Step 2: See It for What It Really Is

The “what might have been” view of investing (and, frankly, everything) does not take you closer to solving your problems. It allows you to escape from them.

One way people use the “what might have been” is to blame themselves. In what follows, a retired investor, Gretchen, talks about how she and her friends have used this way of thinking to blame themselves for money they lost in the recent economic crisis.

Saly: What errors have your friends made through this crisis? Do they talk about their mistakes and how they are adjusting? Do they reveal what they’re doing differently now?

Gretchen: They talk about all the money they lost, and considering we are all from this generation, we are very, very upset. We ...

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