When the market tanks, what should you do? If you’re inclined to check your 401(k) or other investment account balances, think again.
You may feel an irresistible urge to look at where you are financially. Don’t. Dan Ariely, chief behavioral economist at personal finance app Qapital and professor of behavioral economics at Duke University, said that is opposite of what you want to do.
Checking numbers, too, often can make it more difficult to accurately interpret trends, according to Ariely. If instead people look at their weight data in a less granular way, say how it trends over several weeks, they can more accurately see what is happening. Plus, they tend to get less anxious and take better care of their health, he said.In 2008, when the markets were going crazy, Ariely found himself checking his own accounts more frequently as everything changed every half hour.
“I wasn’t going to sell,” he said. “I wasn’t going to buy; I was just kind of looking obsessively. It was about noon when I realized I was out of control. I was looking too much.”
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