Trevor Dale, Founder of TK Dale Wealth Management talks about how gaining new wealth can be scary. Like climbing mountains, the higher you get, the more fear tries to eat at you.
When you have $1,000,000 and lose 10%, you lose $100,000. It hurts and the raw numbers sound big. You’ve worked hard for that money and you want to keep it so that you don’t have to worry about your money.
Now if you had $1,000 and lose 10% then you would only be losing $100 and most people will say that they can cut expenses or just work more to make up that money.
Either way, it is 10% but it is your view on money that determines what you do in each scenario.
Taking a defensive approach to this scenario would cause you to sit back and do nothing or even worse, sell.
Taking an offense approach causes people to look to utilize this down turn.
If your investing thesis is still in tact based on fundamental and economic analysis then I would have you consider that it is time to invest more and be active in achieving your goals. You want to go on the offense.
Looking at money like a tool rather than a limited resource is a different way of thinking. Money is something that can be created and destroyed. You have the ability to create more and even if it isn’t in your current job there are still many other things you can do.
If your investment thesis is still in tact then buy more. Try and go on the offense and stop worrying. Look at ways to grow when everyone else is scared.
Fear is something that we all have and it is how you react to it that makes the difference.
So start your training now and prepare for the next time you get scared. Have it in your mind how you will act and do your best to go on the offense.
After all… a the best defense is a good offense.
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This report is provided by TK Dale Wealth Management Inc. It is for informational and educational purposes only as of the date of writing, and may not be appropriate for other purposes. The views and opinions expressed may change at any time based on market or other conditions and may not come to pass. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. The information contained in this report has been drawn from sources believed to be reliable, but is not guaranteed to be accurate or complete. This report contains economic, investment and market analysis and views, including about future economic and financial markets performance. These are based on certain assumptions and other factors, and are subject to inherent risks and uncertainties. The actual outcome may be materially different. TK Dale Wealth Management Inc. is not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered.