This is the best advice I can ever give to anybody.
Don’t let your emotions invest for you !
People are emotional, and possess many biases when it comes to investing. A couple examples of these biases include hindsight (looking back and thinking it was easy to predict how things actually played out) and illusion of control (the tendency for people to overestimate their ability to control events they cannot actually influence). Unfortunately, these biases make us more susceptible to short-term market noise and poor investment decision making. This is why it is important to maintain a disciplined, emotion-free, investment strategy.
1. Have a plan
2. Stick to that plan
3. Have a formula and a strategy in place and don’t assume your current advisor has one?!
4. Don’t lose money, avoid the big sustained dips.
5. Avoid the noise!
6. Aim for smooth consistent returns over time and don’t chase the markets or investments.
This is what the wealthy and some of the most successful investors do daily with their money.