When it comes to investing, one of the principles for success is to avoid letting your emotions creep into your decision-making or behavior. Apart from maintaining a proper perspective about how the stock market has historically behaved, one of the best ways to do this is by proactively engaging in "lifeboat drills." These involve imagining the next stock market pullback, or bear market, and thinking about how you would feel (or be inclined to react) in light of your situation, your investment temperament, and your goals. Doing this can help you put together a playbook in advance (even if that playbook is ultimately to do nothing), so you aren't left making reactive decisions in the moment when emotions are involved.

Resources & People Mentioned

• Podcast episode #5: The 80:20 Rule of Investing
• Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician
• Download our guide: The Financial Checkup

Connect With Trent and Andrew

• https://mdwmllc.com
• Follow on LinkedIn
• Follow on Facebook

Subscribe to The Physician's Guide To Financial Wellnesson Apple Podcast, Spotify, and Google Podcast