When the news is blaring that stocks are falling, your first impulse may be to log into your investment account and see what damage has been done to your portfolio.
Financial planner, Joe Wirbick of Lancaster, Pennsylvania advices to take it easy. “Checking daily, weekly, or monthly—especially when stocks are down—is just going to make you anxious,” he says. “That’s not helpful.”
The tricky thing to do when markets are erratic is to stay committed to your long-term investment strategy. That can be more difficult to achieve, especially when you log in and see you’ve lost money.
It’s human nature to be upset by the prospect of a loss. During questionable times like this, it’s better to acquire financial consultation services in Ohio to soothe your nerves.
If you’re being a bit of a financial masochist and checking your portfolio often when stocks are falling, your desire to stop the “hurt” may lead you to decide to move your money into a more conservative portfolio that owns fewer stocks. That may indeed feel better at the moment, but it can come at a very steep cost.
Our consultants for healthcare solutions in Ohio suggest that If you still have a couple of years to go before you expect to benefit from your investments—say for retirement—moving money out of stocks when they are falling means you will likely end up with a lot less money later.
So how often should you look?
As a top-of-the-line healthcare consulting company in Hinckley, Ohio, we advise you aim to check in on your investments no more than per quarter. This way, you avoid any inconvenience of anxiety and worry the ever-changing market can bring.
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