5 Things to Do During Market Correction
Five things to do during a market correction. # one is be patient. Number two. Don't overthink # three. Fight your instincts, your instincts. When the markets go down is to get out, you're in pain. You want to get out of pain. You want certainty, certainty is gonna cash. Certainly in the market can hurt you. You wanna be diversified. You should work with a financial violent once you've got real money, you get ready to retire. Work with a financial advisor, find a fiduciary who has got to put your interest in their your interest first and have a real financial plan. Remember it's decades, not days which takes me mistake number two, waiting to invest does not work. I really hit this hard earlier but waiting to invest does not work. I showed you this chart, it's in the back of the latte factor. Today is the day to start. Like if I can implore any of you directly at home right now. Today is the day to start. Look at this chart. If you weren't in the first part of this class, look at this c...
hart $ a month. That's not a lot $10 a day. Starting at 25. Those of you who are young, You could have $1,913,000. If you put your money into large company stocks and the market does what is done in the past by the time you reach retirement, If you wait till 35, You're still a good amount of money. But now it's $684,000. If you wait till 45 it's 230,000. If you wait till 55 it's 62,000. By the way, the person at 55 if you go another 10 2030 years you're gonna catch up. It's just gonna catch up later. Doesn't mean you shouldn't do it right? So 2nd 3rd biggest mistake, not saving enough does not work. Which takes me to question number four, Taking too much risk does not work. I really wanted to highlight the top of that pyramid because what I don't want you to do is work really hard. Make money and have it all go away. One of the greatest rules of investing is don't lose money, Don't lose money. Told his money treat the dollars that you invest like the mountain. Remember how much time you've traded for that money? When my grandmother invested the first year, she lost everything. She got, she told me I got my stock tips from my friends and all my friends were poor. So then she went back and said, okay now I need to learn how to invest now I need to take classes now I need some rich mentors. She found them over time and got smarter. Don't take too much risk with your money