- Procrastinating about financial decisions.
- Having goals that are too general, undefined, or unrealistic.
- Not having a plan, or having one that won’t work.
- Ignoring the effect of taxes in your plan.
- Going uninsured against death, disability, and liability.
- Ignoring cost of living inflation in your plans.
- Being overweighted in the current fad (tech stocks).
- Making decisions based on emotion (fear and greed).
- Wanting to do it yourself to save a few bucks.
- Being too conservative or aggressive.
- Not understanding the concept of asset allocation.
- Concentration rather than diversification.
- Placing bets on hot companies (stock tips & speculating vs. investing).
- Being overly influenced by others (friends & family).
- Placing market timing bets (speculating vs. investing).
- Failure to take profits or cut losses.
- Idle assets (having too much in cash).
- Assuming things will just work themselves out.
- Demanding immediate results and satisfaction.
- Wanting everything guaranteed.
- Lack of spending/savings/investment discipline.
- Thinking that any person, firm, or magazine knows where any market, or security, is going, and when.
- Not understanding the many problems with money.
- Over-reliance on expected inheritances, promotions, business ventures, marriages, winning the lottery, etc.
- Wanting something for nothing.
2012-2072
