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Mind Over Money
10 Ways to Make the Most of Your Money and Your Life
6. Don't just ponder these questions on your own. Discuss them with family members, too – after all, you're all going to have to live with the investment decisions and results.
7. Learn how to cope with inevitable investment setbacks. Slow down and pull back from stressful situations and news before making future decisions. As with everything in life, recognize what you can and cannot control. Don't waste your time or energy by closely following things that you have no control over. Tyson is a big fan of the Serenity Prayer. It might help you to post this someplace where you'll see it daily, especially if you try to exert too much control over every little aspect of your investment portfolio, or your life in general. (Grant me the Serenity to accept the things I cannot change, the Courage to change the things I can, and the Wisdom to know the difference.)
8. Shun gurus who encourage problematic investment behaviors and beliefs. Many publications and programs offer some good information and advice. Problem is that some of the talking heads will lead you to take the wrong path. Especially prevalent online and on cable are pundits who advocate individual stock picking coupled with rapidly changing opinions. "Former hedge fund manager Jim Cramer, who is a self-acknowledged workaholic and frenetic trader, is a good example of someone you should not listen to and follow," says Tyson. "You can't possibly keep up with the never-ending changes in his recommendations, and the fact of the matter is that there's no documented proof that his investment picks have actually beaten the broad market averages over the long run."
