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What Investment Mistakes Should I Absolutely Avoid? · Becoming Financially Confident

• 0:37
  Alright,
• 0:38
  we're
• 0:38
  getting
• 0:38
  right
• 0:38
  into
• 0:38
  the
• 0:38
  listener
• 0:39
  question
• 0:39
  today.
• 0:40
  Ralph,
• 0:40
  I've
• 0:41
  made
• 0:41
  mistakes
• 0:41
  in
• 0:41
  investing
• 0:42
  before
• 0:43
  and
• 0:43
  I'm
• 0:43
  scared
• 0:43
  of
• 0:44
  making
• 0:44
  them
• 0:44
  again.
• 0:45
  What
• 0:45
  are
• 0:45
  the
• 0:45
  biggest
• 0:46
  traps
• 0:46
  I
• 0:46
  should
• 0:46
  avoid?
• 0:47
  Well,
• 0:48
  you
• 0:48
  know
• 0:48
  what,
• 0:48
  that's
• 0:48
  a
• 0:48
  fantastic
• 0:49
  question
• 0:49
  because
• 0:50
  listen,
• 0:50
  all
• 0:50
  of
• 0:50
  us
• 0:50
  have
• 0:51
  made
• 0:51
  mistakes.
• 0:51
  That's
• 0:51
  the
• 0:51
  thing
• 0:51
  about
• 0:52
  true
• 0:52
  about
• 0:52
  life,
• 0:52
  right?
• 0:53
  We've
• 0:53
  all
• 0:53
  made
• 0:54
  mistakes.
• 0:55
  And
• 0:55
  listen,
• 0:55
  as
• 0:56
  a
• 0:56
  little
• 0:56
  kid,
• 0:56
  you
• 0:56
  don't
• 0:56
  put
• 0:56
  your
• 0:57
  hand
• 0:57
  on
• 0:57
  the
• 0:57
  stove.
• 0:57
  Why?
• 0:58
  Because
• 0:58
  you
• 0:58
  got
• 0:58
  burned.
• 0:59
  Well,
• 0:59
  so
• 1:00
  many
• 1:00
  people
• 1:00
  do
• 1:00
  the
• 1:01
  same
• 1:01
  thing
• 1:01
  with
• 1:01
  investments.
• 1:02
  So
• 1:03
  you
• 1:03
  might
• 1:03
  be
• 1:03
  asking
• 1:03
  that
• 1:03
  same
• 1:04
  thing
• 1:04
  right
• 1:04
  now.
• 1:05
  But
• 1:05
  let
• 1:05
  me
• 1:05
  tell
• 1:05
  you
• 1:06
  something
• 1:06
  right
• 1:06
  now,
• 1:06
  and
• 1:07
  this
• 1:07
  is
• 1:07
  a
• 1:07
  truth.
• 1:08
  Sometimes
• 1:08
  the
• 1:09
  best
• 1:09
  investment
• 1:09
  lessons
• 1:10
  don't
• 1:10
  come
• 1:10
  from
• 1:10
  the
• 1:11
  wins.
• 1:12
  They
• 1:12
  come
• 1:12
  from
• 1:12
  the
• 1:12
  mistakes
• 1:13
  we
• 1:13
  learn
• 1:14
  to
• 1:14
  avoid
• 1:14
  in
• 1:14
  the
• 1:14
  future.
• 1:15
  So
• 1:16
  today
• 1:16
  I'm
• 1:16
  going
• 1:16
  to
• 1:16
  talk
• 1:16
  about
• 1:17
  those
• 1:17
  traps
• 1:17
  to
• 1:17
  avoid
• 1:18
  and
• 1:18
  how
• 1:18
  to
• 1:19
  really
• 1:19
  get
• 1:19
  past
• 1:20
  that
• 1:20
  fear
• 1:21
  and
• 1:21
  that
• 1:21
  anxiety.
• 1:24
  This
• 1:24
  is
• 1:24
  Financially
• 1:25
  Confident
• 1:25
  Christian,
• 1:26
  your
• 1:26
  daily
• 1:27
  dose
• 1:27
  of
• 1:27
  gospel,
• 1:28
  grounded
• 1:28
  insight
• 1:29
  and
• 1:29
  faith
• 1:29
  driven
• 1:29
  tips
• 1:30
  to
• 1:30
  help
• 1:31
  you
• 1:31
  break
• 1:31
  the
• 1:31
  cycle
• 1:31
  of
• 1:31
  financial
• 1:32
  shame
• 1:32
  with
• 1:33
  confidence.
• 1:37
  Welcome
• 1:38
  to
• 1:38
  the
• 1:38
  show,
• 1:38
  I'm
• 1:38
  Ralph.
