Business
One of the questions I get asked the most is how to invest or get involved in investing. The reason is that investing gets all the hype in the market, online, and in the news. It's often talked about in an exciting way, dominating headlines and luring investors in for fear of missing out (also known as FOMO). The last few weeks have been no exception with the frenzied trading of GameStop, AMC, and Blackberry. So in this episode, I want to explain how to avoid the fear of missing out when investing. Listen in as I explain some things to be mindful of if you plan on getting involved in the investment industry and how to find an investment accountability buddy. You will learn how to develop an investment strategy, why it’s important to start investing early, and the importance of getting back to basics by setting goals. “From an economic/financial perspective, FOMO is a psychological phenomenon associated with loss aversion, particularly in terms of financial decision making.” - Tracey Bissett This Week on Young Money: Why investing gets so much hype. What happened with GameStop. Why there has been an increase in day trading. How to avoid FOMO in investing. Key takeaways: Get back to basics by setting goals. Develop an investment strategy. Use caution with "hot tips" and validate the source of the information. Start investing early. Mind your own business. Find an investment accountability buddy. Resources Mentioned: EP033 Investing Basics EP038 Investor Spotlight Part 1 EP039 Bitcoin and Other Cryptocurrencies Demystified with Alan Wunsche EP040 Investor Spotlight Part 2 EP077 The Five Simple Rules of Financial Success with Preet Banerjee EP106 Milli Moves: Money & Media with Leanna Haakons EP158 Milli Moves: Mind Your Own Business About Money EP179 Milli Moves: Bitcoin – Investing or Gambling? Pattie Lovett-Reid: FOMO is becoming a very dangerous game Toronto Star: Experts Urge Caution Wealthsimple adds ‘risky’ label to certain stocks Preet Banerjee explanation of Gamestop Investor Fomo VS. Intelligent Investing Young Money Listener Contest! February is a month-long celebration of love. So, if you love the Young Money podcast, show us by leaving a review on apple podcasts. Share your review with us on social media and tag us or send a pic through in the DMs. For every review left for the Young Money podcast, you will be entered into a draw to win a fabulous prize to help you on your financial fitness journey. There will be multiple winners so review away! Contest closes February 28th! Not sure how to leave a review, check out the instructions here. Socials: Instagram (@bissetfinfit), Twitter (@bissetfinfit), Facebook (@bissetfinfit) or Linked In (Tracey Bissett) Rate, Share & Inspire Other Young Millionaires-in-the-Making Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to Apple Podcasts and leave us a rating and review. Visit our website to learn how easy it is to leave a review on Apple Podcasts. Don’t forget to share your favorite episodes on social media! Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our LinkedIn Company Page, or by visiting our website.