Starting your own investment portfolio is an exciting enterprise. It means you are taking control of your finances and your life. Unfortunately, some clients get too excited and start to make mistakes. They take advise from people who are not qualified enough. Clients of Southridge Capital assume that certain strategies will pan out as long as they stick with it. One wrong investment will cost you hundreds of dollars. That is why you need to learn from and avoid the following 5 mistakes. Visit their Facebook page to see more.
1) You need to diversify, but pick your assets wisely.
“Wise men profit more from fools than fools from wise men. The wise men shun the mistakes of the fools, but fools don’t imitate the successes of the wise.”
Cato the Elder
Just because two investments look the same does not mean they are worth the same.
2) Asset allocation is more important than stocks, remember that. You should overanalyze and spend too much time on choices that do not make much difference. You should spend less time on the hot picks and more time on what you currently have.
3) Spend less time focusing on your trip to the spa and more time on where your finances will be in 20 years.
“A man without a plan is not a man.”
Friedrich Wilhelm Nietzsche
You need to map out a plan based on mathematical expectancy. Anything else is mere gambling and not an investment.
4) Education is the key. Always has been. Always will be.
“Only through education will you have an account of your own ignorance.”
Investing requires knowledge of both the art and science for you to have success.
5) Your investment choices need to run in concert with your personal lifestyle and goals. Some expert may have made millions by doing this or that, but that does not mean it will happen to you. Experts are not always right.
“The only true definition of an economist is someone who finds out tomorrow what did not happen today.”
Laurence J. Peter
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