Dealing with Down Days in the Market
I saw a lot of frantic posts in our Facebook group on Friday about the market being down 2%+ at one point during the day.
I’m writing this on Sunday and I of course don’t know where the market is going to go this week, or the next, but I do know this:
I’m playing with a 50-year investing timeline.
If I get spooked every time the market drops 1%+ in a day, it’s going to be a very stressful ride.
There will undoubtedly be years where the market, and thus my net worth, is down well over 10%. I can almost guarantee there will be a year where the market is down over 20% in a year.
But even knowing that, I strongly believe this is the single best way to maximize my wealth over the long-term.
I particularly enjoyed this tweet from Morgan Housel on Friday:
“This is the biggest market decline since the last decline you don’t remember or care about anymore.”
And of course, if you need a little relaxation, here’s JL Collins’ famous “Guided Meditation for When the Stock Market is Dropping.”
Amplifying New FI Voices
I love it when exciting new FI podcasts come on the scene and I especially love it when they are really good.
Katie & Alan Donegan and I held our first ‘Extraordinary Event’ weekend in Vegas a few months ago and the energy there was electric.
I know of at least 2 podcasts that popped up after the event and they are both great listens if you’re looking for the perspective of people on the path to FI in earlier stages than you sometimes hear on existing podcasts.
With that in mind, here are two recommendations for your listening enjoyment:
Meghan Combs created the EverydayFI podcast and here are the links to listen on Apple Podcasts and Spotify Mitch created the myFIcapsule podcast and you can listen on Apple Podcasts and Spotify [Note: Get on the Extraordinary Events email list for first crack at future events – there are going to be some exciting events announced soon with events across the US and some amazing international locations]