There’s a lot of talk about long-term investing, and not making short-term decisions. But when the market dips and I check my balances, it’s very difficult to stay focused on my personal financial goals and avoid the temptation of comparing my portfolio performance to market trends or my friends’ investments. Any advice?
Chrisley Botha, Wealth Adviser at PSG Wealth, Paarl:
Staying focused on long-term financial goals during market volatility can indeed be challenging. Here are some strategies to help you maintain your perspective and resist the temptation of making impulsive decisions:
1. Reaffirm your financial goals: Remind yourself of your long-term objectives. Whether it’s retirement, buying a home, or funding your child’s education, keeping your goals in mind can help you stay the course. Write them down and revisit them regularly to reinforce their importance.
2. Understand market cycles: Market fluctuations