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Tue November 16, 2010
Money Matters: We all make mistakes
When it comes to investing, everyone makes mistakes. It’s virtually unavoidable. Financial commentator Greg Heberlein and KPLU’s Dave Meyer share some of their blunders on this week’s Money Matters.
Greg's biggest mistake was selling off all of his stocks when Alan Greenspan warned of 'iirrational exuberance.' But that wasn't the only one.
“I bought those municipal bonds then a broker told me I could make money selling them because I could take a tax loss. You should never buy or sell because of taxes. I would have been in a much better position to hold onto them,” Heberlein said.
Dave's biggest regret is that he didn't start making retirement investments until he turned 30.
“I didn’t have much money in my 20’s, but I could have squirreled away a few bucks here and there. That was a missed opportunity.”
Despite their mishaps, Greg and Dave conclude the biggest mistake of all is to let your fear of making mistakes prevent you from investing in your future. Greg advises:
“You have to brush them off and keep moving forward. First of all, the stock market is the best place for your money over a long period of time.”
What about other investments, like the bond market? Greg gives you his advice on that, too.
Click the Audio link above to hear their 3-minute Money Matters conversation.
What financial mistakes have been learning experiences for you?