Millennial Stock Market Tip #4: Take The Set And Forget Approach
On thing that really bugs me about the stock market tips lists out there is that in one breath, the author says check your emotions at the door. The next tip seems to be “Watch your investments closely.”
How does that make sense?
Why would you torture yourself by watching every ebb and flow of your investments if you don’t want fear and greed to get the best of you. Watching your investments closely is more likely to open you up to making a mistake.
While he’s no millennial, Warren Buffet provides perfect advise for millennial investors. In this particular case, he says:
If you’re not willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.Warren Buffett via CNBC.
Here’s the deal. If you’ve done your research and know that you’re onto a good long term play, you don’t need to look at it every day. Take the set and forget approach. Instead of following the investment closely, take a look once a quarter to see what it has done.
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