Five crucial money mistakes rich people never make investinyou (In partnership with acorns.)
We all make mistakes, yet there are a few bad habits the super-rich tend to avoid. Here are five money missteps that may be keeping you from getting rich.When the stock market drops — as we saw in December, when major indexes all dropped at least 8.7% — you have to know what you are doing or you can get burned. If you don't have time to spend a few hours a day tracking the market, the cost of a good financial advisor is well worth the investment.
Remember Enron? Many employees of the energy giant bought into the company's sales pitch so much that they put all of their retirement savings in its stock. And when the firm went belly up — so did all of their savings. That could be fine — if you're a professional trader or just want to play around with a little gambling money. Yet fads like bitcoin are risky business: The cryptocurrency has since fallen a stomach-churning 70% in the past year.
"What counts is having a philosophy ... that you stick with, that you understand why you're in it, and then you forget about doing things that you don't know how to do," Buffett said at the Berkshire Hathaway annual meeting in 2018.
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