Shop like an investor this weekend to save money and avoid drama, according to our columnist.
Imagine approaching investing with no set amount of money to place in the market, no goals for the future and no strategy. That seems crazy, right? Now apply that same idea to the holiday shopping spree that many of us embark on this time of year.
The same is true for gifting. It’s easy to get distracted while shopping by the flashiest display for the season’s hottest gift but evaluating whether your present will maintain that value after December can help you purchase gifts with deeper meaning and a longer shelf life. Think about purchasing gifts that are timeless — such as a classic coat or watch that can be used for years to come.
When you take the time to find a gift with long-term value, both you and the gift recipient will reap the benefits — similar to the satisfaction and peace of mind you experience when building an investment plan with a long-term mind-set.Emotions are a natural symptom of investing. After all, you’re placing your money into a market that experiences unexpected swings that can have a serious impact on your life savings.
Having a plan ahead of time, such as an outline of who you are shopping for, what you’d like to purchase, and how much money you plan to spend on each gift, can help mitigate impulsive decisions. You could also consider assigning yourself a “gifting adviser” who can serve as your voice of reason when hitting the stores. Just like a financial adviser, a neutral third party can help you determine whether your spending is within reason and whether or not your purchase is going to hold its value.
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