With the market in as much turmoil as it is in, it is important to keep a calm, level head. This is not the time to make investment decisions out of fear. If you are a long-term investor (which you should be in most of your accounts), you should hang in there! But it can be hard watching $20,000 or $30,000 evaporate overnight!
Here are some simple tips to keep your mind off the volatility and into something fun and entertaining. Who knows, these tips may save you from panicking and hitting “sell” at a bad time!
1. Get Away From The Screen!
First, you should try and get away from your computer and CNBC. Stop watching the live ticker, stop hitting refresh on Yahoo! Finance. Just leave it be. Maybe go play a round of golf. Maybe go watch a movie. Whatever you do, stop watching the chaos.
2. Can’t Leave? Try These!
Maybe your stuck at a work computer and can’t leave. Well, then check out these websites. You may find yourself randomly amused for hours and hours.
- Reddit – This site contains both the best and worst of the internet. At the top, IAMA, TodayILearned, and Funny all usually have some great material to stay entertained for a while.
- The Onion – What the best in sarcastic news? This site has some great articles.
- Snopes – Like urban legends? This site categorizes all of them!
- TMZ – Who doesn’t like a little celebrity gossip now and then?
3. Still Feel the Need to Trade?
Are you still in your investment account, looking to trade? Maybe you should do some research instead. If you sell, what are you going to buy next? There may be some great values coming soon on awesome companies! But you won’t know if you don’t screen for stocks. Thinking about keeping it all in cash? Research the best places to park your cash right now.
Hopefully this list can keep you occupied until market close. Remember, don’t sell low and buy high! Since the markets are going down, it is time to consider buying! But when it doubt, do nothing and ride it out!
Readers, what are your thoughts? Do you have any good strategies for staying calm in this period of market volatility?
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.