Being a member of the greedy croud, I have lost my share of money and unrealized profits. I have slowly broke out of this cycle by focusing on fundamentals and technical investing methods instead of emotions and chasing the doublers and triplers.
So the dilema of today's news is challenging. Dow futures suggest a 500-point drop today let alone the major drops in the overseas markets. I have been cotemplating in taking a slight loss or break even and sit on cash until the market changes or one of my research interests proves to have some potential. I could stick my cash in a high-yield savings account and be guaranteed some extra money without extra work or continue to work and stress over what to do next.
I could quote the bible all day on the "evils of money" but this one says it best for my intent of this blog, from Eclessiastes 5 (NLT):
Hoarding riches harms the saver. 14 Money is put into risky investments that turn sour, and everything is lost. In the end, there is nothing left to pass on to one’s children. 15 We all come to the end of our lives as naked and empty-handed as on the day we were born. We can’t take our riches with us.
So my point of this blog is to give to those in need despite the reason for their need and be happy doing so. My belief this idea would be greatly assisted if I was financially self-sustaining or independent seems to be in question. If I continue losing money in the market how am I helping anybody or achieving my goals. Sure I have automatic debits going to worldwide organizations but how much am I holding back because I need to keep fueling my retirement plan.
Two things to take away from this is do what is right and responsible to take care of your family and don't worry about how much you have in the future when you should be using it now...
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