Andy Grim, a former GP who has advised 10,000 doctors, says don't rush into a 5% market dip. Build an emergency fund first so you're not forced to sell, use downturns to learn how to invest, and keep a 10 to 20 year horizon because markets recover.
The S&P 500 dropped about 5% on Friday.
Markets are down, the streets are nervous.
Financial media is buzzing and now everyone is asking and I'm getting all these.
Emails, should I buy the deep?
That's what we keep hearing from Money Wise doctor.
But what if I buy the deep.
And it dips again?
What if you're not buying it back.
In but you're actually catching a fallen knife?
Who knows? Do you double down?
Do you hide your phone up?
I mean, this is not new.
Having experienced quite a few market crashes.
In over 20 years of investing, walking.
Through my usual Monday morning works helps me clear my head. Because even if it was a bit.
Noisy, crashing markets, new tax rules, it doesn't matter. Stay income helps you to make better decisions. There are three things I'll suggest in.
This period for you. 1. Build the emergency fund first. If your car breaks down or a.
Boiler blows up, if you don't have to sell your stocks, no emergency fund.
Equal to no peace of mind. No peace of mind equal to emotional investing. When there's emotional investing, it gets very expensive.
Number two, this is the best time.
To learn how to invest. Every doctor or healthcare professional.
You spend so many years to become.
Good at what you do before you started seeing patients. The same comes with investing. Don't just rush in and crash and lose money. Learn how to invest.
Number three, Think long term markets.
Deep markets recover. They have for a long time.
If Your horizon is 10 to 20 years, don't look at this as a crisis.
It could be a discount.
I'm Dr. Andy Grim.
I'm the founder of Money Wise Doctor. I'm a former salary GP and an investor for over 20 plus years who helped 10000 doctors make smarter financial decisions. I write an email newsletter every week to help medics make smarter financial decision.
This week's newsletter I break down what I've actually done step by step when.
The markets crashed and how they helped.
Me to achieve financial freedom. I'm going to be sharing from my own practical experience. If you want me to email it.
To you, you want to get a.
Link, comment invest in the link below.
Just comment below invest and I'll send it to you. If you want to get more tips on how to make further financial decisions even if the market is crashing, follow this page. Let's grow wisely, not wildly.
All right then, bye bye.
