At the beginning of the pandemic, a thick layer of uncertainty was hovering over the market. People panicked and, just in case, pulled their money out. By March of 2020, we saw a decline of 30% in the market. Although for a short bit I freaked out, as I’ve been through similar situations before, I managed to check my emotions and not let them interfere in my money decisions.
In this episode, we will learn how to let our emotions out of our decisions around money, wealth creation and investing. We will go through the concepts of money emotion roller coaster and emotional spiral, so we can recognize their patterns and avoid them. We will also talk about wealth creation, playing the investing game with a long-term mindset and turning our money into our 24/7 employees.
What You Will Learn In This Episode:
– Why looking too close at the stock market might make us lose perspective on what is going on
– What happens when we let our emotions interfere in our money decisions
– How the money emotion roller coaster works, from feeling infallible to despair and starting it over again
– How to leave our emotions out of our financial decisions
– What the emotional spiral is and how we can avoid falling into it
– The two ways of going into the market
One of the advantages of being older is that, unlike many people, I’ve been through times of high interest, inflation, corrections and recessions, so I know what to expect. I know first-hand the emotions that these events can generate. But most importantly, I’ve learned that the best way to make emotion-free money decisions is to have a process and a system designed to help us reach our goals and our custom version of financial freedom.
If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you!
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