March has crept on in – man, time is flying! I’m excited that many of you are looking for ways grow your money this year. Of all the questions that I received in the last few weeks, this one stands out:
“Charisse – I am looking to invest more, but I’m not confident in my abilities to get a return. How can I boost my confidence to take advantage of opportunity?”
- Rachel G.
I love this question because it’s rooted in Rachel’s desire to “take advantage of opportunity.” You may already share this feeling, but if not, it’s one that I think you should adopt as well.
Why? Many of us often find that our investment actions - in stocks, bonds, real estate, a business, or something else – are reactionary or defensive, rather than offensive.
One way to boost your confidence in taking advantage of an opportunity is to start with an investment amount that you won’t be afraid of losing if things go south. Do this for a few times to get in the habit of making decisions in the face of opportunity. Eventually, your confidence in making these decisions will rise. You got this! If you have strategies that have worked for you, leave a comment on my blog to benefit others.
And, here are my highlights from the week:
- Running a business, or know someone who is? Check out my advice for reducing business expenses in order to create more cash flow for your company in the long-run. You can (1) Shift expenses to another period, (2) Pool expenses with other businesses, and (3) Automate business processes.
- What will you say “no” to this week? The New York Times article, “If You’re Not All-In About a New Opportunity, Just Say No,” resonates because you can put your money and your time into the things that really matter. Figure out what’s core to your identity, the things you’re truly passionate about, and go after it.
- Powell rocked the markets. New Fed Chairman, Jerome Powell, who took over for Janet Yellen, created some anxiety for stock investors last Tuesday because his comments hinted at further rate hikes than expected. He pointed to data that the economy is heating up. When the economy heats up, the Fed worries about inflation, which means more interest rate increases. And, more rate increases cause stock prices to fall. Yes, I’m simplifying things, but you will want to watch the Fed’s actions in the coming months because they will affect stock (and bond) prices.
Time to go and take advantage of that opportunity, in March. Get going!