Is Your Investing Turning Into An Addiction
Investing and using your money to make more money is something that all of us try to do in one form or another. The desire to put our money to work for us and to gain more money in the process beats digging a hole and burying it in the back yard any day of the week. Investing can become an addition and one that destroys savings, families and lives every year. Is your investing becoming something bigger than life and threatening to take over your life?
All of us love when an investment comes together. We have all experienced that rush of positive emotions when we find an investment, buy in, see our money grown and then reap the rewards. You research your investment, nervously watch it grow day by day and then get out at the perfect time. You have made money literally out of thin air and you feel like a king. You feel invincible and powerful. With grace and confidence you have earned money wisely through investing it.
On the other hand, there are some of us that allow investing to rule our lives. An investment pays off and we feel like a winner. When an investment doesn't pay off we feel like a loser and we begin to chase that emotion so fiercely that sometimes thought and reason leave us and we begin down the path to addiction.
If you find yourself checking hourly on your stock or the prices of gold or any other investment that you currently have money invested in then you might have a problem. You might try to rationalize this by saying that you're keeping an eye on your investments but you probably already have sell orders and stops in place to take care of the need to keep an eye on your position every minute of the day. Obsessing about a stock or investment shows that you're emotionally involved and a good investor removes all emotion from the investment decision.
Do you find yourself constantly looking for an edge or tips for hot stocks? This kind of behavior is similar to what goes on at a race track, wouldn't you agree? While searching for an good investment and being an educated investor is wise, looking for underground news or tips on what is going to happen in your chosen market are signs that something is wrong. That feverish feeling overcomes you and you simply must find a winner. You are willing to do anything. You subscribe to clubs and mailing lists to find that sure thing and you chase that rush.
Most of us have one or two investment types that we prefer. We all have a knack for picking stocks, a feel for a certain currency pair or we enjoy investing in companies that we know a little bit about. If you find yourself chasing after profit and trying many different types of investments because someone told you that they know this particular investment is going to pay off then you might have a problem. Stick to investments that you enjoy learning about. Venturing off into uncharted territory when money is at stake is an unwise investment no matter where your information came from.
A sure sign that you have an addiction or problem with investing is using money for your portfolio that is intended for bills or savings. Many lives have been ruined as an investor attempts to recoup losses or buy into a sure thing as the addictive behavior progresses. Not telling your spouse or partner about what is going on financially and hoping that you can get the money that you lost back before they notice is a recipe for disaster. Lying is never good and lying about money to your partner, even by not telling them what is going on, will cause you to lose more than just money in your life. You will lose the love and respect of the one person you should trust the most.
If these words have made you feel even the slightest bit uncomfortable then it is time that you sat down and took a look at what you're doing. Investing can be fun and thrilling. A lot of money has been earned by wise investors over the years. Making good choices and not allowing yourself to be ruled by your emotions is key to being a successful investor. You will have good days and bad days but the wise investor knows how to remove their emotions from their investments. They also know when they're having a problem and when they need to get a grip on reality so they can get back to investing instead of chasing after money and the thrill of making money.
All of us love when an investment comes together. We have all experienced that rush of positive emotions when we find an investment, buy in, see our money grown and then reap the rewards. You research your investment, nervously watch it grow day by day and then get out at the perfect time. You have made money literally out of thin air and you feel like a king. You feel invincible and powerful. With grace and confidence you have earned money wisely through investing it.
On the other hand, there are some of us that allow investing to rule our lives. An investment pays off and we feel like a winner. When an investment doesn't pay off we feel like a loser and we begin to chase that emotion so fiercely that sometimes thought and reason leave us and we begin down the path to addiction.
If you find yourself checking hourly on your stock or the prices of gold or any other investment that you currently have money invested in then you might have a problem. You might try to rationalize this by saying that you're keeping an eye on your investments but you probably already have sell orders and stops in place to take care of the need to keep an eye on your position every minute of the day. Obsessing about a stock or investment shows that you're emotionally involved and a good investor removes all emotion from the investment decision.
Do you find yourself constantly looking for an edge or tips for hot stocks? This kind of behavior is similar to what goes on at a race track, wouldn't you agree? While searching for an good investment and being an educated investor is wise, looking for underground news or tips on what is going to happen in your chosen market are signs that something is wrong. That feverish feeling overcomes you and you simply must find a winner. You are willing to do anything. You subscribe to clubs and mailing lists to find that sure thing and you chase that rush.
Most of us have one or two investment types that we prefer. We all have a knack for picking stocks, a feel for a certain currency pair or we enjoy investing in companies that we know a little bit about. If you find yourself chasing after profit and trying many different types of investments because someone told you that they know this particular investment is going to pay off then you might have a problem. Stick to investments that you enjoy learning about. Venturing off into uncharted territory when money is at stake is an unwise investment no matter where your information came from.
A sure sign that you have an addiction or problem with investing is using money for your portfolio that is intended for bills or savings. Many lives have been ruined as an investor attempts to recoup losses or buy into a sure thing as the addictive behavior progresses. Not telling your spouse or partner about what is going on financially and hoping that you can get the money that you lost back before they notice is a recipe for disaster. Lying is never good and lying about money to your partner, even by not telling them what is going on, will cause you to lose more than just money in your life. You will lose the love and respect of the one person you should trust the most.
If these words have made you feel even the slightest bit uncomfortable then it is time that you sat down and took a look at what you're doing. Investing can be fun and thrilling. A lot of money has been earned by wise investors over the years. Making good choices and not allowing yourself to be ruled by your emotions is key to being a successful investor. You will have good days and bad days but the wise investor knows how to remove their emotions from their investments. They also know when they're having a problem and when they need to get a grip on reality so they can get back to investing instead of chasing after money and the thrill of making money.
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