7 lessons to learn from this year’s investment mistakes

financialexpress.com:

In an ever-evolving investment landscape, it is not advisable to sit ideal and wait for your investment to grow on their own. You must keep adjusting and accommodate new strategies to ensure your investment grows as expected and you are able to achieve your financial goals.

Investing is a journey marked by ups and downs, and the year 2023 was no exception. As we step into 2024, it’s crucial to distil valuable lessons from the past investment mistakes to chart a smarter path forward. Every mistake is an opportunity to learn and grow. However, some investors repeat past errors without adapting new strategies. Flexibility and your willingness to learn from setbacks are important.

Here are key strategies to identify and rectify errors for better investment decisions in the year ahead.

One of the biggest mistakes often made is acting on impulse. In 2023, many investors fell prey to the allure of quick gains, jumping into trendy investments without proper research. To invest better in 2024, take a step back. Before diving in, thoroughly research any opportunity, ensuring it aligns with your financial goals and has a solid foundation.

Adhil Shetty, CEO, Bankbazaar.com, says, “Start by identifying your financial objectives. Whether it’s saving for retirement, buying a house, or growing wealth, having clear goals will guide your investment decisions. Periodically review your portfolio to ensure it aligns with your goals and risk tolerance.”

Also Read: Retirement planning takes a major hit as Indians saving less for retirement: Survey

Putting all your eggs in one basket can be risky. 2023 taught us that a well-diversified portfolio across various asset classes can shield you from market volatility. Consider spreading your