facebookCurious to know, what are some ways that people go broke when trying to make it rich? I know some people get burned in the stock market ouch... Any other common ones? - Seedly

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Anonymous

23 Oct 2020

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Curious to know, what are some ways that people go broke when trying to make it rich? I know some people get burned in the stock market ouch... Any other common ones?

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Doing things that are out of their ability and investing in things that are out of their circle of competence.

Using debt/leverage/margin without knowing how to manage them

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Insider trading - pay fines

Listen to gossip - lose money

Never read terms and conditions (structured products) - lose money

Never understand the fees - lose money

Borrow to invest - potential bankruptcy

Investing with money that's needed - potential bankruptcy

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