“Security is mostly a superstition. It does not exist in nature….Life is either a
daring adventure or nothing.”
Helen Keller
1. Have no established goals
If you don’t have any goals then it is unlikely you will achieve very much but I’m guessing, as you’re here reading this, you are interested in achieving financial success and you will have already written down some goals.
2, Choose investments for emotional reasons
Listening to the media, inexperienced friends or family rather then researching and getting the facts of an investment is a sure trip to investment disaster. Educate yourself, talk to professionals and experienced investors.
3. Waiting for the right time
There will always be reasons not to get started the main one is usually fear. Anytime is a good time if you have knowledge, knowledge gives you power. The power to make decisions and act on them. So search out the knowledge you need to make wise decisions so you can thrive through your life.
4. Get rich quick schemes
One of the most important things I have learnt about creating wealth – is it is not a get rich quick scheme. True wealth creation takes time, the sooner you learn that and the sooner you get started the wealthier you can be. It’s never too soon, if you are a parent you can prepare your kids for wealth. My eleven year old daughter halves whatever money she gets – half goes into her money box for banking the other half she will put in her purse for spending. She is saving for a car.
5. Lack of diversification
A basic rule is never put all your money into one investment and never invest all your capital at the same time. Markets fluctuate at different times you decrease your risk and increase your chance for gains if you are involved in more than one market or strategy.
6. Failure to allow for fees and taxes
It is easy to focus on your potential gains and forget to factor in the costs, it can be an expensive oversight. It is also obvious you can’t invest without paying fees of some sort and you can’t make a profit without paying tax. So just be aware, learn to build a balanced investment structure, learn about tax minimisation schemes and don’t spend what you have to pay the government.
7. Not taking personal responsibility
You may get professional advice and assistance but that doesn’t mean you shouldn’t know exactly what’s going on with your money. This is why education is important when investing, you don’t have to know everything but you must have final control of what you money is doing.
Have a Wonderful Day
Teresa and the Team at
