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How To Overcome Fear of Investment
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[QUOTE="Sam Dede, post: 4059, member: 20"] I understand fear around investing. Here’s why it’s scary and how you can move from fear to confidence 1. Maslow’s hierarchy of basic needs food and shelter --Realize the important and spend time on it 2. As humans, our brain functioning goes back to the days of living in caves. We had to be afraid to survive. If we weren’t always in a state of worry or fear, we could run out of food or get eaten by an animal as soon as we left the cave. Now, we have to put that fear somewhere. It is still part of our brain functioning. We worry about many things, and money is at the top of the list. Even if people who have a lot of wealth worry they’ll run out or won’t be able to support the lifestyle they have adapted. I watched All the Money in the World recently, the movie about J. Paul Getty. According to the movie, he washed his own underwear so he wouldn’t have to pay for the laundry service. The way he lived and spent his money was centered around lowering his taxes through a charitable trust. In 1966 Guinness Book of Records claimed he was the world's richest private citizen. He was worth an estimated $1.2 billion, which is almost $10 billion today. [B]--Notice when your fears are unfounded[/B] 3. We don’t know about investing until we have done it. It’s like raising a child, especially that first one. Every investor has made big mistakes. I am listening to Ray Dalio’s new book now. He is a billionaire investor. He is the founder of investment firm Bridgewater Associates, one of the world's largest hedge funds. As I record this he is one of the world's 100 wealthiest people, according to Bloomberg. He made huge mistakes after he had been investing for several years. [B]---Learn from an unbiased and experienced source[/B] 4. We make mistakes, then beat ourselves up relentlessly after we make investing mistakes. [B]--Remember that everyone makes mistakes[/B] 5. Most people invest without knowing even the minimum basics about it. It’s crazy. Information is power. --Learn the basics of investing [/QUOTE]
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