August 31, 2023

6 common investing mistakes that can cost you millions

23 minutes

Today's episode is all about the six most common investment mistakes that I see derailing you from your investment returns and your long term financial progress. These mistakes are so common. I see them time and time again. They're promoted by the media, your friends, your family, and generally. They often seem like the most exciting and fun way to invest.

But through this episode, I'm going to teach you some wealth building fundamentals that are tried and true. They're going to help you get ideally the best investment returns for yourself and make sure that you are building a secure financial future. You're going to learn a lot about investing in general from this episode.

Plus I'm going to share specific stories, stocks I've invested in and lessons that I have learned financially as well. So without further ado, let's dive in and make you a better investor!

Key Highlights

[ 00:01:51] Mistake #1: Chasing the trends
[ 00:04:29] Mistake #2: Making emotional decisions
[00:07:29] Mistake #3: Failing to properly diversify
[00:12:31] Mistake #4: Trying to time the market
[00:14:27] Mistake #5: Ignoring investment costs
[00:17:34] Mistake #6: Neglecting the power of compounding interest

Notable Quotes

"The number one mistake is chasing the trends."
"Don't try to time the market. Don't try to use your time and energy that way because it can, like I said, it can only prevent you from getting more exposure to the market."
"The earlier you begin saving and investing, the more compounding interest works in your advantage."
"Start now, start early, invest often, invest as much as you can, even if it's not a lot of money, continuously putting in money in the market year over year will help you start to really play this compound interest game."
"Maintain diversification in your investment portfolio."
"Making emotional decisions when the market is down is the number one mistake that I have seen people make in their investment portfolios."
"Neglecting the power of compounding interest is a huge mistake. Compounding interest is what Albert Einstein claims is the eighth wonder of the world."

Resources

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Learn more about our signature Program: Holistic Money Program
Connect with Whitney:
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Instagram: @holisticmoney
Email: [email protected]