audio : Overcoming Emotional Investing
In this episode of The Wealth Standard Radio, Host Patrick Donohoe is joined by special guest, Andy Tanner - Rich Dad Advisor and Author of 401(k)aos. Patrick leads Andy in a discussion about emotions and how they can negatively impact your investments. How can emotion be eliminated from the equation?
Patrick and Andy discuss some of the concepts in 401(k)aos. Most people do not pay attention to the other parties that can take advantage of your wealth. They discuss how emotions affect wealth management. Fear and hope are not wealth management strategies. Take a more active role in your wealth management and planning for your financial future by understanding how your emotions affect you.
One of the strongest emotions that affects people the most in wealth management is fear. Making financial decisions based on fear can hinder your ability to gain wealth. Greed is fear of missing out on the big score. Panic is the fear of losing what you have. Both the emotions are dangerous. Andy discusses how you can overcome these fearful emotions.
Andy and Patrick talk about the country’s financial deficit and how it got to be where it is. They talk about some of the fiscal solutions. They also use other country’s wealth strategies and how you can apply them to your own home. The economy also has a big effect on people’s emotions and affects how they invest.
There are three sides of every coin: heads, tails, and the edge. Intelligence rests on the edge. We help you get the tools you need to have the intelligence you need to thrive in the financial world.
Stop making emotional decisions and start making intelligent decisions that will protect you for the future.