HerMoney Classic: Stop! When Doing Less Is The Right Money Move
HerMoney with Jean Chatzky
Shownotes Transcript
When we start losing our hard-earned money in the market), we want to put a stop to it. We want to take action. But statistically, we know that investors who stay the course do better over time than those who try to time the markets.
Jinny Uppal, author of “IN/ACTION: Rethinking the Path to Results,)" dishes on why we should stop listening to the voice in our head that tempts us to a default action path. "The belief that ‘I am the one who can control the outcome with my action,’ makes us take more action than is necessary," she says. In Mailbag, we advise a divorced listener on setting up a trust for her son.
Takeaways:
Why strategic inaction might be your best move during times of instability in the market.
Personal signals that indicate when to take action or pause.
Why we associate action with results and how that could lead us astray.
It’s important to take informed actions based on thoughtful consideration.
Chapters:
0:00 Intro
3:30 The Importance of Thoughtful Pauses
5:57 When To Take Action and When To Pause
7:40 Recognizing Signals of Stress
**10:19 **Investment Recommendations
22:55 Right Action vs. Inaction
33:56 Mailbag: Setting Up a Trust and Estate Planning
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