How do we keep our focus on the long-term during all this panic? The director of financial psychology at Morningstar shares some insights.
In the fall of 2008, when global stock markets were imploding, I happened to be in New York. I switched on the TV in my hotel room and saw financial commentator Suze Orman on Larry King Live. She took calls from the public.Orman: Yes. I think it’s going to go down about another 20%.Orman: Because if you do you’ll never get back in.
Markets like these are the ones that can make or break retirement plans: Ordinary, normal, hardworking Main Street Americans’ retirement plans. They’re the reason so many 401 and IRA balances aren’t as high as they should be. Turmoil, understandably, scares people away. How do we keep our focus on the long-term during all this panic? Sarah Newcomb, the director of financial psychology at investment analysis firm Morningstar Inc., shares some insights.
2. Try to turn each “what-if?” into a “so what?” For example, rather than worry about what I would do if I suddenly lost my job and my savings and my home, I make a plan: I would move in with my mother. I’d spend time with her, collect unemployment insurance, and start to rebuild. I might even pursue a different career track. This makes the “what if?” so much less scary. Would it be hard? Yes. Would it be the end of me? Not by a long shot.
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