The 5 emotional elements make it impossible for you to get rich

As a leader, you can't inspire people around you without bringing them up to a certain level of emotion.

However, when considering money, getting rich is an enemy. This is an affirmation on the personal finance website GOBankingRates. Financial experts for many years have also shown many evidence that making emotional money-based decisions will cause investors and small business owners to quickly fail. The irony is that most of us never realize that every day people choose based on their emotions and consider themselves rational decisions.

To help you have a clearer view of the voice you hear in your head. GOBankingRates has also provided some very interesting insights about how emotions will make financial decisions wrong. Here are the 5 most "harmful" emotions.

1. Jealousy

Jealousy makes you change goals that are not feasible.

Many investors make wrong decisions because of jealousy and psychology to imitate other people's success. For example, if you see a person who buys a stock of a company at a high price and expects a price to double after half a month, they will start to envy and mimic that behavior. This leads to you being very easy to choose according to someone else's decision without considering and evaluating the problem.

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The lesson here is that when a stock rises, it doesn't mean it will continue to increase or even decrease. At the same time, another smarter approach is that instead of buying with them, ask yourself why do they buy that stock? As a result, you will better understand people's investment strategy and also have time to consider your decision.

2. Fear

Fear will make you act wrong while you should not have done anything.

According to GOBankingRates, the common mistake that small investors often make is when the market goes down, because of crisis and fear, they often sell off stocks. They were not calm enough to wait for the market to stabilize.

In such cases, prior knowledge and planning are the best solutions. You have to decide how much money you want to invest in the long term (including when and what will happen if you sell the entire stock you have), at the same time, always have a clear action plan to avoid being overwhelmed by emotions when the market fluctuates.

3. Hope "blind"

Hope to prevent you from seeing real-life scenarios in the future.

If not optimistic, no one can invest. However, being too optimistic will make you unable to make smart choices like deciding to sell when the long-term trend shows that assets are likely to lose value. In particular, hope also makes you believe that recent or current situations will last forever, such as the market continues to be stable.

Now, instead of just looking at the data for a few years, study the data in the previous few decades to make better predictions about the future market.

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Two psychologists Knox and Inkster once did an experiment and got the following results: At horse races, 30 seconds before placing a money, 90% of players felt hesitant and uncertain; 30 seconds after placing the money, 80% of these people feel much more optimistic and confident. They even quickly turned down the offer to buy the team's bet ticket at a bargain price, even though the basis for their possession of the ticket was the same.

Hopefully, when it comes to money-related issues, it will make us paranoid, deceive ourselves and therefore, it's hard to see good opportunities.

4. Stubborn

Stubborn will make you stick with something that can't escape.

As a business, more or less, everyone is a bit stubborn. This is an essential factor to help them overcome difficulties and challenges, avoid hasty action and not ignore opportunities. However, being too "stubborn" sometimes leads us to huge losses.

For example, we buy stocks after carefully calculating every worst case. After that, this stock started the first decline but the conservative nature reminded you not to sell shares. And then the stock continued to fall further, even surpassing the stop-loss level but this fact could not win over the arrogance of successful investments in the past. You are subjective and eventually end up losing the white.

5. Self-satisfied

Smugness makes you think you are smarter than others

You may have had successful investment decisions and big wins. However, successful investors are not necessarily the ones with more successful investment decisions than failures, but those who earn more than the cost.

Profit always comes with risks and you succeed sometimes thanks to luck. So be careful with your complacency, don't let it eclipse your mind.