Sat May 18 2024, by Tyler Gardner
Mastering Emotions: Your Key to Becoming the First Millionaire in Your Family
Do you want to become the first millionaire in your family? Then you need to start by controlling three emotions before you do anything else.
1. Control Greed and FOMO
By the time you're hearing about some great stock opportunity or your friends are bragging about how much money they made on some meme stock, I promise you it's too late for you to make any money, and the smart investors are already selling.
2. Avoid the Noise
It's really hard to avoid noise because it's everywhere and it's immediate. But remember, the sky has fallen before, and it will fall again. When everybody else is panic selling, it’s not a bad time to separate yourself from the sheep and take advantage of great companies at great sale prices.
3. Manage Overconfidence
Remember that the market can go up, and the market could go down. Just because you were right once, does not mean you're going to be right again. It was probably mostly luck anyway. So never put all your money behind one bet and always leave yourself an out.
If and when you learn to control those three emotions, you will learn how to control your own money, and you'll have a much better ticket to wealth.
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