5 money mistakes investors make (and how YOU can avoid them)
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What are the common money mistakes investors make?
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You'll find our full disclosure, disclaimer, and link to our financial services guide in the show notes.
Hello, I'm Kate Campbell. And I'm Owen Rask. And you're listening to the Australian Finance Podcast.
A podcast where we talk about money, finance, investing and all that good stuff.
We're helping you invest your time and money better one podcast episode at a time.
Yes, so please subscribe if you like the series. And don't forget you can find us on social media. We're on all the platforms. Kate, where can people go?
You can find us on Instagram and Twitter at Rask Australia. That's R-A-S-K Australia.
And I'm Owen Rask on Twitter or Owen Rask AU on Instagram. Beware the imitators. People like to copy us. Without further ado, let's jump into today's episode. Kate Campbell, welcome to this episode of the Australian Finance Podcast.
It is wonderful to be back, Owen.
Yes, it is. It's always wonderful. What are we talking about today?
Today in this bonus episode, we're going to do a quick fire run through of five money mistakes that investors like us have made when getting started. So hopefully you can avoid making those as well.
Yeah. So everyone makes mistakes, right? That's the big thing.
Everyone has those days.
And it's the number one thing that hold people back. like you've said this in an email recently, that it's the number one thing that holds people back, which itself is a mistake.
Yeah.
So being fearful of making a mistake is a mistake.
Yes, because one of the biggest mistakes you make is not actually starting. So in today's episode, we're going to run through a few of those mistakes, how to avoid making them. So we'll give you the confidence to take that first step on your investing journey.
I like it. So this is a bonus episode. So we're going to be pretty punchy with this one. We've got five things Kate's identified, five mistakes that people make. And our hope is that even if you've made one of these, hopefully you don't have to make it again. And secondly... If you haven't made these mistakes, you can avoid them by following the steps that we outline. There'll be a tip to go with each one. So, Kate, what's number one?
My very first mistake is investing without a plan. And what does a plan look like? Whether it's a document or you just write it down on a piece of paper, why are you investing? What are you investing in? And what are the reasons you've chose that particular investment? And even how long you plan to invest in that. So then when things get a bit challenging and you're looking at your portfolio, maybe at the moment it's down 15 or 20% and you're going, did I make the right decision?
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Sounds like good money advice... But is it?