Emotion and finance.
Emotions are powerful and are one of the main things that help us maintain our humanity but they can also be very dangerous, emotions kill easily and a lot of people are in prison presently because they can't control their emotions and we also get them wrong when it comes to love some believe what we feel towards each other in first few weeks is love, to love someone you have to be very intentional.
Emotion mostly affects our decision making which is what makes it so powerful and also affects our financial life, people believe is only when you are falling in love that is when you should keep your emotions in check but emotions should be put in check always when making a financial decision also.
One of the reasons why scammers can scam us is because of our emotions, they tell us what we wanna hear or show us what we wanna see, convincing us to believe in the possibility of what can be or what we will be and after making mistake the first time and instead of us learning from it we make the same mistake the second time because of emotion. Nothing bad in making mistakes but making the same mistakes over and over again is emotions.
When investing
To be a successful investor our emotions must always be emotions must always check, emotions make us feel every project we come across is worth it, and investing without doing proper research can be very bad in the long run or we eventually invest in a scam project.
Emotions in crypto don't always end well because they have a way of making us emotional and influencing our decision may be to buy or sell.
To be emotional is part of the way we are built but not knowing how to control our emotions will always affect us and nothing good will come out of it, be it our love life or our finances we should always think with our head and not our heart.
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I think we have to train ourselves to have control over our emotions, we sometimes get emotionally attached to money which creates a problem in making the right financial decision.
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Emotions are the worst enemy when it comes to investing and trading. Generally, if you had a plan going in, it is much safer to just follow that plan rather than changing it last minute due to some news on an impulse. The impulsive nature of buying things makes it hard to manage our finances too.
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I've made many bad financial decisions thanks to not being able to control my emotions. I think when it comes to making financial decisions, emotions should be put in check and we should utilise rational thinking to evaluate the decision and see whether it is the right thing to do. Most emotional decisions lead to regret.
The best is to work on our emotions when it comes to finance and investing. Emotions plays a vital role in handling our finances.
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