For today’s episode, I’m going to talk with you about investing in the stock market. And I promise this will be different than anything you’ve ever heard. But if you listen to the end, you’ll find out the key to becoming a better investor.
This idea of investing will neither make you wealthy nor keep you wealthy. You have to do those things yourself.
What I mean by that is your behavior as an investor is the one variable that will determine your financial success—not the performance of the stock market.
Let me string those two ideas together for you so that you can’t miss the beauty and wonder of this truth.
Enduring the fluctuations of the stock market is challenging, even for the most seasoned investors. And yes, most of us know by now that staying the course is the most prudent thing to do, especially during periods of discomfort.
Yet doing so may be easier said than done.
Indeed, a successful investment strategy doesn’t just involve an understanding of how markets work. It, more importantly, requires an awareness of our emotional biases and the discipline to keep them in check.
Unfortunately, in my 15 years of working with clients, I have seen too many investors fall prey to emotional investing and ultimately fall short of their goals. But that’s not going to be you, because today I’m going to share some tips with you that will set you on the right path to becoming a better investor.
[02:42] Why investors get in their own way.
[04:11] The two primary emotions that tend to motivate investor behavior over the course of a market cycle.
[08:00] Why investing emotionally will keep you from becoming a better investor.
[12:04] How to avoid the pitfalls of investing emotionally.
Looking for more tips on how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.