I know it’s good for me. I know it will catch up to me eventually if I don’t do it. Yet, for some reason, I just won’t swallow that spoonful of vegetables known as investing. I want to retire someday, but I hardly ever take concrete steps towards it. Maybe it’s because everytime I walk into Gamestop, I pull out my savings to buy a used Zelda game. Let’s face it, we live in a country of consumerism. Saving is hard when there’s a shiny candybar around every corner.
Psychologists are always investigating why we don’t make the choices we’re supposed to, even when we understand the positive results of another choice. Despite what you may think (or what I thought), it isn’t necessarily about our desires for immediate gratification that hold us back. It is our mindset.
In short, we are own own biggest enemy. Don’t worry, you aren’t alone and there is help. Here are 3 tips from professional psychologists on how to conquer investing fears.
Be Kind to Yourself
It’s easy to think investing is impossible when we feel we’re hopeless. Believe it or not, it isn’t productive to get down on ourselves for splurging on that big work lunch. If you think to yourself, “I could never invest. I hardly had enough self-restraint this month to pay the bills,” it’s paralysing! And it certainly does not promote growth.
Instead of “I’m hopeless,” consider, “I can grow.” It is easy to compare yourself to others. Remember, no one is Warren Buffett except Warren Buffett. You may not become a billionaire from investing, but you will gain greater confidence and security.
Find a Community
It’s hard to stick to your goals without help! Studies find the most productive people in society are surrounded by coaches, peers, and mentors. That may seem like a daunting task in and of itself. But thankfully, we live in the age of the internet. Find a Facebook group. Join an investors group. Start a portfolio on Kapitall.com. You have more resources than you realize.
Think About Your Future Self
"Hey, I invested in stocks yesterday and I’m still not a millionaire!"
Don’t be discouraged that you haven’t achieved your goals overnight. For motivation, think about your future self. Think about your stable retirement, living just a few miles away from Harry Potter World. Maybe that’s just me but you get the idea. Form a vivid picture of your investing goals and why you have them. It’s a strong motivator for when things seem a bit slow or unpromising.
In the end you are your own worst enemy when it comes to investing. Use these three steps to get started, you’ll be so glad you did. Maybe someday we’ll visit Harry Potter World together.
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