SOUTHFIELD (WWJ) – What are some common mistakes that investors are making with their money? That was the question tackled during WWJ Newsradio 950′s Financial Fitness Webinar.
“Often we will divert from sound investment strategies, based more on a longterm approach, and we start knee-jerk reacting to sound-bytes that we hear, either to jump into something or to avoid something completely,” said investment analyst, Mark Robinson.
Robinson said there are questions all potential investors need to consider.
“What am I attempting to accomplish? How much time do I have? How much risk? Do I have any tactical or theme-based convictions? And, after we’ve arrived at all the, what stuff do I wanna by?”
Certified Financial Planner Caterina deFalco said it’s important to get rid of your debt before investing.
“Pay off your debt, first; establish an emergency fund, second. Then you can start your investment strategy. Definitely having money set aside in a savings account, in my opinion, is priority to beginning your investment strategy,” deFalco said.
Robinson and deFalco joined WWJ and Fox 2 Business Editor Murray Feldman for Thursday’s discussion at the WWJ studios in Southfield.
Listen to the full program below: