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Author: admin | Category: Loan For Car | Date: 27.12.2013

I’m Todd, and I created Financial Mentor to give you a step-by-step blueprint for building wealth that actually works. Below I will reveal the top twelve investment mistakes so that you can learn without paying the price of direct experience.
Diworsefying is adding more assets having a similar risk profile until your investment performance replicates the averages.
Your goal when diversifying should be to add independent and sometimes opposing sources of return. Multiple research studies agree that at least 90% of a diversified portfolio’s returns are attributable to asset allocation. Don’t make the mistake of spending all your time on the decisions that will make little difference in your overall performance. Instead, spend your limited time and resources determining your correct allocation to asset classes and strategies, and you will be focusing on what is really important. For example, most long-term historical stock return studies use average holding periods of 30 years or more.
Finally, long term averages may have little relevance to your current investment situation because the current investment environment may be anything but average. In other words, if stock valuations are higher than average when you begin investing you should expect 10-20 year returns lower than average. In short, the investment advice you receive about long term probabilities and average returns may have little or no relevance to the actual results you get.
Don’t make the mistake of spending more time planning your vacation than planning your financial future. You must create a disciplined plan based on mathematical expectancy because anything less is gambling and not investing. Investing is an art because we are emotional human beings masquerading as rational decisions makers.
Investing is also a science because proper implementation includes provable scientific principles like diversification, asset allocation, valuation, correlation, probability, and much more. You must balance both the art and the science to become a consistently profitable investor.
There is nothing more financially dangerous than an investor making a million dollars worth of decisions with a thousand dollars worth of financial intelligence. Don’t make the mistake of climbing the ladder to investment success only to discover it is leaning against the wrong wall. With that said, I also believe there are many well intentioned, honest, good people doing their absolute best to work with the limited knowledge and conflicting data that make up the investment world.
The result is you should never mistake professional opinions for fact just because they carry an air of expertise or come from a large institution. A liquid investment is something that can readily be converted into cash, and an illiquid investment is something with barriers that keep it from being converted to cash. Examples of liquid investments include United States Government Bonds and large, listed, corporate stocks.
Looking back over my investment career, nearly all of my major losses and financial setbacks can be attributed to loss of liquidity. Never make the mistake of accepting low liquidity unless the potential reward is so great as to merit the additional risk. The essence of the investment game is balancing risk with reward, and the better you get at risk management the more reward you can pursue. Remember, a ship may be safest sitting in harbor, but that is not what ships were built for.
The ability to conserve capital and even prosper when underlying market conditions are adverse is where you separate the novice from the skilled investor. When measuring investment results don’t make the mistake of looking solely at how much money you made. The real measure of investment skill is value added return and that is determined by comparing total returns against an appropriate benchmark index over a full economic cycle.
For example, a growth stock manager with annual compound returns of 25% could be a dud or a rock-star depending on whether the benchmark growth stock index gained 32% (value lost -7%) or lost 3% (value added +28%) over the same time period. The objective of investing is to maximize profits for any level of risk with taxes and fees being only one component to that equation. For example, many people thought I was nuts to sell all my investment real estate in 2006 and pay a horrendous tax bill on the gains.
Oversimplifying the decision by looking at just one factor (transaction expenses) can lead to expensive mistakes. Have fun investing because wealth is not a destination to be reached, but a journey to be enjoyed. The truth is that neither attitude is right or wrong, but one takes you toward financial success and the other moves you away.
In summary, it is a lot easier to enjoy the investment process when you learn how to avoid committing some of the most common and expensive investment mistakes. Direct experience has taught me each one of these investment mistakes the hard way, and I share them with you here in the hope you can take a less expensive route to the same knowledge.
The information contained on this web site is the opinion of the individual authors based on their personal observation, research, and years of experience. We’ll email you a screen print of the calculator you just completed, exactly as it appears on your screen. This simple interest calculator figures both monthly interest income payments and compound growth so you can compare the results side-by-side. If this free calculator helps you then please give a like, tweet, or +1 to support our effort. You want to earn interest when you deposit money a€“ but have you ever wondered how it works? Interest is a fee that is paid by a borrower to an investor, compensating the investor for the use of their funds.
