Market swings happen. Here’s how to stay calm when the market isn’t.
Transcript:
CAROLINE WOODS: We’ve had this really good bounce off of the April lows that it’s pretty easy to forget that just a few months ago, people were really freaking out. And we know that there is risk that it could happen again, even if it doesn’t seem like it will at this point. So what do you say to investors who are constantly afraid that they’re missing out or getting in too late?
CARL RICHARDS: Yeah, look, it feels a little tired to keep saying the same thing over and over, but it’s the only thing to say, like build an investment plan built off of your goals and even a little deeper. Your values, right? Like what’s really important to you. You don’t even need. I didn’t know that people were freaking out a couple of months ago. I didn’t know that. We have a great balance right now, because my investment plan doesn’t depend on me knowing that. So I think that’s what we have to say is like, you got to get out of the branches of the trees like it’s entertaining out there and it’s fun. And for some of us, it’s an important part of our lives. But for most of us, when it comes to our investments, we got to get closer to the trunk of the tree, right? Like the stuff that doesn’t spin around, the stuff that doesn’t get us worried or scared. Build an investment plan that can last through those things so you don’t have to think about it all the time. You’ll be, you’ll be more successful financially and as a byproduct, you’ll be happier.
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