Deadly sin of retirement planning: Greed
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.