Interest is usually calculated based on the principal and it can be easily calculated using the Interest Calculator. Variable interest rates a€“ also known as floating interest rates a€“ are not fixed, but are dependent on market performance.
Simple interest rate is calculated by multiplying the principal by the interest rate by the number of payment periods over the life of the loan. Compound interest refers to charges that the borrower must pay not just on the principal amount borrowed, but also on any interest accumulated at that point in time.
This online interest calculator compounds on a monthly basis, helping you determine the affects of compounding on interest-earning investments. Before you invest money, first compare and calculate the affects of various interest rates.
This interest calculator not only shows you the affects of simple monthly interest, but it also shows you the future value if interest is compounded every month. Amount Invested a€“ The amount you plan on investing over a certain term (number of years). Annual Interest Rate a€“ The annual percentage interest rate your money earns if deposited. Future Value (with Compound Interest) a€“ The value of the investment at the end of the term accounting for interest and compounding. Compound Interest a€“ Interest that is added to the principal of a deposit, resulting in interest earning interest. Investment Property Calculator: Is this property selling for a reasonable investment price and will it cash flow? Capital Gains Tax Calculator & Real Estate 1031 Exchange: What will be the tax impact of selling my investment property? Annuity Calculator: What is the present value of a series of equal payments received in the future?
Compound Interest Calculator: What will my investment balance grow to at any point in the future?
Future Value Calculator: What will my investment be worth net of taxes and inflation in the future?
Wea€™ll email you a screen print of the calculator you just completed, exactly as it appears on your screen. The Hidden Conflicts Of Interest That Financial Advisers And Investment Media Don’t Want You To Know – Revealed! If you want to learn how to be a more profitable investor, there is no better way to start than by educating yourself about the problems with advice from financial experts. Most people don’t understand all the problems inherent in the financial advice they receive. The truth is there are a lot of underlying problems making advice from financial experts less reliable than most investors believe. The whole idea of an investment expert is incongruent with the probabilistic nature of investing.
The following pages will explain the exact reasons why there is no real alternative to becoming your own financial expert. Yes, investing is complex and it takes work to become your own financial authority, but there really is no other choice. Has the advisor been taught and trained by a firm with financial incentives to promote certain investment products? The history of conflict of interest in financial advice is well documented with numerous examples because the economic incentive to deceive is so high.
I mention these two cases not to pick on Merrill Lynch or Dorfman because these are just two examples of many similar cases. Ask these questions whether the source is your local broker, CNBC, an investment newsletter, financial periodical, or even this website. Another reason to become your own financial expert is to avoid the numbing impact of expert advice on your own critical thinking. For example, during the study college students were asked to make a financial choice between a guaranteed payment or a riskier alternative with a higher payoff.
Therefore, it is essential that you avoid the problem of suppressing your critical thinking and deferring to expert opinion by becoming your own financial expert. The problem is your advisor is probably preaching Wall Street’s latest consensus wisdom to buy and hold for the long term.
With that said, however, long-term buy and hold can be a useful investment strategy when market valuations approach low levels. You may be tempted to criticize me for disagreeing with the consensus, but before you commit that criticism to writing please realize I have successfully taken on the consensus view several times before – and been right.
You may believe buy and hold will endure where the other consensus viewpoints failed, but I don’t think so. That is why nearly all financial planners and brokers recommend you own a diversified buy and hold portfolio – it is the consensus viewpoint.
The practical businessman sells what is most profitable for his business even if it is not most profitable for his clients.
The reason that is true is because the consensus viewpoint can never be the most profitable investment strategy for the client because security prices are determined by supply and demand.


The problem is profitable opinions by definition will be unpopular due to the nature of supply and demand. That is not what practical businessmen seeking to maximize business profits (as opposed to your portfolio profits) will attempt to sell. I can still remember when I sold my investment real estate in 2006 and payed the taxes on the gains because I wanted to go to cash rather than reinvest. Similarly, I can remember coaching one of my clients in the late 1990’s on risk management issues because his entire fortune was invested in tech stocks. Again, your only solution is to develop your own, independent investment viewpoint and always complete your own due diligence on the financial experts you choose to employ. Please be clear that my purpose is not to insult financial experts or put down the financial advice industry.
What I am trying to do is educate you about the fundamental problems underlying the financial advice business and make you aware that no expert is immune to these issues – including me. In other words, the point of this article is not to insult financial experts but instead to use the inherent weaknesses built into the financial advice system to motivate you to stop trusting others and start educating yourself. I would like to tell you there is a viable alternative to becoming your own financial expert that is easier and requires less work on your part, but I would be lying. Experience has taught me the path to financial success requires independent investing which means I must continually educate myself to improve my investment decision process. In other words, next time you watch a talking-head expert on CNBC securely proclaim how his latest, greatest stock pick will outperform the market make sure to keep in the back of your head that there is no possible way he can know with anything near the level of certainty he is projecting that what he says is true. We may choose to believe the education and experience of financial experts increases the certainty and accuracy of their opinions, but we have little evidence to support that opinion and lots of evidence that contradicts it.
The unfortunate truth is advice dispensed by financial experts faces a mountain of problems. When you add these six factors together it creates an inescapable conundrum that no financial expert is immune from – and neither are you. Yet everyday someone will think nothing of handing over their entire life savings to a guy wearing a suit based on little more than a referral, a glossy brochure, and a standardized computer printout filled with pie charts and analyst recommendations. What we forget when we do this is all the conflicts of interest, bias and other problems mentioned in this article that taints the expert financial advice you receive and diminishes the value of that specialized knowledge.
I would be remiss if I wrote an entire article from the position of a financial expert discussing all the conflicts of interest in advice from financial experts without disclosing my own.
As stated in the article, the key to discerning an expert’s biases and conflicts is to understand how his pockets are lined. Regarding this web site, I have an obvious bias to sell you my financial education products and services since that is how I get paid. Notice that I have taken great pains to not have any hidden conflicts of interest by choosing to not sell investment products or services on the same platform where I give advice. How to Get the Right Financial Advice for The Right Price:  Learn more about the business reality of financial advice and how compensation biases the financial advice you receive. Five Hot Stocks That Could Double This Year And Other Useless Financial Advice: Most of what passes for financial advice is actually useless forecasting.
More than 15,000 people have already used this blueprint to jumpstart their financial freedom.
You face two choices when gaining the necessary experience to steer clear of investment mistakes. Learning vicariously helps you avoid losses thus leaving more profits in your pocket and accelerating your journey to financial freedom. This can lower portfolio risk and possibly increase overall return when coupled with other investment techniques. What’s surprising, however, is that most people mistakenly focus 90% of their efforts on the remaining 10% of return.
Don’t try to pick the next hot stock or top performing fund when the experts who live and breathe this stuff are consistent failures at the task. Even if your investment career is 30 or 40 years your average holding period will likely be less than half that length because the bulk of your savings are usually accumulated late in your career and spent throughout retirement. For example, few investors are taught that their holding period returns for stocks are inversely correlated to valuations at the beginning of the holding period. And if stock valuations are lower than average when you start investing then you can reasonably expect 10-20 year returns higher than average. Numerous studies show that people who are methodical enough to create a written investment plan can expect to outperform their peers, not by just a few percentage points, but by multiples. Our decisions are affected by our values, moods, crowd psychology, previous experience, greed, and fear, yet we persist in the illusion that we invest logically. You must work on yourself to improve your decision process while also developing your understanding of the basic skills required. When it comes to investing, a little knowledge can be a dangerous thing, and a lot of knowledge can be a profitable thing.
There is no single right answer to building wealth that is true for everyone, but there is one answer that will be true for you. Investment institutions manage your money so they can charge fees, and brokers sell you products so they can earn commissions. To understand how bias creeps into your investment advice simply look at how the source’s pockets are lined. Most experts are trained in a specific school of thought and don’t see outside of it. Illiquid investments include some partnership interests, thinly traded stocks, and most real estate. The reason is simple: your ultimate risk management tool is to exit the investment to control losses, but inadequate liquidity can keep you locked in so long that losses can become unacceptable.
Only give up liquidity when you have other risk management disciplines to control risk of loss for this investment. The reason is because total return is a composite of market return, style return, and management skill. Whether or not you should pay taxes and fees by making a transaction will depend on how the transaction is expected to impact investment performance net of fees and taxes. By 2009, those same people realized the taxes paid were nothing compared to the losses and headaches avoided. It is a lifelong process that doesn’t end until you are six feet underground so you might as well figure out how to enjoy the experience along the way. It is like playing Monopoly for adults with real, live money where you get to make your own rules. If you have an investment mistake (or two) that I overlooked then please add it to the list in the comments section below.
I wanted to list my house with the same real estate agent I had used several times in the past. The publisher and its authors are not registered investment advisers, attorneys, CPA’s or other financial service professionals and do not render legal, tax, accounting, investment advice or other professional services. Interest rates are one way financial institutions encourage deposits a€“ and they are also a way for them to make money from borrowers. If the market is volatile, interest rates also change dramatically during the entire course of the term. The advantage of a fixed interest rate is that it allows you to plan your spending easily a€“ the rate is set in stone.
Choose an investment (such as a savings account or other financial product) with a high interest rate that compounds a€“ you’ll be glad you did. Tax Deferred Investment Growth Calculator: What is the value of tax deferred investment growth? However no guarantee is made to accuracy and the publisher specifically disclaims any and all liability arising from the use of this or any other calculator on this web site. In the process you will learn why you shouldn’t trust outside yourself for financial decisions, which means the only viable alternative is to trust in yourself. The alternative (trusting financial experts) has too many inherent flaws to justify risking your financial future. For example, on New Year’s Day in 2002,  the venerable and trustworthy Wall Street Journal published its annual survey of economists for the upcoming year. You can also find numerous studies published showing the under-performance of professionally managed mutual funds compared to their passive index cousins. For example, the next time a talking head on CNBC tells you to buy his latest stock pick make sure to ask yourself how you will know when to sell if things don’t work out?
Instead, I chose these two because they were both high profile examples demonstrating how no expert resource is too big or trustworthy to be free of bias and conflicts of interest. Every year the financial periodicals report similar problems with local brokers accused of recommending stocks to the public when their firm has an investment banking relationship with the company, and recommending stocks that the analyst owns or the brokerage firm holds a large position in.
The seemingly unbiased university professor calling for the demise of capitalism may have a hidden incentive to offer eye-catching headlines in order to promote his latest book to the best-seller list. When Warren Buffett provided his calming words during the peak of the 2008 banking crisis and took out full page ads we should remember he was reported to own 300 million shares of Wells Fargo stock. A recent study led by Gregory Berns and discussed in Wired, Discover, and CNN showed that when research subjects were given expert opinions they ceased using areas of their brains associated with critical thinking.
One group was left to solve the problem on their own while the other group was given bogus advice from an expert (an authority economist counseling the Federal Reserve).
Reed, who is not without his own share of controversy, has assembled an interesting list of real estate experts that I will partially excerpt from here to further illustrate why you must always do your own due diligence before trusting expert financial advice. I chose only the big name authors, but the actual list of authors with major financial and legal problems is much, much longer. You must become your own financial expert because you can’t pay someone enough to care more about your money than their own. This has become the universally accepted truth adopted by nearly every financial advisor – probably including yours.
The ensuing decline caused many tech investors 70%-80% losses that they still have not recovered from. I owned no tech stocks during the decline. That is why mutual funds advertise their biggest performers: it attracts sales even though every study shows previous top performing funds tend to under-perform in the future. The fact that everyone believes an idea is true converts that idea into truth through the mechanism of social proof.
Most financial advisors are honest, caring people doing their level best with 100% integrity to serve your needs.
Any viewpoint that is consensus must, by definition, represent peak demand and premium pricing – the exact opposite of what a smart investor should be buying. Stated simply, profitable investing requires occasionally going against consensus opinion when it becomes extreme; however, a profitable investment advisory business requires support for the consensus opinion. My message to develop a sell discipline to manage risk was completely out of sync with the consensus view but also correct. It is nearly impossible to escape the onslaught of mundane, superficial, consensus opinion masquerading as financial expertise. I’m trying to help you see why there is no choice but to become your own financial expert, do your own investment due diligence, and come to your own, independent investment decisions. Believe me, if such an alternative existed I would already be using it because I always prefer easier solutions when available. Unfortunately, no such easy solution exists.


It is not the easiest path, but I believe it is the most effective, secure, and personally rewarding path. It doesn’t matter how wise, honest, and educated your investment advisor is, you can never completely depend on his expert advice because investing is a probabilistic process where certainty is impossible. Nobody knows with certainty what will happen in the future because the future is unknowable. We forget that you can never pay someone enough to care more about your money than his own.
Sure, some people have more training and experience than others, but investing is different from other fields. However, this publishing business does provide additional income through the sale of financial coaching services, ebooks and related education. Learn how to tell the difference so that you can stop wasting time on valueless information and focus on what makes money. The future will likely be very different from historical averages, and your average holding period may not be long enough to replicate average returns. Almost nobody begins investing at age 30 with a large lump-sum and retires at age 60 on that investment to create a 30 year holding period. None of these approaches qualifies as a plan despite their widespread use and popular appeal. Your job is to find the path that will honor your goals, values, and risk tolerances so that you experience personal success and fulfillment from achieving financial success. Similarly, the investment media seeks to maximize subscription and advertising revenue thus biasing editorial policy toward sizzle that sells rather than substance that serves. There is no single investment truth and anyone claiming to have it is proving they don’t.
You should invest aggressively when the reward merits the risk, and conserve capital by hiding in the safe harbor of cash equivalents when risk is excessive. Don’t mistake brains with a bull market just because you happened to be in the right place at the right time and made some good money through sheer luck. Investment results should only be viewed over the course of an entire market cycle because short term results in one way markets can lead to false conclusions.
Looking at total return without separating the source of the return will cause false conclusions. Taxes and fees are just one factor (transaction expenses) to consider when analyzing how a transaction will impact overall portfolio performance. It is an adventure that is mentally stimulating and creates endless opportunities for personal growth while enhancing the quality of my life. Steering clear of just one of these deadly dozen investment mistakes can literally make the difference between wealth and poverty. Todd helped me see that I needed to get opinions from different agents to establish my listing price, especially since it was such a unique property. If you do not expect to keep a loan for a long time, then a variable interest rate may be more desirable over a fixed interest rate. The disadvantage is that if interest rates drop significantly, as a borrower you’ll still pay the higher, original rate.
Use at your own risk and verify all results with an appropriate financial professional before taking action. Despite the fact that the economy had already been weak for nearly a year not one of the 55 economists believed a serious decline was ahead. Some high profile cases from the past include Dan Dorfman leaving his reporter jobs for Money magazine and CNBC after unproven allegations of behind the scenes kickbacks for promoting stock stories in the media.
If a nationally syndicated columnist and a top investment bank can’t be trusted then who can you trust? The list of wrong-doings by neighborhood brokers includes churning accounts, recommending inappropriate investment products, promoting high cost products that generate fees when low cost products perform just as well, and much more. High profile economists whose paychecks are supported by banking and financial institutions may be reticent to give an honest assessment about the seriousness of the latest financial downturn and how it will affect the banking stocks. No matter how intelligent, educated, knowledgeable and trustworthy they may appear, they all make a living selling you a financial product or service. They are all inherently biased so buyer beware.
Don’t allow yourself to be unduly influenced by financial experts without first considering the numerous potential sources of bias and conflict of interest that might drive their public statements and actions. The students independently thinking for themselves reasoned the probabilities using critical thinking areas of their brains while the group receiving expert advice tended to follow the incorrect advice while suppressing critical thinking. You must rely on your own expertise by completing your due diligence and investigating further. Many people do and have no idea what problems are occurring because they never completed their own due diligence. The lesson is clear: just because someone has a book or appears in the media as an expert does not mean they know what they are talking about or can be trusted.
