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By Terry Powell, visionary founder of The Entrepreneur’s Source®, North America’s premier career ownership coaching franchise. Originally published in Forbes July 22, 2020: Overcoming the battered investor syndrome. “
The past few months have been a challenging time due to Covid-19 in the US. It has caused changes in public safety, daily schedules and routines, and has had a negative impact on the economy and the labor market. These are some very visible effects of the pandemic that has been happening every day since March.
What may not be so well known is the toll it has taken on the stock market. While there have been some ups and downs and hopefully better days, the coronavirus has hurt many shareholders in the past few months. What many are now experiencing is what I call the Battered Investor Syndrome. This is a situation where people are giving the power of their wealth creation and investments to someone outside their control: Wall Street.
I suggest people take another look at their portfolio and think about investing more proactively than passively or reactively. I am not saying that everyone should pull out of the stock market. However, I am saying that there are other ways to make money.
Start a new business.
Regardless of which path you take, self-sufficiency through occupational responsibility is one way to avoid waking up in general News that this stock market has just fallen about 1,000 points and feeling like your chances of a solid retirement have just imploded.
As with any investment, it can take time for the investment to pay off. With a business, you have corporate taxes, debt payments, payroll, inventory, and many other expenses. As with the stock market, there will be some days of self-doubt. However, when you take responsibility for your career, you have greater control over how you can secure the financial stability we all long for.
When investing in others’ businesses, you have to hope that you made the right decisions – and that others are working hard enough to generate income for your retirement. I don’t know about you, but I’d rather bet on myself.
Perhaps now is an opportunity to improve your education, awareness, and discovery of the opportunities available to you by connecting with a career ownership coach.
Spend time, not money.
Investing in yourself doesn’t have to involve spending money. Sometimes it can help break out of old habits and create new ones. We all fall into rifts, and that’s not necessarily a bad thing. Routines make our lives easier. But if you are not happy with your life, the routines and ruts you have developed clearly will not work for you. Challenge yourself to spend some of your time in a different way. You may find that other things inspire and motivate you to try something new in your career or to fix another part of your life that you are not happy with.
Create a savings account – and a vision board.
Another great way to invest is to simply put more money in your savings account. Someday, that account may be the tool that you use to invest more in yourself. Whether you’re starting a business, jumping into a new hobby, taking a class, or buying new books to study in a new field you want to explore, having enough cash in a savings account is important.
Build your career 2.0® The Launchpad Vision Board is even better. If you look at this vision board, you will likely find the motivation to put more money in your savings account over the months and years. If you are willing to invest in yourself and achieve your vision, you have the money for it.
It’s okay to invest in the stock market if you want to. There is nothing wrong with making money by putting money into other businesses. Just don’t forget as you look at your financial portfolio to invest in something even more important and promising – yourself.
When you’re ready to heal with the Battered Investor Syndrome® and steer your financial future with a Career Ownership Coach ™, visit The Entrepreneur’s Source® to find out how coaching can help you achieve financial freedom.
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