What’s Your Biggest Investment Mistake? (Hint: It Isn’t Fees)

Wealth is always in formation and the quality of the information you receive and act upon determines your long term success.  If I were to ask you what your biggest investment mistake could be, what comes to mind?   I’ve heard many people say, it’d be paying too much in fees.  As the Wealth InFormation Lady, I am of course an advocate of receiving just value for any expense paid, for anything.  However, avoiding expenses at all costs, could cost you all. 

Recently, a social media friend posted that she had been a Vanguard client for many years and was now moving her money. Others chimed in, proudly announcing where they invest, how long they’ve been there, and what they plan to do next.  While the conversation was lively, sirens rang out in my head with big red lights flashing, that they just didn’t see. 

The biggest mistake in that entire thread had nothing to do with the fees they were debating. It was the fact that people were publicly revealing where their money is held.  One even revealed where her business’ 401k was custodied.   

Don’t miss the forest for the trees.  With your money, don’t miss risk the for the fees.  In a world where cybercrime is sophisticated, organized, and constantly evolving, oversharing online is lighting the match that could cause the wildfire.  When I discuss our cybersecurity guarantee with our clients, I always say it something like this:  cybersecurity is the most important thing.  After all, it wouldn’t matter one bit the kind of job I do with managing your investments or devising a great financial plan, if someone were to hack into your account and steal it all.   

Failing to be vigilant in the security of your information could be the biggest investment mistake you make.