These are the WORST Stock Market Investing Money Traps to avoid, and the best investing strategies to learn that will help make you the most money long term – Enjoy! Add me on Instagram: GPStephan
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FIRST: GETTING OVERLY CONFIDENT.
Once you start getting OVERLY CONFIDENT about your ability as an investor, you begin losing your edge. It becomes easier to overlook issues, ignore the fundamentals, and otherwise – invest without regard to the risks. I think that LITTLE BIT of humility will go a LONG WAY for EVERY INVESTOR – and, usually – the more you realize that you don’t know everything, the more likely you are to make money.
SECOND: GETTING IMPATIENT.
Impatience ends up leading to impulsive, short sighted decisions, it implies that you know how to best time the market – and it reinforces that it’s OKAY to sell once you get bored with a company for not constantly going up. The reality is, PATIENCE is one of the best qualities that you can have in not only investing, but also – LIFE.
THIRD: DO NOT TO OVER-LEVERAGE.
The point where people get in trouble is when they BORROW TOO MUCH, and don’t have enough to cover themselves in the event of a market downturn. Even though it will HELP you earn more money when everything is going up – it will take MORE FROM YOU when everything is going down, and that deserves preparing for.
FOURTH: DO NOT BLINDLY INVEST
When you jump into an investment because someone else gave you a tip, or because you trust what they’re dong…you’re making an uneducated decision to basically trust that other person with your money, when they have absolutely NOTHING at risk for being wrong. If you feel COMFORTABLE handing someone else your money and telling them: “here you go, make me money” – then go for it. But, if you wouldn’t trust that person to have the passwords to your accounts…you shouldn’t follow what they do.
FIFTH: IT HELPS TO DIVERSIFY
This means your whole portfolio isn’t JUST cryptocurrency, or JUST real estate, or JUST a few individual stocks…but, instead, you spread your money through as many different options as possible.
SIXTH: DON’T KEEP TOO MUCH CASH ON HAND
That’s because, over time, you lose money two ways: ONE, inflation lowers the relative value of your money by 1-3% per year…OR, you miss out on the profit you OTHERWISE would have made if you kept your money invested. Instead, analyze how much you’d need in order to pay your bills for 6 months, assuming ALL of your income went to $0…keep THAT amount in cash, plus whatever else you absolutely need to sleep well at night…and then, ideally from there, invest the rest of the money.
SEVENTH: DON’T PANIC SELL
My rule of thumb is this: if nothing has fundamentally changed about your investment besides it being down…don’t sell it. ONLY sell an investment if the REASON you bought it has changed, and you no longer believe in the long term outlook….otherwise, HODL.
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