In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, discuss the areas of financial market that you can’t control that may cause you fear and the areas that are within your control that can be adjusted in your favor.
Episode Highlights:
- 1:14 – What scares you with 401(k) plans?
- 2:07 – What scared Andy as a kid?
- 4:10 – What are the risks of investing in companies?
- 6:06 – What other things can you not control?
- 8:00 – You are in 100% in control of how much you invest and what you spend
- your money on.
- 11:37 – You can have some control over how much you are earning and the
- distance of your drive to work.
- 12:27 – FOMO stands for the Fear Of Missing Out.
3 Key Points:
- You can’t control the risks of the market.
- You can control what you invest in, not investing outside of your risk profile, how much you contribute, and how you spend your money.
- You can’t control political climates and policies.
Tweetable Quotes:
- “’Unknowns, in many ways, in many areas of our lives create fear and these emotions that pop up.” – Andy Bush.
- “’We try to control our environments. We try to control the way we handle our money or the way our money is being handled and sometimes fears can have a negative effect on those things. ” – Andy Bush.
- “’Some people are so gripped by the fear of the stock market, and it may have some very substantial foundation or some route because or this fear. For instance, 2008, early 2009, the stock market dropped a great recession.” – Andy Bush.
Resources Mentioned:
