Thousands of dollars could be draining out of your account when you make these common investing mistakes

Investing is scary.

And one reason it’s scary is that there’s a lot to know. That can keep people from starting, which is a shame, because one thing people don’t know much about — compounding, and how it works — means investing can be a great way to build wealth.

People don’t always know how to set their investing goals, says certified financial planner Douglas Boneparth, founder and president of Bone Fide Wealth in New York.

“Without a purpose, we will struggle to identify the amount of risk to take when investing and the types of investments to use,” Boneparth said.

Investing for a child’s education in five years’ time is quite different from a retirement that’s 30 years away. “It always has to be based on a timeline,” said Jeanne Fisher, a CFP with Global Retirement Partners in Nashville, Tennessee, and ambassador to the CFP Board...

CNBC.com
by Jill Cornfield
January 28, 2020