There are three things sensible investors do to survive and thrive in a down market. In this video, we discuss how to respond properly and minimize costly investing errors.
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TRANSCRIPT
If you're a long-term investor, market crashes are inevitable. Sticking to your plan and managing your emotions is key to get through these tough times. What else can you do?
I'm Lena Armuth, the real people advisor. I work at Sensible Portfolios, a low-fee investment management firm, and I'm here to teach real people, like you, how to avoid overpaying for investment advice.
Today I'm going to share three things you can do to survive and thrive in a down market.
First, understand that checking your performance occasionally is totally fine. But don't get too caught up on short term results. A big loss feels much worse in the moment, then it actually becomes in the long run.
Secondly, know that it is natural to compare your results to the results of others. But make sure you are comparing performance net of fees and expenses, AND make sure you're comparing against appropriate benchmarks.
And lastly, consider hiring a low fee financial advisor. Not only can an advisor provide behavioral coaching to help stay committed to your long-term plan, but by charging lower fees, you will keep more of your money.
When the market is down, a low fee advisor is literally your best friend.
I know it is difficult to ignore the changes in your account balance, or to avoid comparing yourself to your neighbors, but it can be the secret to help you maintain discipline during market volatility.
Paying lower fees is just the cherry on top!
Thank you so much for watching today. I'm Lena Armuth, the real people advisor. Please subscribe and share with your family and friends.
