Long term investing is difficult at this age reason being for the explosion of information.
Imagine buying a stock and then seeing the stock price goes down. It is not an easy feeling.
With current trading apps, you can get a overall view of how many % of your stock you have lost on paper. The converse is true.
When you see yourself sitting on a hefty profits (once again on paper) it is difficult to curb the urge to sell the stock.
For myself, i will remind myself of the potential price that the stock will reach and that how hard it is to find an undervalued stock. Hence so far I have been able to rein in my urges.
One piece of advice that i always remembered from my father, was that it is very hard to save money when you started working. He stressed that 100k is what a person can normally save in 10 years.
I started working when I was 23. Sad to say after working for a decade, I did not even managed to save 50k cash after buying a car and house.
Hence calculating that i work 25 to 65, I could likely save 200k.
Imagine retiring with 200k, this can only last 6-7 years and worse shorter if I were to have any illnesses.
So if my investment has the potential to rake in huge profits, I will patiently wait even if it takes 10 years.
