My dad was a stockbroker, but he was more of a gambler than an investor. He risked other people’s money on get-rich-quick schemes, and he even managed to lose our house. It wasn’t until he got sick that he finally stopped. He didn’t leave me much, and as I near college graduation, I’m trying to invest smartly and stick to a long-term plan by setting up recurring purchases and just leaving it alone.
The problem is, I can’t stop myself from wanting to check how my investments are doing all the time. It might be my past with my dad’s gambling or just my own worry, but I’m struggling not to act impulsively and sell at the wrong time.
Any advice on how to keep my nerves in check and hold onto a long-term mindset?
I don’t think it hurts to look as long as you don’t react. I check a lot myself, but I stick to my plan and just let the contributions keep going in. I’ll admit that I avoid looking when the market’s down, but otherwise, I like to see how things are progressing.
Harlem said: @Thane
You’ll get used to it over time. The hardest part is learning to stay calm during big drops without doing anything you might regret.
Yep, those dips are actually a great time to buy more.
@Fenn
It’s not just about the economy recovering—it’s also whether you have cash to spare. My company went under in 2008, and many others did too. Even knowing it’s smart to invest in downturns, job security can make it tough to actually put money in.
Harlem said: @Fenn
That’s true, especially for new investors. It’s easy to want to bail when you see a big loss.
Totally. That’s why it’s good to diversify and stick to funds. Individual stocks can be exciting but risky for beginners who might think of them as quick cash. It’s a long game.
Vale said: @Fenn
But how do you find extra money to invest more when it’s down? If you’re already investing all your spare cash each month, it’s tough.
Just keep putting in what you can and don’t worry too much. At least you’re still buying at a lower price.