investing

The 7 deadly sins of retirement planning

Retirement » The 7 Deadly Sins Of Retirement Planning

Deadly sin of retirement planning: Greed
Deadly sin of retirement planning: Greed © Monkey Business Images/Shutterstock.com

Greed is one of the most deadly sins. Most people want more of something, and money is often at the top of the list.

"Greed is that particular slice of human nature on steroids," says Dunne.

"It's unquenchable," he says. "Furthermore, it's the opposite of equanimity, which is the name of the game in personal financial planning."

For example, it's not unusual for investors to frequently chase returns and participate in fads to their detriment.

"That's a form of greed," says Luxenberg. "Once a stock or new investment vehicle starts moving, it's tempting to jump on board. Your friends and family are all making great money at it, why not you?"

Unfortunately, he says, most people wait until the trend is well-established before they plunge in. "Bitcoin is only the latest example," says Luxenberg. "Most investors buy the right things but do it at the wrong time, and that's enough to sink a portfolio.

"Popularity gives comfort, but the more uncomfortable investment decisions often pay the best," he adds.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

CDs and Investment

Mom earns little from savings

Dear Senior Living Adviser, My mom lives on her Social Security income just fine but has around $100,000 sitting in a savings account! She does not want to take any risk. Any ideas? -- Deb Depositor Dear Deb, It's great... Read more

advertisement

Blog

Dr Don Taylor

The siren song of closed-end funds

Morningstar is reporting that the number of closed-end funds has shrunk over the past five years.  ... Read more

Partner Center
advertisement

Connect with us