Savings: 12 behaviors that make things worse
Long live simplicity
In the life of someone who is trying to save money for the future, mistakes can be made. After all, we all make mistakes in life. Here are tips to keep in mind, to try to keep those mistakes to a minimum:
- The more you try to trade for profit, the less likely you are to make money.
- The more boring an investment, the more likely the long-term performance will be high.
- The more exciting an investment, the lower the long-term results.
- The only certainty is uncertainty, and the only constant is change. Today's market decline will eventually become a bull market, and today's market leaders will give way to other industries.
- Big market trends play a huge role in our investment performance, but trying to time macroeconomic cycles or guess which market sectors will outperform is a silly task. Many big market movements are set in motion by something completely unpredictable.
- Happiness can, in part, also be built with correct investment choices, and saving will allow us to maintain a constant standard of living even when we stop working.
- Avoid giving unsolicited financial advice.
- The more we learn about investing, the more we realize that we know nothing.
- The more convinced an investor is that they are right, the more likely they are to be wrong.
- The more choices you are forced to make, the more the risk of making mistakes increases. This is a paradox of choice. The more options we have, the less we will be satisfied with each of them Long live simplicity.
- The more we are afraid of losing money, the more likely we are to run the risk of losing it.
- The more we think about our investments and look at our financial accounts, the more likely we will harm them with poor choices.
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