The first thing to learn when investing

When a person starts their investment journey, what is the first thing they should learn? 

It is not asset classes or financial goals. Nor cashflow requirements. 

It is their risk appetite. 

The only nervous investor in the stock market is an investor who invests differently from their risk appetite. To a high-risk investor, 3-5% range bound market is a nightmare. To a risk averse investor, that scenario is heaven. 

When the market tanks, if stocks are a higher %age of your portfolio than your risk appetite allows, you will lose sleep. But if the percentage of stocks is such that you can wait it out, or even lose a little, that is fine. 

So, as a new investor starting out your personal wealth journey, understand the personal risk appetite and plan investments.