Even though we are accounting professionals and are used to dispensing advice, when it comes to self-investing--with our own money--it's a different story completely!
Most anyone who invests on their own faces a society in which we're taught to trust someone else with our money. However, there are ways to combat the fear of investing and come out on top. Here are 12 methods to accomplish this:
- Acknowledge you’re less in control of your money and feelings than you wish.
- Be able to recognize and articulate your feelings — a full range.
- Have a supportive active listener— partner, minister, barber or counselor.
- Know your net worth, assets, liabilities, income and expenses.
- Recognize that you are responsible for your financial well-being.
- Accept that there is no complete, accurate, valid model of the global financial system.
- Accept your feeling of financial incompetence.
- Seek to increase your financial knowledge — learn.
- Do your best, it is the best you can do.
- Watch your environments — choose nourishing, eschew toxic.
- Reduce passive (television) increase active (community) interaction.
- Know your cares and your caring.