I believe buy and hold is only appropriate for certain investors who understand and accept the extraordinarily high risk and poor risk to reward ratios inherent in this strategy. Please note: this position is diametrically opposed to the consensus opinion provided by the vast majority or resources giving you financial advice. The data was clear and the conclusion was obvious for everyone to see – until real estate crashed beginning in 2007. Heck, most financial advisors are genuinely caring people who fully believe that what they are doing is the right thing. The problem is that means nothing when their beliefs are consistent with the consensus viewpoint. By definition, the consensus viewpoint is not a good value; yet, that is what most financial experts recommend. After all, the consensus view back then was real estate never goes down and the boom showed no signs of ending.
His response was to fire me as his financial coach, and then he went on to lose almost everything in the market decline that followed. Consensus view and the natural herding instinct of human beings is a dangerous factor that negatively affects the quality of advice offered by even the most honest, caring, and best intentioned financial experts.
No financial expert ever really knows what will happen because there are just too many variables and inputs affecting the ultimate outcome – many of which have yet to occur in the future. That is because I believe investment education and investment product sales must be kept separate to minimize the inherent conflict of interest. The bottom line is your investment advice is coming from sources whose business objectives are focused on their wealth … not yours.
When you learn that there are many shapes and dimensions to the complexity of investment truth and stop believing the supposed experts, your healthy skepticism will bring you closer to consistent profits.
They are polar opposites of the same extreme thinking because neither has balanced risk with reward to maximize his long-term wealth. Always have an exit point for every investment so that you can preserve capital when the perfect storm strikes.
Other factors to consider which may take priority over tax and expense concerns include risk control, asset allocation, expected reward, and many others. He also helped me negotiate a free rent-back provision and other terms that would have left several thousand dollars on the table without his coaching.
Because each individual’s factual situation is different the reader should seek his or her own personal adviser.
The downside to variable rates is that if the interest rate rises, you may not be able to meet your payment obligations. Another high profile case was the Merrill Lynch $100 million dollar, multi-state, settlement for alleged wrongdoing regarding conflicts of interest between the investment advice they gave brokerage clients and their investment banking relationships with the companies they promoted.
For a complete analysis of conflicts of interest in financial advice resulting from compensation incentives and how to protect yourself see this article. Sometimes the expert may not even be aware how his positive opinion about a stock is largely affected by the fact that he already owns the stock and is emotionally committed to the position. Government in 2008 to bail out Fannie Mae and Freddie Mac it was reported that 61% of PIMCO holdings were invested in mortgage backed securities. Were these two high profile, well respected experts offering their infinite wisdom for our greater good, or were they using the media to sway public opinion in an effort to defend their portfolios? If your portfolio loses money it was just an unfortunate, temporary setback – a brief aberration. It happened with tech stocks in the 90’s, real estate in 2006, and it is happening right before your eyes with buy and hold.
Even if they pass every other hurdle listed in this article, they are rarely immune from the practical needs of business and the consensus viewpoint.
Aren’t they insiders with special knowledge and training? Somebody has to be an expert at all this stuff and know what they are doing! That is the path of a successful, independent investor on the journey to financial freedom.
The result is you should expect far greater variability in expected returns than long-term averages would indicate.
Neither the author nor the publisher assumes any liability or responsibility for any errors or omissions and shall have neither liability nor responsibility to any person or entity with respect to damage caused or alleged to be caused directly or indirectly by the information contained on this site. The publisher and its authors are not registered investment advisers, attorneys, CPAa€™s or other financial service professionals and do not render legal, tax, accounting, investment advice or other professional services. Most people believe that adhering to the standard practices of the experts by buying and holding a diversified portfolio is the right thing to do. Every investment is at best just a probability, and every expert bet can always be wrong – mine included. So we hand over the responsibility of our money to experts in the hope they know what they are doing.
They are not bad people and they are not dishonest: they are just part of the consensus and their expert opinion contributes to that consensus.
If you can’t trust outside yourself then the only viable alternative is to trust in yourself. Additionally, this website may receive financial compensation from the companies mentioned through advertising, affiliate programs or otherwise. Because each individuala€™s factual situation is different the reader should seek his or her own personal adviser. Did he cover all that during his 60 second sound-bite where he touted his latest, greatest stock advice? Rates and offers from advertisers shown on this website change frequently, sometimes without notice.
While we strive to maintain timely and accurate information, offer details may be out of date.



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