I was recently talking with someone, we’ll call him Rob, who told me that he was investing in crypto currency based upon his intuition. It was feeling good to him, and he’s backing up this feeling with solid research. He asked whether he should trust his intuition for this or not.
Rob brought up a question I think many people consider…
Should you trust your gut when it comes to investment decisions?
I see your gut reactions as a leading financial indicators.
So here’s what I told Rob: I love that he is following his intuition. His intuition is very good when it comes to investing. The issue for him, and likely for you too, is that as decisions start to work well it’s important to stay centered and not move into greed or hubris. If you listen to your gut on when to get into an investment – it will serve you well to also listen when to get out.
Here’s where that can get tricky. Fear can be noisier than intuition. Fear and greed are both strong influences when it comes to money and investing – not typically in good ways.
Rob is backing up his investment hunches with research. This is smart. As Einstein is quoted:
“The intuitive mind is a sacred gift and the rational mind is a faithful servant.”
Here are 4 tips for tapping into your own financial intuition:
- Notice your initial reaction – It’s easy to talk yourself out of listening to your gut. Your first thought or impulse is often your intuition talking to you.
- Practice with low-risk decisions – Use your intuition to get you home the quickest way, or to decide where to walk your dog. Although if your dog is like ours she is often the one making that decision for us! You can also try this when you’re ordering food. Somewhere I heard that the first thing you look at on a menu is what you’ll order. I don’t know if it’s true or not, but this helps me make good, quick decisions that I never question.
- Watch your emotions – they matter – When you hear you shouldn’t use your emotions when making investment decisions that’s BS. Emotions are crucial in decision making. Having balanced emotions is important. Clearly making big decisions when you’re really fearful or freaked out might are often the ones you regret.
- Meditate – Meditation is a beautiful financial and business strategy. It can quiet the mind so that you’ll be able to hear your own good intentions and intuitive hits.
Here’s some recommendations Tim Ferriss has about using your intuition in decision making.
Do you listen to your gut? Let me know how you tap into your inner wisdom.
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