When buying a stock, investors seek which one will make them the most money, dollar for dollar. Yet, one must take caution when investing because not all stocks are the right fit. When a stock goes south and your pocketbook becomes lighter, how does one persevere despite the severity of the market loss?
Some women are unable to recover from market woes. The pain from stock market losses causes frustration and an overwhelming sense of discomfort, ultimately resulting in an “I never will move past this” attitude. Some feel financially defeated and depleted. However, recovering from the volatility of the stock market is possible as long as you keep the faith and strive toward recovery.
There are smart decisions about investing effectively and not defectively in the stock market; however, the question is how one distinguishes between the two.
Wealth manager for 28 years, Janice Goldman Picker coaches women in the market recovery process. Janice, 60, understands the queasiness and volatility that the stock market brings, yet she remains confident that recovery is possible as long as you are willing.
“There are several ways to deal with the volatility of the market so you don’t feel insecure if there is volatility,” says Janice.
This philosophy holds true when buying stocks in order to build your portfolio just like when you are trying to build your shoe collection.
“You will find the right answers to have your money making money for you. You will feel prosperous in your investigation, in your discoveries and in your portfolio,” Janice adds.
It is all about perseverance and having the right mentality. If you let the market beat you down, then not only will your pocketbook be lighter, so will your pride and ego.
“Be perseverant,” Janice notes.
Janice suggests buying dividend paying stocks, which offers a safety net because you can have your money making money for you.
“I recommend putting stops on your stocks to protect yourself so you have a limited downside. I also recommend making sure you are properly diversified, and you include in your portfolio ways to profit even if the market goes down. I recommend to all of my clients to hedge their portfolios, and I even have some strategies where we can go to cash in certain sectors,” she adds.
There are effective ways to decide about investing in the stock market. Making inexpensive stock market decisions needs investigation in order to end in discoveries. According to Janice, there are professionals in the financial realm that can aid in your discovery of the stock that is most fitting for you.
“My best advice is to take a class, get a great coach or financial advisor and really find out successful proven strategies,” she says.
If you are currently recovering from stock market losses and are financially depleted (meaning your bank account is not as hefty as it once was), then there are certain strategies on how to rebuild your portfolio, along with your bank account. It begins with 10 simple steps toward financial restitution.
Janice shares her top 10 tips in order to persevere from financial overwhelm:
1. Find out your credit score.
2. Find out how much money you spend every month.
3. Find out from your employer your monthly income, and if you are making a contribution to your company’s retirement plan.
4. Start organizing your monthly expenses.
5. Read something about money every day, even if it is only a headline.
6. Review your bank statements and see what the interest rate charge is and the fees are on your credit cards.
7. Interview a friend or a date about how they organize and/or invest their money at least once a month.
8. Get different perspectives from various people on their investing secrets.
9. Make a deliberate money date with your partner or your friend.
10. See if you are contributing to important charitable organizations that are important to you.
Reaching down into the core of ones’ money problems is important because once this happens, one can begin making inexpensive investments. These 10 steps allow one to arrive at a realization as to how to move forward toward becoming financially fit. The steps are simple as long as one practices them in all of financial affairs, and they have a high success rate. The importance of taking action to become financially fit is highly important for your overall well-being. Being financially fit means you have your finances in order and understand how to move forward out of being financially destitute.
Restitution is possible. Syncing your finances into your life will occur. Forgiveness also plays a huge part in the recovery process. Do not get discouraged over the costly mistakes you have made in the past. You must move forward. The 10 steps outlined above, along with contacting a professional such as Janice, are great ways to shorten the learning curve and learn how to make inexpensive investments.
Remember, buying a stock is like buying a pair of shoes. If the cost is right, the shoe looks good and it fits, buy it. If not, keep looking and the right pair will appear.
~Photography by GMO Photo Editor Billy Montgomery
