“One ought to hold on to one’s heart; for if one lets it go, one soon loses control of the head too.” – Friedrich Nietzsche
Oscar Wilde wrote that he never wanted to be at the mercy of his emotions. He wanted to use them to enjoy life and have good control over his choices. This is a helpful approach as it allows us to embrace our emotions inside the fullness of who we are, not losing ourselves to them or shutting them down.
When our emotions overwhelm us, coaches and psychologists often advise interrupting the triggered process so we can slow down and create different habits. In the financial world, many things can trigger an emotional response; if we have tools to help us when we feel like we’re struggling to hold on to our hearts, we can interrupt that process and not lose control of our heads too.
At WellsFaber, some of the strategies we use to help our clients include:
- Diversification
When you see the market panic, it’s good to remember that not all asset classes will do well or poorly at the same time, and, likewise, some will do better in specific environments than others.
Ensuring you’re adequately diversified will safeguard you against lean times in one specific market or circumstance and help you keep a steady emotional keel. It will also help you remain positive when reading your latest statement because, no matter what’s going on, at least one thing will always be doing well.
- Less news
Stop browsing #fintwit and put down the financial times when you’re starting to feel panicky. Schedule times to look at only reputable publications and only what’s directly pertinent to you.
- Keep listening to advice
We advise so that you can thrive – it’s not just for your money, but your mindset. The WellsFaber goal of all our interactions with you and the advice we give is to give you the confidence to achieve your goals and the peace of mind that accompanies having a plan to manage change and life’s uncertainties.
As Robert Frost said: Education is the ability to listen to almost anything without losing your temper or your self-confidence. We’re all learning together, and each has something to work on. Whether physical, emotional, relational or spiritual, we can only thrive in our wealthspace when we work to live a fuller, happier, more balanced life.