There are few things in investing (and life) that are guaranteed. But the one thing we can count on for sure is that the market won’t stay at the same level. What goes up must come down.
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To put the current manic behavior of the market in perspective, it helps to look at history as a guide.
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Be the coach when you manage your money so you can win one for your future wealth.
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We tend to be led off-course from our happily ever after outcomes by fantastical “folklore” that we continue to tell ourselves long after the evidence has informed us otherwise.
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Congratulations, you’ve received a chunk of change! Maybe it’s an inheritance, a signing bonus, or similar windfall – or maybe you’ve been sitting on a stash of cash for a while. What do you do next?
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The result of this extensive groundwork is an investment strategy for patient investors who are seeking clarity, understanding and cost control … elegant simplicity.
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Here are some simple financial tips to help you build wealth and manage your money smarter.
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Whether they represent a past mistake, bad luck, or a choice that made perfect sense at the time but no longer does, you are subject to sunken cost fallacy when a holding is no longer serving for your current goals. Learn how to avoid this trap.
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Are there signs to tell us if a market correction is imminent, or are they more likely false prophets? Either way, how is an investor advised to respond to such forecasts?
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Herd mentality is just as applicable in bull markets, as early experience taught me well. Remember the tech stock bubble of the 1990s? As an engineer at Dell in the “second Silicon Valley” of Austin, Texas, I happened to be in hotbed of all the madness…
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I’m no more immune to confirmation bias than the next guy. For example, when I left my job at Dell several years ago, I realized I could finally buy an Apple. But, darn the luck, we already had a perfectly good PC at home.
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There’s even an academic field of inquiry called Behavioral Finance that studies how our minds play tricks on us when we think about our money.
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When the market falls, dollar-cost averaging gives you the opportunity to buy more shares at bargain-basement prices, thereby reducing both your cost basis and the extent of your losses.
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By recognizing these biases, we can protect ourselves from the errors that can separate us from our money, but in order to do that, we must first understand what they are and how they affect us.
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