3 Rookie Investing Mistakes You Can’t Afford To Make Personal finance
2. Take bad financial advice
There are a lot of people who are eager to provide you with financial advice. But not all of these people have your best interests at heart.
From unscrupulous actors who run Ponzi schemes or perform pump-and-dump schemes to financial advisers who promote the products that pay them the most commissions, there are plenty of untrustworthy people who want to separate you from your silver.
To make sure you don’t get misled by bad investment advice, listen only to trusted, certified financial or investment advisers with proven credentials. Read the notices carefully, understand their fee structure, and try to work with the Trustees whenever possible, as they have the strictest legal obligations to put your interests first.
And remember, no one cares more about your financial success than you. So, when getting investment advice, it is worth doing the research for yourself to make sure it is sound.
3. Invest with the money you will need soon
Lastly, you don’t want to put money on the market if there’s a chance you need to use it soon. Otherwise, you could find yourself having to sell at an inconvenient time and face investment losses that could have been easily avoided.