Recently while I was "spring cleaning" my Inbox, I came across an article on Investopedia.com which shared what their readers admitted to as their top investing mistakes. The article also highlights the largest group of new investors and traders who started dabbling in the stock market were actually not who you would assume...
"According to Investopedia’s recent survey of its daily newsletter readers, nearly 60% of those who said they just started trading in the past year are between 40 and 74 years old. Most of the 1,300 respondents to the survey describe themselves as self-taught, with 47% saying they use websites and books to educate themselves about investing and trading. Twenty-two percent say they learn from their financial advisors, while only 6% say they learn from Reddit online forums and 5% say they learn from social media, including TikTok and Twitter."1
According to their survey, here are the mistakes they made navigating investing on their own:
- 56% made mistakes over-weighting their portfolios
- 28% admitted to trading on "gut feeling" alone
- 27% made mistakes not considering tax ramifications
- 21%said they made mistakes timing the market too often
- 12% admitted to making mistakes trading on margin
When we take on spring cleaning, it’s not just your house that might need a little straightening up. Your finances can also benefit from a little “cleaning” every now and again. And what better time than spring?
Using a certified financial planner can help you avoid having to learn from your mistakes.
Give me a call, reach out by email, or schedule a time to get together and discuss your full financial picture.
Contact me directly at: email@example.com
1. Silver, Caleb. “Investopedia Daily.” Investopedia, Investopedia, 31 Mar. 2021, link.investopedia.com/view/5e21f1b61708b17a7e78252edx9de.zpe5/1c1139a1.