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Knowing the pitfalls is the first step to making smarter money decisions.
- Taking control of your money and making better financial decisions is something that everyone can and should do.
- There is a bit of a learning curve when it comes to investing. A big part of making money is learning how to avoid common mistakes.
- Buying cheap stocks instead of smart ones, being too reactive to news headlines, and thinking short term are a few of the things that new investors often get wrong.
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Don’t focus on the short term.<p>Treating the stock market like placing a bet is a strategy that probably won't work out for you. Successful investor Warren Buffett warns new investors against day trading. "If you aren't willing to own a stock for 10 years, don't even think about owning it for ten minutes," <a href="https://www.berkshirehathaway.com/letters/1996.html" target="_blank">Buffett wrote</a> in a letter to shareholders back in 1996. Buying and selling stocks quickly may get you a few dollars, but making a smart investment in a good company and sticking with it over a long period of time could make you exponentially more. </p>
Don’t buy what you don’t understand.<p>Never buy a piece of a company when you don't understand how it makes money. Do your research and learn about the industry and the mechanisms that move it, otherwise the money you invest could disappear and you would have no idea why.</p>
But don’t only buy what you know.<p>According to <a href="https://www.investopedia.com/articles/stocks/07/beat_the_mistakes.asp" target="_blank">Investopedia</a>, novice investors (and those with experience) should probably stick to the principle of diversification. In poker terms, you don't want to "let it ride" on one big stock in the hopes that your money will double or triple. Create a portfolio and spread the money around. As a general rule according to the experts, never allocate more than 5-10% to any one investment.</p>
Don’t use your retirement money.<p>Risking your livelihood on investments is dangerous and ill-advised. If losing the money you are thinking of investing would ruin your life or the lives of those around you, then you absolutely should not do it.</p>
Find good investments, not cheap ones.<p>In the same vein as the first tip, it's important for new investors to learn that just because they can afford to buy a stock, that doesn't mean they should. The idea of investing early in the next Google and riding the wave to wealth is enticing, but that's not a realistic strategy. Tried and true is often better than shiny and new.</p>
And lastly, don’t overreact based on the news.<p>Hearing about a tanking stock on the news can be scary if that company is a part of your portfolio, but experts warn against letting your emotions get the best of you. Consider the history of the stock and whether or not the reason for the dip is something that could soon pass. If you panic and sell because of a headline, you could regret it next month when that dip turns into a spike.</p>
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Hertz Foundation Fellow Dr. Christopher Loose sold his first startup for $80 million. His advice is probably the kind you want to hear.
Hertz Foundation Fellow Dr. Christopher Loose sold his first startup for $80 million in 2012, and co-founded his second startup, Frequency Therapeutics Inc., in 2015, which is developing methods to restore hearing loss, with greater applications in human regenerative medicine. Even if you aren't in the field of medicine, innovators of any kind looking to found their first startup will benefit from his experience and advice on mentorship, building a balanced team, consulting experts, and how to develop the right first product—one that the rest of your career might be valued on. The Hertz Foundation mission is to provide unique financial and fellowship support to the nation's most remarkable PhD students in the hard sciences. Hertz Fellowships are among the most prestigious in the world, and the foundation has invested over $200 million in Hertz Fellows since 1963 (present value) and supported over 1,100 brilliant and creative young scientists, who have gone on to become Nobel laureates, high-ranking military personnel, astronauts, inventors, Silicon Valley leaders, and tenured university professors. For more information, visit hertzfoundation.org.
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The famous inventor Nikola Tesla shared his views on dieting and exercising that helped him think better and live longer.
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