The year 2017 is a crowded year. So many businesses are rising and also going down. Many persons can make many mistakes in every aspect, They can make mistakes in their daily life, their relationships, their investments, or maybe in their another business. If you make an investment, there were essentially two choices in investing, which can be done periodically and once only. There will be several methods in choosing the best investment model, just how do you determine which ones suit your financial circumstances. Along the way, you may make a few investing mistakes, however there are big mistakes that you absolutely must avoid if you are to be a successful investor. For instance, the biggest investing mistake that you could ever make isn’t to invest at all, or to put off investing until later. Make your money work for you – even if all you can spare is $20 a week to invest!
While not investing at all or putting off investing until later are big mistakes, investing before you are in the financial position to do so is another big mistake. According to my experience, there are 3 big mistakes to avoid below:
- You have no plan nor goal.
- You always need a short term investment (under 5 years).
- You trust the wrong person.
I hope I should not explain those 3 mistakes. Why? Because I don’t want to remember the details of my experience, those 3 mistakes were my nightmares. I am sorry, let us forget about my past…..Next, I suggest you to get your current financial situation in order first, and then start investing. Get your credit cleaned up, pay off high interest loans and credit cards, and put at least three months of living expenses in savings. Once this is done, you are ready to start letting your money work for you. Don’t invest to get rich quick. That is the riskiest type of investing that there is, and you will more than likely lose. If it was easy, everyone would be doing it! Instead, invest for the long term, and have the patience to weather the storms and allow your money to grow.
A common mistake that a lot of people make is thinking that their investments in collectibles will really pay off. That’s NOT true!. The most important thing is….Be careful. I could say that 5 medium-sized bags are better than 1 big-sized bag, it means….don’t pay all of your investments into only one kind of investment. Scatter it around various types of investments for the best returns. Also, don’t move your money around too much. Let it ride. Pick your investments carefully, invest your money, and allow it to grow – don’t panic if the stock drops a few dollars. If the stock is a stable stock, it will go back up. BUT, please remember that every activity needs experience….Yes, an experience! If you would like to watch a video about investment mistakes to avoid, then you should watch it here