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Nairaland Forum / Nairaland / General / Investment / 5 Investment Mistakes That Will Make You Broke - How To Avoid Them (2948 Views)
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5 Investment Mistakes That Will Make You Broke - How To Avoid Them by BiafranBushBoy: 11:16am On Aug 13, 2018 |
For the past few years, 70% of my income has come from several investment portfolios I have invested in. I have seen beginner investors make the same investment mistakes I made while starting, and I would love to help out in this article. Consistently I have made several investment mistakes like every other person out there. The difference is that I sit down to analyze the mistakes I made, while others chicken out because they lost money. To keep your portfolio safe or hinder your assets growth, these are the common investment mistakes every beginner investor should avoid. 5 Common Investment Mistakes every Newbie Investor should Avoid; ![]() Investing without saving Most times I see people fork out every single dime in their account just to invest in a certain portfolio they see as “wonderful.” Then boom!!! When the going becomes bad, they are back to square 1, probably contemplating suicide or something close. ![]() Investing is like spending money to get money. You need savings before you can invest You must have a reserve that would sustain you should anything go wrong. This is one of the investment mistakes beginner investors should avoid because it wouldn’t end well. I have explained the difference between savings and investment, so you can do well to read it. Indulging in HYIP programs ![]() So you finally saw a certain investment program that offers you a ridiculous 50% interest rate for putting your money, then you go emptying your bank savings just to invest. You would end up getting your fingers burnt pretty badly because of that singular investment mistake. No secured investment portfolio would offer you such a huge interest rate. HYIP programs like MMM, Bitcoin Generators, and all others are surely bound to fail – no offence. Even if you go for speculative programs like FOREX and stocks, there is no guaranteed winner. You might win millions now and become dead broke in the next few seconds. Seeking popular opinion before investing Trying to ask the whole world about their opinions before you invest, is one of the investment mistakes that you should avoid as a newbie investor. After carrying out the SWOT analysis of any new investment package and you feel it is the goldmine, just go for it. ![]() I will tell you for free that people are emotionally tied down when it comes to investing money, so they would always discourage others. Asking your friends, parents, colleagues, and church members if you should invest in any portfolio is wrong. They will end up discouraging you and your income will never grow. As long as you follow the basics of investing, you would never commit an error. In a post, I listed out some of the best-secured investments in Nigeria, where you would never record any loss. Thinking Short-term Most times people invest because they have an urgent need for money; they forget some basic commandments in investing and go ahead with the short-term thinking. They want their ROI as fast as possible because they have urgent money needs to solve. This isn’t how investing works and any shortcut would see you making investment mistakes that would hurt you both in the short and long term. ![]() It isn’t outrightly bad to invest for the short term alone, but your portfolio should include a couple of long-term plans also. Your long-term plans could include money for building projects, university fees for your kids, your wedding, and any other thing that would happen in the future. You should know that most short-term portfolios often come with a low-interest rate (I mean secured investments), while long terms come with juicy interest rates. So while you think of investing, you should consider both the long-term and short-term investment portfolios. There are other several investment mistakes that newbie investors make which are not limited to the ones listed above. I suggest you take time and speak to a financial advisor or you drop your question as a comment using the comment section. I will gladly reply to all of them and answer all the questions. I send real investment opportunities to my subscribers, so do well to subscribe to my newsletter by visiting the blog via the link below. Play tight and keep winning. https://topwritersden.com/common-investment-mistakes-avoid/ 3 Likes |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by BiafranBushBoy: 11:17am On Aug 13, 2018 |
Your Turn Which other investment mistakes do you think that most people commit when they start off as investors? lalasticlala ... we're ready! |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by Nobody: 10:37pm On Aug 13, 2018 |
6. Not investing at all 4 Likes |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by Temmy5050(m): 5:10am On Aug 14, 2018 |
i must say I've never read something so deep and inform like this. please without wasting much time last year i was working, due to uncertainty of the job i used the money in hand to buy 5 acres of farmland. i wanted to start plantain farm plantation,i got some guys who i paid to clear it. i was just in the process of purchasing the specie of plantain i needed when i lost my job, since last year i have found it difficult to continue the project. getting job to bring the project back has become difficult.i truly believe if i can try to get the project through it will be an investment that will safe me from endless quest for job. my question sir, did i make the wrong choice of business and if how can i get through it. Thanks 1 Like |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by BiafranBushBoy: 10:18am On Aug 15, 2018 |
Lalasticlala ![]() |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by Nobody: 9:50pm On Aug 18, 2018 |
Temmy5050: if you are so sure of this investment, you can source for a loan from Microfinance bank and use the same land as collateral. Most MFb's only need 2 guarantors from you and with persistence and perseverance , u will scale through. |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by msanda(m): 11:08pm On Aug 24, 2018 |
Satoshi: Excellent point. Leaving your money in a Savings account is not an investment, by the way. Check out this video for the reasons why. https://www.youtube.com/watch?v=q-41lcfeLig&index=6&list=PLchmjliHm8o_r7g87g9UgWotN9hR7dIR5 |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by BiafranBushBoy: 12:34am On Aug 30, 2018 |
msanda: Says who? Lol... See you making a mistake. Saving is a form of investing. |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by msanda(m): 6:50pm On Aug 30, 2018 |
BiafranBushBoy: Not if you are losing money instead of gaining interest ![]() 1 Like |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by chocolateme(f): 8:05pm On Oct 11, 2018 |
BiafranBushBoy:Bush boy, I sent you a message on your mail |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by BiafranBushBoy: 8:38pm On Oct 11, 2018 |
chocolateme: Lol... I sent you first |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by Darkseid(m): 9:25pm On Oct 11, 2018 |
Nice one OP. Things like this don't make it to the front page, but if the OP had included almost naked pictures of Nigerian celebrities, it would be in page 20 by now. Nairaland is a clear reflection of Nigerians; most of us only care about things that would never add any value to our lives. 5 Likes |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by ibechris(m): 8:49am On Aug 01, 2019 |
BiafranBushBoy: Saving is not in any way a form of investment,rather fixed deposit is but not encouraging in Nigeria. Instead, save to invest. 1 Like |
Re: 5 Investment Mistakes That Will Make You Broke - How To Avoid Them by Alexun(m): 12:05pm On Jan 03, 2021 |
Hmmmm |
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