeling on edge.
As most of you probably know, money in general is a hobby of mine; I love saving money but I also love maximizing the money I have! Here are my top 3 tips when it comes to the stock market:
This probably seems like a simple and obvious an obvious piece of advice when it comes to knowing what your money is doing. Unfortunately, people often see the stock market as an invest it and forget it option.
Many individuals chose not to pay attention to the market for a myriad of reasons:
- They don’t need to worry about it until they’re closer to retirement
- They don’t count their investment as part of their overall funds; a process known as mental accounting
- They’re avoiding checking their funds due to fear of bad news
That’s just to name a few! The reality is, it is incredibly important to be aware of what is going on with ALL of your money ALL of the time.
The market is currently very volatile, and while it is a stressful thing to watch, it is important that you are conscious of the market and how it is affecting you.
Don’t Try to Cheat the System
This is historically a time when some people who don’t regularly exist in the financial world get the urge to try their luck.
It may seem harmless to try your hand at ‘timing’ trades or sales to make money during such a stressful time. I cannot stress enough how much you should not do this unless you are a qualified professional.
Top financial professionals often cannot successfully pull off this type of feat so it is safe to assume the rests of us can’t either. As tempting as it may be, avoid trying to make a quick buck.
Don’t Get Out!
Even more tempting than making some money is saving what you already have. A lot of us are tempted to get out of the stock market as soon as we see our numbers going down. STOP!
You may be penalized for liquidating or loose out on valuable future earnings. Always consult with a qualified professional like a financial advisor before making any major changes in your investments. While this is an unprecedented time for a million reasons, it is not the first time we’ve experienced loss in the market; it also won’t be the last – but it will go back up at some point! Stick with the help of a professional as long as you can.
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