Next, control your emotions. We are driven primarily by emotion. The institutional investors know this and often make higher profits during times of fear, preying on the emotionally charged investing public.. Profiting from fear and anxiety is taught in business school, he says — the more trades, the more commissions. So don’t fall into this trap.
“Stay committed to your investment plan,” Illan says. And continue to save as you did when times were good.
Two other pieces of advice: Do not invest anywhere, including in bonds, until you’ve saved six months’ worth of cash to cover basic living expenses in case of emergency. And the risk of taking out a loan for retraining or acquiring another degree is worth it, he says.
Make sure that you read the following article if you are in dire need Quick Steps To Help: If You Are Facing Forclosure
To put the lid on stress, sleep well, exercise a lot, and eat healthy meals.
- Create a budget. Even though creating a new budget might mean giving up a few things that you don’t want to give up, doing so will give you an important sense of control over your finances, which ultimately means less stress.
- Regain perspective. Take a break from your stressed daily life to volunteer. It can help you remember that there are persons who are worse off than you are. It’s also a good way to use your time and, possibly, keep using your skills if you are job hunting.
- Socialize. It’s important to seek out other people for fun and conversation. If you only want to be with other people who are equally stressed out about finances and jobs, it shouldn’t be too hard to find them. The American Psychological Association reports that four out of five Americans (at least) worry about money and the economy.
Check local community listings online or in the newspaper to see which groups are meeting when. It is also a good idea to hang out with people who you can have fun with and not just talk about your financial woes.
Check out our gallery below and take a deep breath.
How To Handle Financial Stress was originally published on elev8.com
