When you’re new to investing, it’s understandable that you might fall into some traps and make some mistakes. But we’re here to help! We listed 6 investment mistakes beginners make so you don’t have to make them.
- They put all their eggs into one basket. You should always diversify your portfolio to help manage risks
- They invest everything they have. Rather be cautious while you’re learning how investing works. It might not be fun, but it’s better than losing everything.
- They have no plan. You need to know what you want to achieve with your investment in order to work towards that goal.
- You invest into something that’s too good to be true. Do your research! If something is too good to be true, it usually is.
- They think they’ll get rich quick. Investing is a patient, long-term game and most people won’t become a millionaire overnight.
- They make rushed decisions. It’s easy to want to withdraw all your money when things get rough (remember March 2020?) But you’ll end up harming your investment more in the long run. Don’t rush and remember, you’re investing for the long term.
Now you know the 6 most common mistakes beginner investors make and how to avoid them. We hope you can use these tips to better your chances at building wealth. Remember to give a thumbs up if you liked this video. Keep investing, and bye for now
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