The Dow rose 304 points yesterday. Were you elated? Were you open and communicative with your family? Did you go out to dinner?
If the Dow had fallen 304 points instead, would you have been depressed? Would you have sat with a sullen face in front of a television without watching it? Would you have called your financial advisor, as if they were responsible?
There is a great deal of emotional distance between elation and depression. Most people think they handle market swings pretty well, but their spouses often disagree. Go ahead, be brave -ask your spouse how well you handle market swings!
When I had my first job as a trust officer decades ago, my boss taught me that "the pain of losing money far exceeds the joy of making it." I've learned that is absolutely true. The difference is how well you handle . . . pain & joy . . . or elation & depression.
But, don't blame your financial advisor for the emotions you cannot handle.
If the Dow had fallen 304 points instead, would you have been depressed? Would you have sat with a sullen face in front of a television without watching it? Would you have called your financial advisor, as if they were responsible?
There is a great deal of emotional distance between elation and depression. Most people think they handle market swings pretty well, but their spouses often disagree. Go ahead, be brave -ask your spouse how well you handle market swings!
When I had my first job as a trust officer decades ago, my boss taught me that "the pain of losing money far exceeds the joy of making it." I've learned that is absolutely true. The difference is how well you handle . . . pain & joy . . . or elation & depression.
But, don't blame your financial advisor for the emotions you cannot handle.
