You may be tempted to make this mistake as the market tanks. Here's what to do instead.

If you're inclined to check your 401 or other investment account balances, think again.

"Volatility is inherently frightening," Ariely said. "Being frightened means that we are paralyzed, we think about it too much.How your reality gets distorted Take weight loss, for example. If people look at their weight in precise measurements with decimals — say 162.3 pounds — they tend to create stories to make sense of what they are seeing. And the result is often that they become unmotivated, Ariely said.

Just do what a co-worker did with his 401k. He maxed out his contributions into a mutual fund that was 100% stocks (Vanguard Primecap) since day one and never ever looked at it for almost 30 years. And the day he finally looked at it, he had about $1 million.

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Stocks are sliding due to a 'smorgasbord of risks' across Argentina, Italy, Hong Kong, and SingaporeAn election upset tanked markets in Argentina, Italy's ruling coalition is in disarray, and Hong Kong protests are continuing. Actually stocks prices are labile for the usual reason: With any excuse to bid down prices significantly the guys with the money pull the trigger in unison knowing within a day or two of 3 down days they will take major profits.
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