Beginners Mistakes With Investing In 2022

I once went to ikea and I bought me some drawers, and I was so exited to get started building everything that I skipped the instructions, then I had to go back, and then I had to watch a video and then I then I finally understood how it actually works.

But with money it’s a little more dangerous, because it’s not just time and a few minutes or hours you waste, but it’s also a lot of money potentially. So as you hear these 5 things, some of them you may know but some you may not know, and its better you know them now.

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sending money but not investing

I tell people all the time, that they should open up a roth ira

And it’s a retirement account obviously

But people sometimes use it like a savings account

Here a crazy story

I heard once about a lady that had been sending money for over 10 years and her cash balance was not actually growing aside from the money she was putting in

She was so confused

And then they ask her, are you picking investments and she said no

Guys :

A roth ira is a retirement account and when you send money it shows up in your cash balance

But you hace to use that money, to buy actual investments

If you don’t buy anything, nothing happens the money just stays their ( more later on what to buy )

Not understanding management fees

In the real world, you want to pay extra money to people that have a lot of experience

Like a doctor and a lawyer obviously or even a mechanic

But with investing, the big mover of investments numbers is going to be time ( so the patient win not the people that are “professionals”

Here is an example:

A janitor named ronald , died with over 8M dollars in his account

Just because all he did was buy regularly with some of his money, and wait

Decades on decades made him a multi-millionaire

Now here is the problem

A progessional may charge you a 1-2% fee

But when you think about decades on decades on those fees

They compound to take a third of all your profits

Not investing enough

Every single person, should aim to live on 50-75% of their income

So everyone should have at least 10-20% of their income available for investing

I know people that only want to invest $50 a month (and yes it works but why be so cheap on something that will benefit you so much)

Here is the math: Making 40k a year

If you invest 10% of that per month its about $333 a month

Over 50 years of investing

That adds up 2.2M dollars at an 8% return

And if invested into a roth IRA all the money is yours 100% tax free

Investing to much

Then their the crazy people like I once was

They invest to much and put all the eggs in this one basket

The stock market is great, but it shouldn’t be the only priority

Here is the problem :

I use to invest 90% of my income and live on 10% or so

I grew a massive investment account which is great but whats the rush for

I could have used that money to become debt free, save for 6 months of emergencies and savings for a home and rental property

The picture is a lot better

When you have both investments and monthly cash flow

Now I find myself with a lot of investment

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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