Top 5 investing mistakes | NBC17.com

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If you're a recent college graduate or getting ready for retirement, it's not too late to come up with a plan for your financial future.

Finance coach Pete D'Arruda discusses the top five investing mistakes you should avoid.

1. No investment plans or goals. It is important to outline your future monetary aspirations, whether it includes college, retirement, buying a home, or all of the above. Having a long term goal and an investment strategy to help achieve your goal can help prevent you from acting on market swings.

2. Putting all your eggs in one basket. Portfolio diversification helps to reduce risk and enhance performance.

3. Not investing soon enough. The younger you are, the more you have to gain from stock appreciation. The effects of compounded

returns are greater for those who invest earlier.

4. Trying to time the market. There is no way for any individual to predict a stocks future performance. When investors do try to time the market they end up buying on the highs and selling on the lows.

5. Paying too much in fees. It is important to know how much each investment is costing you. The best way to maximize your returns is to minimize your costs.

If you have any questions about your finances, leave a message for Pete on our Facebook page and he'll answer them for you. We're at NBC 17.

Source: http://www2.nbc17.com/news/2012/jan/24/top-5-investing-mistakes-ar-1850303/

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