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  Mistake #7: Bad Investments  

"October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February."~ Mark Twain (1835-1910), American Writer and Humorist.

7. Money-draining investments. Each year, American investors spend hundreds of billions of dollars trying to outperform the market. They often end up chasing "hot tips", paying excessive commissions, or getting burned by risky stocks. It's very risky to compete against smart, experienced traders. Most people are better off minimizing costs and risks by investing in a diverse, mostly buy-and-hold portfolio of stocks and interest-paying accounts or securities. "The Motley Fool" wonders: Brother, can you spare $350 billion? (

(Next Gem: Mistake #6: Overspending)

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