4 Common Investment Mistakes to Avoid

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 9 February 2021

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our topic on this episode of the Ready for Retirement podcast is about the 4 common investment mistakes to avoid. Questions to ask ourselves: How should my investments be allocated based on my different goals? What investment accounts are best for tax planning? Which investment accounts are best as I head in to retirement? Which investment accounts are best if I'm currently retired?How often should I be checking my account? What should I do when the market is going down?&nbs...

Transcript

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0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.6	It all starts right here on Ready for Retirement. for retirement.
0:28.8	Hi, everyone and welcome back to another episode of Ready for Retirement.
0:30.0	I'm your host, James Cannell.
0:34.3	And in my time as a financial planner, I have seen a whole bunch of people's investments.
0:37.3	I've heard a lot of people's backstories with investments, their history with investing. And there's a lot of common mistakes I'll see over and over again. By the way,
0:41.6	I myself has made some of these mistakes. So nobody is perfect. There's nobody that has never made
0:46.0	any mistakes when it comes to investing. But it is important to know what common pitfalls exist.
0:51.5	Because as much as investing is about doing the right thing, it is equally as much
0:56.2	about not doing the wrong thing. So if we can identify the big mistakes that are common to all of us
1:02.1	and why we make them and how to identify them ahead of time, I think it will go a long way into
1:06.6	helping us have a better investment experience going forward. So there are four common mistakes that I
1:11.4	see. And we're going to walk through each of these today so you can identify ahead of time to make
1:15.5	sure that you don't make the same mistakes with your portfolio so that your portfolio can continue
1:19.6	growing and doing what it needs to do to support you and your future goals. So number one is trying to
1:26.5	time the market. And I know we all know that we can't time the market.
1:29.6	I know we all know that it's not possible to do, but we do so nonetheless. And it's so tempting to try
1:35.7	to time the market in times of the market doing really well and in times of the market doing very
1:39.9	poorly. Now, here's the challenge. There is an extreme cost to trying to time the market. And I'll
1:45.8	use an example to illustrate this. Let's assume that you had a time machine and you can go back 50 years.
1:50.7	And you could go back to 1970. Now, let's assume that in 1970, you invested $1,000 into the S&P 500.
	...

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