Not Investing Enough
Some choose to simply live in the here and now and are content to spend almost all of their salary on life’s luxuries and kick the can down the road. Others may be confused or misinformed about how much they need to put in their pension pot. There are plenty that merely don’t earn enough to set enough money aside for retirement.
Whichever bracket you think you may fall into, it pays to find out how much income you will have by the time you come to retire. The government-run Money Advice Service is a good place to start — they have a pension calculator on their website that can give you an idea of what steps you need to take to quit work and live in comfort.
Investing in Low-Performing Accounts
Making mistakes is part and parcel of investing, but arguably the biggest faux pas you can make is by sticking your excess capital in a low-yielding savings account.
Buying The Wrong Stocks at The Wrong Time
Ah, you may say, finding those so-called right investment destinations is easier said than done. Billionaire investor Warren Buffett had his fingers burned when his Berkshire Hathaway vehicle loaded up on Tesco in 2012, a decision that eventually cost the investment firm an eye-watering $444m. Clearly not even the best are immune from making poor decisions now and again.
Getting Rich Slowly
It’s easy to make a million by using a simple strategy such as tracking the FTSE 100 and letting your money work for you. Unfortunately, most investors ‘over-trade’ and, as a result, their returns suffer significantly.
To help you avoid this key mistake, the Motley Fool has put together this free report entitled “The Worst Mistakes Investors Make”. These mistakes can cost you thousands over your investing career.
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