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And the #1 investment mistake: thinking you're an investing rockstar. Most advisors (>99%) do NOT even MATCH an index fund over the long term (10 years plus). Successful investing is trivially easy as an exercise (buy index funds and good mutual funds), and incredibly hard to do over decades which is the sole requirement -consistency over a long time- for building real wealth. You don't need an advisor; you don't need a complicated strategy; you don't need to spend lots of time. What you MUST DO is put 20-100 dollars a week into an index fund (and eventually into a good growth stock mutual fund or two), every week, for 30 years. AVERAGE index fund returns (about 10%) over 30 years equal about a 17x growth. $5000 invested at 30 equals %100K at 60. $5000/yr between 30 and 40 equals $1 million at 65. No brains, no effort, nothing but consistent investing AND LET IT SIT. Ignore the advisors; ignore the books; plug a few bucks a week into an index fund and do nothing for 40 years.
ReplyDeleteThat said, the poster is great- and really does summarize a lot of common mistakes.
My problem with it is that it tells you what NOT to do...and not what TO DO. "Don't do this" is helpful; "DO this" is much more useful.
The whole universe of "the Market" and investing in general is a
ReplyDeleteAll of it is for suckers. Will a stock broker ever tell you when it is time to dump a stock? of course not. They always advise to hold of buy more/or something else. People like Martha Stewart get the curtesy of a timely "sell" call, and because it is so unusual and not done for everyone, she goes to jail. Your IRA and 401k accounts will either be wiped out in the market corrections, or reallocated by the Congress to the maintenance of the illegals and other "disadvantaged" before you ever see a dime of it.
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