• 1:39
  And
• 1:40
  today
• 1:40
  we're
• 1:40
  going
• 1:40
  to
• 1:40
  build
• 1:41
  on
• 1:41
  those
• 1:41
  biggest
• 1:41
  traps
• 1:42
  to
• 1:42
  avoid
• 1:42
  when
• 1:42
  investing.
• 1:43
  Because
• 1:43
  like
• 1:43
  I
• 1:43
  talked
• 1:44
  about
• 1:44
  when
• 1:44
  you're
• 1:44
  a
• 1:44
  little
• 1:44
  kid,
• 1:45
  I
• 1:45
  remember
• 1:45
  this.
• 1:45
  I
• 1:46
  remember
• 1:46
  this
• 1:46
  like
• 1:46
  it
• 1:46
  was
• 1:47
  yesterday.
• 1:48
  I
• 1:48
  was
• 1:48
  in
• 1:48
  the
• 1:48
  kitchen
• 1:49
  with
• 1:49
  my
• 1:49
  mom
• 1:49
  and
• 1:50
  I'm
• 1:50
  playing
• 1:50
  around
• 1:50
  in
• 1:50
  the
• 1:51
  kitchen.
• 1:51
  I
• 1:51
  put
• 1:51
  my
• 1:51
  hand
• 1:51
  up
• 1:52
  on
• 1:52
  the
• 1:52
  stove,
• 1:52
  well,
• 1:52
  guess
• 1:53
  what?
• 1:53
  I
• 1:53
  got
• 1:53
  burnt.
• 1:54
  I
• 1:54
  remembered,
• 1:55
  hey,
• 1:55
  don't
• 1:55
  touch
• 1:55
  the
• 1:56
  stove.
• 1:57
  Well,
• 1:57
  so
• 1:57
  many
• 1:58
  people
• 1:58
  think
• 1:58
  about
• 1:58
  investment
• 1:59
  the
• 1:59
  same
• 1:59
  way.
• 2:00
  But
• 2:00
  my
• 2:00
  goal
• 2:01
  today
• 2:01
  is
• 2:01
  to
• 2:01
  help
• 2:01
  you
• 2:01
  grow
• 2:02
  steadily,
• 2:02
  grow
• 2:03
  wisely.
• 2:03
  And
• 2:03
  hey,
• 2:04
  the
• 2:04
  biggest
• 2:04
  takeaway
• 2:04
  from
• 2:05
  today
• 2:05
  is
• 2:05
  how
• 2:05
  to
• 2:06
  grow
• 2:06
  with
• 2:06
  peace
• 2:06
  of
• 2:06
  mind.
• 2:07
  Because
• 2:07
  listen,
• 2:08
  this
• 2:08
  isn't
• 2:08
  the
• 2:08
  first
• 2:08
  time
• 2:09
  I've
• 2:09
  talked
• 2:09
  about
• 2:09
  this.
• 2:10
  I've
• 2:10
  guided
• 2:10
  clients
• 2:11
  for
• 2:11
  30
• 2:11
  years
• 2:12
  through
• 2:12
  market
• 2:12
  crashes.
• 2:13
  I've
• 2:13
  seen
• 2:13
  some
• 2:13
  crashes
• 2:14
  that'll
• 2:14
  make
• 2:14
  your
• 2:14
  head
• 2:15
  shake.
• 2:15
  I've
• 2:16
  seen
• 2:16
  booms
• 2:16
  and
• 2:17
  I've
• 2:17
  seen
• 2:17
  corrections.
• 2:18
  And
• 2:19
  I've
• 2:19
  also
• 2:19
  seen
• 2:19
  firsthand
• 2:20
  the
• 2:20
  costly
• 2:21
  mistakes
• 2:21
  that
• 2:21
  trip
• 2:21
  people
• 2:22
  up.
• 2:22
  Listen,
• 2:22
  I've
• 2:22
  made
• 2:22
  those
• 2:23
  mistakes
• 2:23
  myself.
• 2:24
  And
• 2:24
  the
• 2:25
  biggest
• 2:25
  takeaway,
• 2:26
  if
• 2:26
  you
• 2:26
  want
• 2:26
  to
• 2:26
  write
• 2:26
  this
• 2:26
  down,
• 2:26
  it's
• 2:27
  the
• 2:27
  biggest
• 2:27
  takeaway
• 2:27
  for
• 2:28
  today.
• 2:28
  Some
• 2:29
  simple
• 2:29
  wisdom
• 2:30
  can
• 2:30
  help
• 2:30
  keep
• 2:31
  you
• 2:31
  safe.
