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Money Guy Show

How Fear Could Cost You Millions!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.73.1K Ratings

🗓️ 7 June 2023

⏱️ 31 minutes

🧾️ Download transcript

Summary

Could fear be costing you big-time? In this Q&A, we’ll take a look at a real-world example to determine if making fear-based investing decisions is healthy or could be costing you millions. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Today, we're going to load you up and show you how fear could be costing you millions.

0:12.7

Yeah, right.

0:13.7

I'm excited about this one because I think we live in a world where fear sales, we're

0:20.2

fear sales.

0:21.6

And it seems like we're constantly bombarded.

0:24.1

There are always things to be frightened about, things to be scared of, but maybe, but

0:28.4

maybe this time is different.

0:30.8

Maybe this time, the things that we should be scared of or things that we should actually

0:34.2

be scared of and we should allow that to inform the way that we go about making financial

0:38.0

decisions.

0:39.0

Fear can definitely be a manipulative tool, but here's what I want to teach people the

0:43.2

skill set of because this is something that's instinctually inside of us.

0:48.4

And if you can understand how fear, how greed and all these things work, you won't panic,

0:53.8

you won't make those desperate decisions from a behavioral standpoint that actually take

0:58.6

you three steps backwards.

1:01.0

We always want to be walking up the path to building wealth well.

1:05.8

And we know this that like when fear is high, when folks are out there and frightened,

1:11.0

when it comes to investing and we think about putting our dollars to work, we often times

1:15.1

get nervous and we start to get scared.

1:17.8

And when fear is low, we often get excited.

1:21.3

We are very much heard creatures with a herd mentality that when things are scary, we all

1:26.9

want to run for the exits and when things look great, we all want to run into the fray,

...

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