Dan Fleyshman, at one of our mastermind events spoke about investing in something that started to tank; he got emotional and pulled his money out right before it skyrocketed. He realized he should have just left the money alone. So now he gives himself permission to invest 20% of his money into whatever he wants and leaves it alone. The lesson here is to define what you feel comfortable with in order to reduce emotional decisions.
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We recently saw two case studies, both done over a 20 year period, the S&P 500 index, average 6 to 7.7%. So 6 to 7.7 and also a study saying that the average investor returns was 4.25 to 4.79. Why the gap? Why did the average investor make less than in that period of time than the actual S&P 500? It was because they were emotional and investing when things are going up, and pulling their money out when things are going down.
If you are investing for the long term, then it's important that your mindset sits that way. This example is meant to show that everybody who did not get emotional about those investments would have made a higher return if they would have just left it there. We’ve talked about boring and consistency equals wealth on one of our previous episodes. It was meant to say you've got a budget. These are the boring things, be consistent and ride the waves. Who cares? Leave it alone and just Cool your jets.
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