Investing Challenge: Week 1
Set your intentions. It's the only way to invest successfully.
Last month I kicked off 2024 with a question: what money goals do you have for 2024?
The answers were split between investing and budgeting. But since investors have a huge opportunity in 2024, that’s what we’ll help you with.
The Stock Market Kiddy-Pool:
You shouldn’t dive headfirst into investing… you’ll drown.
That’s because investing is mostly about your emotions, and the moment your invested cash starts to lose value you’ll panic, pull your money, and sink any chance of being profitable.
At least, that’s what stats say 97% of investors do.
So, this week let’s dive into your true feelings about money and the stock market. This will check your emotions and teach you the basics of swimming in the market before you take the jump.
15-Minute Exercise:
Take about 15 - 20 minutes to examine your feelings about stock market investing.
To help you get started, answer these questions:
Growing up, did your family talk about investing? If so, did they feel positive or negative?
Are you afraid to invest in the stock market? If so, write down the reasons why.
What makes you want to invest money in the first place?
Do you panic when things don’t go as planned?
Finish this sentence: As an investor, I’ll be confident when _____.
Wrap up:
That’s all for today.
Next Tuesday we’ll use your answers to figure out your risk tolerance. Trust me, you need to know your risk tolerance!
Until then,
Cheers!