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272 Don’t Make Me Say I Told You So

market lows. I believe that it is a big mistake for the vast majority
of investors to try to manage their own investments. It’s not that

most investors are not smart enough to do it themselves. It’s the
inability to stop making decisions based on emotions instead

of logic, facts, and history. Some of the most common mistakes
investors make are as follows:

1. Trying to do it themselves

2. Being influenced by fear or greed, based on current

events and media reports

3. Trying to time the market

4. Chasing yesterday’s winners

5. Failing to diversify their investment portfolio

Even if you do everything right, there are things beyond
your control that can undermine your retirement plans. These

include, but are not limited to:

1. Underestimating the time you’ll spend in retirement

2. Unexpected expenses, particularly health-related
expenses

3. A cut in previously promised pension or health benefits

4. Investment losses

5. High inflation

Chapter 6: Your Action Plan