Inflation and Stock Market Crash Are Not Your Biggest Problem. This is…
Don’t Fall Into the Hysteria Trap…
In University, I was sitting in Economics class clueless about everything. Crazy times back then. At the time, we were witnessing 2008–2009 craziness. Every news article claimed the world was over. I remember an article encouraging people to max out their consumer credit cards. Good thing I didn’t follow that advice back then. Yet, I still felt awful about this “stock market crash.” Even though I had no money invested and no money to invest in thinking of the long term in 2008. Consuming the media and thinking of others losing gripped me. It also disallowed me to discover my personal solution. I was following versus making my own personal plan. We are now coming off the COVID-19 pandemic craziness. Don’t let the media trap you in 2022 and beyond.
The accidental impact of actions outside of your control can be more consequential than the ones you consciously take. — The Psychology of Money
I am living in South Korea. I have done a decent job living on the frugal side of life. Unfortunately, the Korean won currency is sinking hard. That is definitely outside my control and many ex-pats seem to talk about the exchange rate a lot. To me, it has always been insignificant to a point. It is outside my control and trying to time good points to send money out is not worth it to me.
Even though the rest of the world matters more than your personal plan and vision, you should still have a plan.
What is worth my time?
EVERYONE will tell you to invest. EVERYONE has an opinion about money. Of course, you will automatically lose purchasing power in cash if you don’t invest. Yet, what is conveniently left out is if you invest in the wrong things your losses can be life-shattering.
Invest in Real Estate
Invest in the Stock Market
There are the two most common answers you hear. Yet, the most important investment is the one you have for yourself.
Your lack of Personal development, personal values, and missions is your biggest problem.
Life is long(hopefully). Start investing early, but most importantly protect yourself. Arm yourself with strong psychology and make mistakes. That is right, make mistakes. Hopefully you make a small mistake and correct it. Make a higher-level mistake next time.
I will give you an example of the opposite of a small mistake. I have heard of people who have never invested, gambled, or speculated on ANYTHING. Then they are letting everything ride on Bitcoin. Maybe it will work out, who knows, but that is just the point. Bitcoin is highly speculative these days. Why not let it ride on the thousands of other gambling instruments you have at your disposal? No one knows the future, at least diversify your gambles.
Bottom line, read the headlines of the news but make sure to do the work. Arm yourselves with real wisdom and abilities. Be ready. The future is going to be a wild ride. We need you firing on all cylinders.