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Common Mistakes to Avoid

Along the way, on your road to creating wealth, you may make a few investment mistakes. However, there are some big danger warnings that you absolutely must avoid if you are to become a successful investor.

For instance, the biggest investment mistake that one could ever make is to not invest at all, or to put it all off until later. Make your capital work for you. Even if all you can spare is $20 a week, put your money to work by growing it!

While not investing at all, or putting it off until later, are big mistakes, investing early, before you are in financial position to do so, is also another commonly big mistake. Get your current financial situation in order first, and then start investing. Get your credit cleaned up, pay off high interest loans and credit cards, and put at least three months of living expenses in secured savings. Once this is done, you are ready to start letting your savings work for you.

Do not invest in order to get rich quick. That is the riskiest type of investing, and you will more than likely lose. If it was easy, everyone would be doing it! Instead, invest for the long term, and have the patience to weather the storms and allow your savings to grow. Only invest for the short term when you know you will need the cash in a short amount of time, and then stick with a safe investment, such as certificates of deposit.

Do not put all of your eggs into one basket. Scatter it around various types of investments for the best returns. Also, do not move your money around too much. Let it ride. Pick your investments carefully, invest your money, and allow it to grow. Do not panic if the stock drops a few points. If the stock is stable, it will go back up in value.

A common mistake made by a lot of people is thinking that their investments in collectibles (coins, stamps, sports memorabilia) will really pay off. Again, if this were true, everyone would do it. Do not count on your Coke collection, or your book collection. to pay for your retirement years! Instead, learn to count on investments made with cold hard cash. Avoid making mistakes others learned about after it was too late.

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