Investing and using your money to make more money is something that all of us try to do in one form or another. The desire to put our money to work for us and to gain more money in the process beats digging a hole and burying it in the back yard any day of the week. Investing can become an addition and one that destroys savings, families and lives every year. Is your investing becoming something bigger than life and threatening to take over your life?
All of us love when an investment comes together. We have all experienced that rush of positive emotions when we find an investment, buy in, see our money grown and then reap the rewards. You research your investment, nervously watch it grow day by day and then get out at the perfect time. You have made money literally out of thin air and you feel like a king. You feel invincible and powerful. With grace and confidence you have earned money wisely through investing it.
On the other hand, there are some of us that allow investing to rule our lives. An investment pays off and we feel like a winner. When an investment doesn’t pay off we feel like a loser and we begin to chase that emotion so fiercely that sometimes thought and reason leave us and we begin down the path to addiction.
It’s tempting to check the status of your investments. You’re curious. You want to see how things are going. You want to know if you made the right choice on an investment. On the other hand, if you find yourself checking your accounts and your mood changes depending upon if your investment has improved or not then you might have a problem. Once you have committed to the investment, set everything in place as far as sell order and stops then there is no need to check on your investment more than once or twice a day. Your time could be better spend doing something else or even researching other investments that might interest you.
Going to the ends of the earth looking for tips or information that you think will give you an edge or advantage is another sign that you have an unhealthy attitude towards investing. Watching or reading the news or trade papers is legitimate. Making up your own mind about a stock or investment is even better but taking investment advice from faceless names that haunt message boards and email newsletters is craziness. The desperate desire to turn a profit with an investment which overcomes your good senses can cause an otherwise savvy investor to throw good money after bad and do anything and everything to recoup losses or feel that winning feeling again.
While stepping outside the box and stretching ourselves a little bit can be a good move when it comes to educating ourselves about investing, buying into an investment that you have no interest in can be a bad move. Taking some investment advice from a friend or following through on a tip from someone on an investment vehicle that you know nothing about is about as close to blind faith as it gets. If you’ve never invested in stock and you know nothing about stock investing then stay out of stocks until you understand the process. Likewise, if you have no idea who investing in foreign exchange currencies works, put off investing any money in this investment until you are able to educate yourself. Jumping into an investment without research and confidence in yourself is a sign that you have a problem.
A sure sign that you have an addiction or problem with investing is using money for your portfolio that is intended for bills or savings. Many lives have been ruined as an investor attempts to recoup losses or buy into a sure thing as the addictive behavior progresses. Not telling your spouse or partner about what is going on financially and hoping that you can get the money that you lost back before they notice is a recipe for disaster. Lying is never good and lying about money to your partner, even by not telling them what is going on, will cause you to lose more than just money in your life. You will lose the love and respect of the one person you should trust the most.
Investing is a wonderful thing to do with your money. Over the long run, you will find that if you make intelligent choices based upon both facts and your feel for a market, you can do very well. The temptation to let your emotions get the better of you and force you to make decision that you otherwise might never make is a sign that something is wrong. Take this seriously. You obviously have a talent and a desire to make more of your life. Keep your emotions in check and don’t let investing become an addiction for you.
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