How to get mentally prepared for long-term investing — no matter what the stock market is doing

Whether the stock market is riding a rollercoaster or your investments are sailing smooth, understanding your own risk tolerance is imperative to making and maintaining sound decisions.

Not only can the wrong asset allocation send a portfolio’s trajectory in the completely wrong direction, but it can also keep investors up at night or push them to make a bad decision in a panic. Financial advisers will assist their clients when making investment choices for their retirement accounts, but individuals who are contributing to an employer-sponsored retirement account or managing a portfolio on their own should conduct a check-up themselves.

When completing these questionnaires, it’s also critical to remember that how you feel today may not be how you feel when the stock market is acting differently in a week, month or year. For example, when answering questions while her portfolio’s balance is climbing day after day, an investor may think she feels more comfortable with risk — until a month later when a correction hits and she loses a percentage of that balance.

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