When the market is tanking, what should you do?

You may feel an irresistible urge to look at where you are financially. Don’t. Dan Ariely, chief behavioral economist at personal finance app Qapital and professor of behavioral economics at Duke University, said that is opposite of what you want to do.

Checking numbers, too, often can make it more difficult to accurately interpret trends, according to Ariely. If instead people look at their weight data in a less granular way, say how it trends over several weeks, they can more accurately see what is happening. Plus, they tend to get less anxious and take better care of their health, he said.In 2008, when the markets were going crazy, Ariely found himself checking his own accounts more frequently as everything changed every half hour.

“I wasn’t going to sell,” he said. “I wasn’t going to buy; I was just kind of looking obsessively. It was about noon when I realized I was out of control. I was looking too much.”

Trump is so bad you didn't even bother starting this with 'if'

Uhmmm.....blame Obama for getting a $60M book deal?🤭🤭🤭

“Fuck it all” is probably the most pragmatic response.

My 401(k) needs to change its' name from Empower Retirement to Disemboweled Retirement.

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You may be tempted to make this mistake as the market tanks. Here's what to do instead.Roller coaster moves in the market might tempt you to obsessively watch your investments or even adjust your holdings. Behavioral finance expert Dan Ariely says those are some of the worst things you can do. 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.
แหล่ง: CNBC - 🏆 12. / 72 อ่านเพิ่มเติม »