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My Nest Egg Money - in a Bear MarketKeeping my money mine in turbulent times You don't need to be told times are tough. Or that the economy might get worst before it gets better. So how do you put the odds in your favor in these uncertain economic times? Here are a few money tips to consider to help you safe guard & start repairing your financial nest egg. Investing Tip #1:Stop focusing on your losses. Yes, it's a natural tendency, your normal for doing so. But it's also a loser's game to focus over your losses. This causes a perspective that makes you less likely to spot the new opportunities.Investing Tip #2:Analyze what you currently own. This is a much more insightful perspective.Investing Tip #3:Refocus on your goals. If retirement was the main focus & you have time until you retire, then you may want to consider dollar cost averaging at these levels to start repairing the damage to your assets. Ask yourself if you also have enough reserves to continue investing if the market moves against you?Investing Tip #4:If retirement was just around the corner. Consider deeply if you can afford to still be in the market. Re-accessing risk should be a bigger concern if you're closer to your retirement age. Ask yourself, can I still afford to be in the market? Can I still recover if the market continues to work against me? How will this affect the quality of my life if the losses increase?Investing Tip #5:Focus on the basics in uncertain times. Keep it simple. Be willing to see the potential for profits, but tread more carefully. Perhaps looking for absolute bottoms and tops aren't the most sensible approach in this economy.Investing Tip #6:Sleep on it. Making a rush decision in uncertain times, generally only adds to the uncertainty. Write down your next financial decision, then sleep the night away. After you Wake up the next day, check in with yourself for clues on how you are reacting to your decision. Is you blood pressure more elevated? Are you more relaxed? Or not? Do you feel tense with this decision? And now follow through with your decision, or modify it according to your mental and physical feed backs.
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