Ever made a mistake with your hard-earned cash? Have you impulsively bought a high-priced item on credit? Failed to build an emergency savings fund? Wasted much money on convenience food in order to save time? Allowed your dollars to depreciate in value while staying in a low-interest money market account? We have all made mistakes while investing money. Just like anything, investing skillfully takes practice and many attempts. The important thing is to cut your losses when necessary, learn from the experience, and move on to greener pastures. Following are some mistakes that are not hard to make.
Holding on to a losing stock until the bitter end.
Possessing too many funds that you do not understand.
Relying on “hot tips” about the market.
Not investing on a consistent basis.
Not setting realistic, specific, and measurable investing goals.
The author, a former Wall Street Journal reporter, takes readers on a whirlwind ride on how to become a successful investor. She has interviewed financial planners, stockbrokers and other money professionals over a decade. She has communicated with countless investors through her column. Her insights on economics and the stock market are relayed to the reader in a clear, compassionate manner. She fully explains 30 foibles that people commonly make while investing, how to avoid them, and how to become a prudent, confident and profitable investor.
Investing Success: How to Conquer 30 Costly Mistakes and Multiply Your Wealth! by Lynette Khalfani, 2004
I love this book; it will surely spur better investing decisions that I can feel comfortable making.