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This story originally appeared on MarketBeat
You know the long list of investment regrets: not investing early enough, selling at the wrong time, choosing the safe option, etc., etc.
However, the only way forward can sometimes be just to move forward. Here's how to deal with the investment chances you may encounter at times throughout your investment life and future.
Tip 1: keep an eye on your goals.
What are your goals for your financial future? Do you want to save enough money to retire at 60? Do you have money to send your kids to college?
Whatever missteps you've made in the past, you can erase them by becoming completely goal-oriented. Find out how much to invest with MarketBeat's pension calculator, then divide this amount into monthly contributions. Let's say to retire at 60 you need to save $ 40,000 a year. Break that down into a monthly contribution. If so, you need to save $ 3,333 every month.
A goal-oriented way of working can give you a lot of security later.
Tip 2: learn from your mistakes.
If you try unsuccessfully to time the stock market or make bad market moves, don't beat yourself up.
Learn from your mistakes. Keep a trading journal so you know how to make better decisions next time. Next time around, don't buy a stock without doing a thorough research. Investigating your mistakes isn't easy, but it's really one of the few ways you can avoid making the same mistakes over and over again.
Tip 3: fix recurring problems.
Tackle problems that keep popping up (instead of having a financial groundhog day all the time)!
Whether you keep buying stocks based on "hot stock tips" (to be disappointed later) or keep buying high and selling low, sometimes you need to do more than just learn from those mistakes. If your decisions continue to put you down a dangerous financial path you need to stop them, especially if you can spot problematic patterns.
Spend some time figuring out why you are in credit card debt or why you spend all of your time trading on a whim.
Whatever you have experienced in the past, start by studying it so that you can get a grip on the problems that plague you – and correct them so you can improve your financial future.
Tip 4: keep track of things.
You know that it won't end the world if you don't invest right away at the age of 22, right?
Did you know that you are actually not the logical decision maker you think you are? No human is. So give yourself a little grace, because a careful weighing of the pros and cons, costs and benefits of each decision sometimes just doesn't work. In fact, we tend to weight losses more than gains. We'd rather have less money in our pockets than be left empty-handed!
Remember that your emotional instincts are normal and, most of the time, do not lead to catastrophic failures.
Tip 5: A consultant can fix a lot.
Even if you're a die-hard handyman, remember that fixing your problems and having someone else help you fix them is often liberating. Let's say you're 40 and haven't figured out how to consistently free up money for retirement. You may need help with life emergency planning.
A consultant can help you create a plan based on your goals. Make sure you choose the right consultant for you by following these steps:
Decide what kind of help you will need.
Find out about your prospective financial advisor's testimonials and learn how they're paid.
Consult multiple financial advisors to choose the right one for you. (Ask family and friends for recommendations about the counselors they use.)
Choose your financial advisor. You should feel completely comfortable with the person you have chosen.
Your first meeting with a financial advisor should be free. It will be an introductory session and the counselor will provide you with further guidance and information on their recommendations on how to proceed.
Tip 6: keep it up.
You don't want your investment regret to derail your future because sometimes you have to grapple with the mentality issues that come with investing mistakes. (It's easy to throw in the towel!)
However, there is no point in looking into the past or thinking about past mistakes. You are in the past.
In the future, try to avoid debt at all costs if you can. Sometimes you need to go into debt to pay for basic necessities, medical bills, and more. Adjust your overall lifestyle and pay for things with cash.
Tip 7: Remember that investing in the market requires a long-term approach.
The stock market has achieved an average return of 10% over the past century. If you stay in the market, your investments will do the job for you.
A consistent assessment of your finances also enables you to handle your investments proactively. You may need to adjust your investment allocation to meet your goals.
For example, you may not find the right equity / bond allocation. If so, you may need to postpone some investments to make sure you meet your investment goals. Fortunately, technology can be of great help when you need to change your assignments.
Whatever you do, think long term, especially if you have time on your side.
It is possible to live with your investment loyalty
Everyone regrets investing. In fact, seniors have regretted numerous investments: not investing early in retirement, not putting together a large enough emergency fund, bridging credit card debt, taking out excessive mortgage or student loan debt, not saving enough for college funds for children, and more.
The most important part of dealing with your investment regret: Understand the underlying reasons you keep making financial mistakes so they don't derail your future.