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Millionaire money mistakes

By Sheyna Steiner · Bankrate.com
Tuesday, June 3, 2014
Posted: 4 pm ET

The rich aren't so different. A new survey has found that millionaires make the same investing mistakes as thousand- and even hundred-aires. Holding just a few investments, relying on past performance to predict the future and investing based on emotions are universal pitfalls when it comes to investing.

© Sergey Nivens/Shutterstock.com

Failing to diversify their investments topped the list of millionaire investing mistakes, according to a survey out this week from financial consultancy deVere Group. Nearly a quarter of the high net worth investors, 23 percent, said they were guilty of that portfolio transgression.

Just over a fifth, 22 percent said that investing randomly without a plan was their worst mistake while exactly 20 percent pinned their worst mistake on emotional investing.

Sixteen percent of millionaire investors said they neglected to review their portfolio on a regular basis. Only 14 percent of wealthy investors labeled their worst mistake as performance chasing.

Impatience, jumping in at a market top and listening to the cockamamie investing ideas of acquaintances and other miscellany were cited by 5 percent of those surveyed.

"To my mind, unless you have a sound investment plan, you are gambling, not investing," Nigel Green, founder and CEO of deVere Group said in the press release.

Even a stock-picking cat would do better than investors without a plan.

What was your worst investing mistake?

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Follow me on Twitter @SheynaSteiner

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Senior investing reporter Sheyna Steiner is a co-author of "Future Millionaires' Guidebook," an e-book written by Bankrate editors and reporters. It's available at all the major e-book retailers.

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