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How to avoid costly investing traps and pitfalls
· 01.04.2024 · 21:43:32 ··· Montag ⭐ 0 🎬 0
📺 Yahoo Finance
As investment strategies vary across generations, co-host of The Ramsey Show and author of Breaking Free From Broke George Kamel joins Yahoo Finance Live to discuss investing strategies to steer clear of.
Kamel cautions that "if you follow the trends, you'll fall for the traps." He notes that young people often overlook the investing strategies of older generations, leading them into risky ventures like NFTs, cryptocurrencies, and permanent life insurance. He advises investors to adopt a long-term mindset and be "a crockpot in a world full of microwaves," avoiding impulsive entries and exits from the markets.
Kamel acknowledges that cryptocurrencies are currently the most attractive asset class. However, he expresses concern that young people are ignoring traditional investment vehicles like 401(k)s and IRAs, instead placing "all of their bets on crypto." He likens this approach to "virtual roulette" stressing the importance of taking preliminary steps such as getting out of debt, establishing an emergency fund, and investing in mutual funds, which have "proven to be successful over time."
Kamel explains that there are "three stooges" to wealth building: greed, fear, and pride. Greed, he notes, is the "get-rich-quick" mindset that drives people to seek rapid wealth accumulation. Fear manifests as FOMO (fear of missing out) and mistiming the market. Pride arises when investors believe they know it all, leading them to invest in certain stocks at specific times with unwavering confidence.
#youtube #stockmarket #yahoofinance
About Yahoo Finance:
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· 01.04.2024 · 21:43:32 ··· Montag
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