We live in uncertain times, creating a lot of anxiety for investors.
So, in today’s podcast, which is one I recorded together with my good friend and share trading expert Louise Bedford, we talk about how to manage uncertainty.
It’s a little longer than normal – almost 50 minutes - but during our chat, Louise and I share many years of experience.
I hope at the end, we will have given you more clarity and certainty about what to do in the current environment.
You see…both Louise and I are students of psychology and how it affects investing.
In fact, Louise has a degree in psychology.
We both realize how our current financial environment is causing anxiety for many people.
Your brain’s hefty responsibility to keep you safe means it hates life’s inevitable uncertainty.
Currently, your brain is constantly updating your world and making judgments about what is safe and what isn’t.
To the human mind, uncertainty equals danger.
If your brain doesn’t know what’s around the corner, it can’t keep you out of harm’s way, can it?
So, it assumes the worst, over-personalizes threats, and jumps to conclusions.
I guess we’re hardwired to overestimate threats and underestimate our ability to handle them, so as I said, the intention of my chat with Louise today is to give you some clarity on managing uncertain economic times.
Highlights of my chat with Louise:
- What to do when all hell has broken loose in the economy?
- How people can handle themselves in terms of strategies and tactics?
- What inflation is and what it does to your money and the economy?
- Why the Reserve Bank raises interest rates?
- The protective measures investors must put in place right now.
- What property investors should do currently?
- What you can do to maintain emotional consistency?
- Steering clear of emotional decisions and worrying about factors you can’t control.
- The value of gratitude
- Why you should look back to look forward?
- Why it’s important to use an archetype?
- The real meaning of money.
- Some advice for developing resilience.
- How to get out of your languishing funk.
- How the great resignation will affect you?
- Embracing failure and preparing for things to go wrong.
Links and Resources:
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Some of our favourite quotes from the show:
“We know that fear and greed drive markets.” – Michael Yardney
“The economy’s affected by a whole lot of factors, and most of them are out of your control.” - Michael Yardney
“You can’t be mentally tough without the ability to fully understand and tolerate all the negative emotions that are going on and be tough with them.” – Michael Yardney
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