TOP 5 INVESTING MISTAKES | MARVIN GERMO

INVESTING MISTAKES

TOP 5 INVESTING MISTAKES | It’s no secret that the pandemic brought a wave of new investors eager to give a shot at playing the market. In fact, a Charles Schwab study found that 15% of all current U.S. stock market investors got their start in 2020 — giving rise to what Schwab calls the “Investor Generation.”

The pandemic prompted the perfect timing to begin investing: stocks became cheaper to buy as the market dipped, savings account interest rates got slashed in half and many young consumers were stranded at home with nothing much else to do.

Plus, now that many brokerage firms now offer accounts with no minimums and zero-commission trading, just about anyone can start investing, even with a small amount of money. To help guide this new generation of investors, as well as their more experienced counterparts, Select spoke with a handful of certified financial planners about what to watch out for.

Here are the seven biggest investing mistakes they say are the most common.

Constantly watching the markets
Chasing the trends
Following bad advice from social media
Not giving your investments time to grow
Investing money you’ll soon need
Having unclear investing goals
Delaying investing altogether
Mistake 1: Constantly watching the markets
Of all the mistakes we heard, this one came up the most.

“I have told many clients to turn off their TVs and stop watching the daily market news,” Danielle Harrison, a Missouri-based CFP at Harrison Financial Planning, tells Select.

While it’s normal (and generally advised) to keep an eye on what’s happening in the overall economy, it’s easy to get swept up in the excitement or doom and gloom of it all. The markets are constantly moving and trying to follow along in real-time can lead you to continue checking or changing your investments when you’re better off leaving them alone for the long haul.

“You’re likely to perform worse than if you just stuck with your original strategy in the first place,” says Douglas Boneparth, a New York City-based CFP, president of Bone Fide Wealth, and co-author of The Millen

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