Personal Finance

Deepak Chopra: Here’s how to avoid panicking amid market ‘melodrama’

By August 6, 2019 No Comments

Deepak Chopra

Scott Mlyn | CNBC

Don’t let volatility in the stock market lead you into making a bad investing decision. Instead, stay calm and don’t panic, advises health and wellness guru Deepak Chopra.

“Any investor will tell you that if you get caught up in the melodrama of the fluctuations of the stock market, you’re going to be a loser,” the best-selling author and co-founder of The Chopra Center for Wellbeing, said.

“If you want to be a winner, stay in for the long haul, and don’t take unnecessary, impulsive risks and actions.”

U.S. stocks seesawed on Tuesday, a day after their worst trading session of 2019. The Dow Jones Industrial Average plunged 767 points on Monday, while the S&P 500 dropped nearly 3% and the Nasdaq fell more than 3%.

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The sell-off began last week when President Donald Trump announced the U.S. would impose tariffs on $300 billion worth of Chinese imports starting Sept. 1. It continued its slide on Monday after Chinese authorities let the country’s currency, the yuan, decline to its lowest level against the U.S. dollar in more than 10 years. That led Trump to accuse Beijing of manipulating its currency.

On Tuesday, tensions eased a bit when China’s central bank indicated it wanted the yuan to trade at a higher level than expected against the dollar. A short time later, White House economic advisor Larry Kudlow told CNBC’s “Squawk on the Street ” that Trump is flexible on tariffs depending on how trade talks go.

If you want to be a winner, stay in for the long haul, and don’t take unnecessary, impulsive risks and actions.

Deepak Chopra

health and wellness expert

While Chopra, whose books include “The Seven Spiritual Laws of Success” and “Metahuman: Unleashing Your Infinite Potential,” believes you should find your zen amid the turbulence, that may be easier said than done.

However, he has a number of tips for not losing your cool.

First, you should locate your “calm center,” which he has said is the “silent core of your being.”

“Acting from that place allows you to respond to whatever difficulty with balance and grace,” Chopra advises on his website.

For many, that can be attained by taking three or four deep breaths.

“As you do this hold in your mind that with every inhalation you are bringing a calming, clarifying wisdom to your true self, and with every exhalation you are completely letting go of any tension, frustration, or fear inside,” he wrote.

Chopra is also a big proponent of meditation as a way to bring calm and focus to your life.

If you don’t have time to set aside for 10 minutes to 15 minutes of meditation, he suggests doing things like getting up from your desk and stretching at least once every hour and trying to take a break during the day to be alone.

—CNBC’s Fred Imbert contributed to this report.

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

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