Since a few days I have been getting a lot of calls from people “how do markets look to you” or “Should we withdraw the money” or “Do we need to restructure the portfolio” etc. However this is not the first time that I have been getting such calls. In past also I have got a lot of calls from people worried due to some or the other reasons. Every time something or the other becomes a reason for people to get panic and get worried about their hard earned money that has been invested. However this time the troubles are:
- Sliding Stocks
- Wars in other countries
- Interest Rate Fluctuation
- China Meltdown
- Greece Bailout
- Eurozone Crisis
In last few days I have been listening to a lot many theories on all these problems. But let me tell you one things no matter how hard you try but you cannot do anything about them. Can you? If not, then why bother about them day and night, thinking what you should do next!!!
This week I thought to speak to all my friends who are worried about these tough times and tell them what I’ve been telling to others who’ve been calling me every now and then to discuss what next. Things to do when market scares you -:
- Identify “why” are you investing – Whenever you feel scared about what’s happening around first of all ask yourself why have you invested the money. Half the fear goes away when you get that answer.
- See if your “why” has arrived – Once you have identified the purpose for which you’ve been investing, see how far is the goal from today. If the answer is years away then why are you troubling yourself today.
- Start ignoring the “media” – Now that you’ve got the answers to the above question, it’s time to go on a media fast and stop listening to all that is being talked about the markets, the bailouts, the meltdowns, the crisis and what not. Remember you can’t do anything about them.
In the end I would like to conclude by saying that if we don’t get down off the train until the destination arrives; then why do we want to stop saving until the goal arrives. The journey to your dreams would not be an easy one, but don’t let your emotions make it an impossible one.