*Disclaimer: I am not a financial expert, and this blog is not intended to provide financial advice. Rather, as always, I am sharing my insights and thoughts on a topic.*
Hello all, and welcome to the next installment of Making my Mark on the world. This post will have a little bit of a different feel to it. It is focused on current financial topics, but these points are generally applicable to all areas of life.
There is something that has been on my mind a lot lately: finances. Particularly, the stock market and cryptocurrencies. It has been a really tough time, and a lot of savings have been erased. CBS News recently reported that the decline in the stock market has wiped out $3 trillion in retirement savings this year. Further, in the past 12 months, Bitcoin has declined by approximately 42 percent. Going even a level further, inflation is the highest that it has been in decades.
These factors have all contributed to my anxiety, and they have caused me to question things that I once believed in. However, I think there are a couple of keys to navigating these times. I’ve listed them below.
Do your own research, become informed.
Find people that you trust, and lean on their advice.
These points are fairly self-explanatory, but I’ll highlight some of the key underpinnings of them here.
Do your own research, become informed.
The old cliche that knowledge is power rings true here. The way to be confident in your decisions is to do your own research and to become informed. This applies to all aspects of life, including investments. I am not saying that it is imperative to become an expert in everything. That’s impossible. Rather, do the level of research that provides you comfort in your decision. There is so much information available that it becomes overwhelming. Which leads into the next point.
Find people that you trust, and lean on their advice.
At first, this might seem contradictory to the previous point. However, it is actually complimentary. Listening to analysts and friends can be a type of research. As mentioned previously, it is impossible to be an expert in everything. Yet, almost every subject matter has experts. This is not to say that you should delegate your powers to others. It is imperative to not just blindly follow recommendations. Be source critical. Find people that you trust and listen to their advice. Compare this advice with the insights from your own research (whatever is needed to be comfortable in a decision). It is akin to an academic research paper where the authors discuss prior research on a subject. We are certainly in a strange time historically and financially, and these are things that I am still working on.
Those following along with the blog, will also know that I am in a bit of a down period myself. I am doing my best to work hard, to not be discouraged, to remain calm, and to be patient. For my personal situation, there is no quick fix. I am going to have to remain committed and hardworking.
As always, thank you for reading Making my Mark on the world. If you liked this piece, please consider subscribing and sharing. There will be more posts with insights on a myriad of topics related to personal development.