Tue Oct 01 2024, by Tyler Gardner
The 3 Biggest Financial Mistakes You Can Make
Remember, there are only three mistakes you can make with your money. I'm Tyler, a former financial advisor and portfolio manager, and I create financial content for free so you don’t make mistakes with your money.
1. Paying High Fees for Low Returns
The first mistake is giving your money to a financial advisor who charges 1% of your assets as a fee while putting your money in a low-cost index fund. You might be better off handling these investments yourself.
2. Trusting Active Management
The second mistake is giving your money to a financial advisor who charges you 1% of your assets to pick stocks with the promise of beating the stock market, despite the fact that 90% of active managers can't and don’t do it. It’s crucial to be aware of the odds you’re up against.
3. Not Investing Time in Financial Education
The third mistake is not committing 10 hours of your life over the next few months to learn about low-cost index funds, compound interest, and dollar-cost averaging. If you learn these concepts, you’ll avoid making the first two mistakes altogether.
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