Tech

The market plummeted last year, so my brother advised me to sell it. I lost $ 80,000. How can I forgive him?

Dear Quentin,

At this time of last year, when the market was noisy, my brother advised me to get out of the market and go to cash to save money. He declared it would be even worse and he had 40 years of experience in the market.

Sure, it was an ugly drop. Following his lead, I greeted the loss of $ 80,000, hoping to say goodbye to the worse disaster. The same recession soon ended and the market recovered. It took months to get back to the market.

If I had ignored his advice and continued the course, I would have gone all the way, not late. To date, I’m under $ 55,000, so I’ve recovered some. I feel sick of being guided this way. Maybe I’m the only one who blames what I’ve heard.

We would appreciate it if you could give us your opinion on this matter.

Brother

Beloved brother,

Accountability is everything. You can start forgiving your brother by forgiving yourself. But to do that, I have to repeat after me. “Only me and I are responsible for successfully buying these stocks, and only me and I are responsible for selling them.”

Intention is also important. Your brother didn’t mean you would do any harm, whether he had 4 or 40 years of experience. He may have felt worried about himself, and projected that worries to you. He didn’t even say if he sold the stock. Anyway, rinse and repeat the above quote.

“”
“That was a great lesson, but the fun part is understanding what you have learned.


— Money list

You are responsible for making money, for saving money, and for investing money. You make a choice when you seek advice and leave 100% of your decisions to that person. You are also handing over your power.

It was a difficult lesson. But the fun part is understanding what you have learned. 1. Do not sell stock during periods of turmoil based on fear. 2. Don’t give up on your agency. 3. Do not torture yourself by counting all the rises and falls. That is the reason why we fell into this situation in the first place.

By the way, this situation is temporary. Therefore, you may choose to suffer or not to take action and suffer. Close your laptop, call your brother, ask how he’s doing, this time make it last longer, take a walk and take a few steps.

You can email The Moneyist financial and ethical questions related to the coronavirus at qfottrell@marketwatch.com.

Moneyist: “Warren Buffett and Harry Potter couldn’t retire them early.”: Our spender’s neighbor said our adviser was “poor.” So why did we retire early?

Hello, MarketWatchers.check out Moneyist Private Facebook
FB,
+ 2.83%

A group where we look for answers to the most troublesome money problems in life. Readers write to me with all sorts of dilemmas. Please post a question or tell us what you want to know. Or consider the latest Moneyist column.

By emailing your question, you agree to publish it anonymously on MarketWatch. By submitting a story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that you may use the story or its version on all media and platforms, including third parties.

The market plummeted last year, so my brother advised me to sell it. I lost $ 80,000. How can I forgive him?

Source link The market plummeted last year, so my brother advised me to sell it. I lost $ 80,000. How can I forgive him?

Back to top button