• 2:31
  And
• 2:31
  that's
• 2:31
  exactly
• 2:32
  what
• 2:32
  I'm
• 2:32
  going
• 2:32
  to
• 2:32
  show
• 2:32
  on
• 2:32
  today's
• 2:33
  show.
• 2:33
  And
• 2:34
  I'll
• 2:34
  forget
• 2:34
  I
• 2:34
  had
• 2:34
  this
• 2:34
  one
• 2:35
  client,
• 2:35
  client
• 2:35
  says
• 2:36
  to
• 2:36
  me,
• 2:36
  he
• 2:36
  calls
• 2:36
  me,
• 2:36
  he
• 2:36
  says,
• 2:36
  ralph,
• 2:37
  listen,
• 2:37
  I
• 2:37
  hired
• 2:37
  this
• 2:38
  great
• 2:38
  can't
• 2:38
  miss
• 2:39
  hot
• 2:39
  stock
• 2:40
  tip
• 2:40
  for
• 2:40
  you.
• 2:40
  And
• 2:40
  I
• 2:40
  listened
• 2:41
  to
• 2:41
  him
• 2:41
  because
• 2:41
  he's
• 2:41
  a
• 2:41
  client,
• 2:42
  I'm
• 2:42
  going
• 2:42
  to
• 2:42
  pay
• 2:42
  him
• 2:42
  some
• 2:42
  mind.
• 2:43
  But
• 2:43
  I'm
• 2:43
  thinking,
• 2:44
  this
• 2:44
  guy's
• 2:44
  crazy.
• 2:45
  There's
• 2:45
  no
• 2:45
  way
• 2:45
  I'm
• 2:45
  going
• 2:45
  to
• 2:46
  invest
• 2:46
  in
• 2:46
  this.
• 2:46
  But
• 2:47
  he
• 2:47
  was,
• 2:47
  hey,
• 2:47
  man,
• 2:47
  he
• 2:48
  was
• 2:48
  all
• 2:48
  into
• 2:48
  it.
• 2:48
  They
• 2:49
  say
• 2:49
  hook,
• 2:49
  line
• 2:49
  and
• 2:49
  sinker,
• 2:50
  man,
• 2:50
  he
• 2:50
  was
• 2:50
  in
• 2:50
  that.
• 2:51
  He
• 2:51
  was
• 2:51
  in
• 2:51
  the
• 2:51
  pond
• 2:51
  fishing.
• 2:52
  Here's
• 2:53
  the
• 2:53
  problem.
• 2:53
  Within
• 2:54
  months.
• 2:54
  And
• 2:54
  I
• 2:55
  kind
• 2:55
  of
• 2:55
  knew
• 2:55
  this
• 2:55
  was
• 2:55
  going
• 2:55
  to
• 2:55
  happen,
• 2:56
  but
• 2:56
  I
• 2:56
  didn't
• 2:56
  have
• 2:56
  the
• 2:56
  heart
• 2:56
  to
• 2:56
  tell
• 2:56
  him
• 2:57
  at
• 2:57
  the
• 2:57
  time.
• 2:57
  He
• 2:58
  nearly
• 2:58
  lost
• 2:59
  everything
• 2:59
  that
• 2:59
  he
• 2:59
  put
• 3:00
  into
• 3:00
  it.
• 3:01
  And
• 3:01
  looking
• 3:01
  back
• 3:01
  at
• 3:02
  it,
• 3:02
  we
• 3:02
  had
• 3:02
  a
• 3:03
  conversation
• 3:03
  a
• 3:03
  couple
• 3:03
  months
• 3:04
  later.
• 3:04
  He
• 3:04
  says,
• 3:04
  ralph,
• 3:05
  what
• 3:05
  could
• 3:05
  I
• 3:05
  have
• 3:05
  done
• 3:05
  differently?
• 3:06
  And
• 3:06
  I
• 3:06
  said,
• 3:06
  well,
• 3:06
  let
• 3:07
  me
• 3:07
  tell
• 3:07
  you
• 3:07
  right
• 3:07
  now,
• 3:08
  those
• 3:08
  sure
• 3:08
  things,
• 3:09
  those
• 3:09
  can't
• 3:09
  miss
• 3:09
  opportunities,
• 3:10
  that's
• 3:11
  like
• 3:11
  putting
• 3:11
  your
• 3:11
  hand
• 3:11
  on
• 3:12
  the
• 3:12
  stove.
• 3:12
  You're
• 3:12
  going
• 3:12
  to
• 3:13
  get
• 3:13
  burnt.
• 3:14
  While
• 3:14
  a
• 3:14
  diversified
• 3:15
  portfolio
• 3:16
  would
• 3:16
  have
• 3:16
  kept
• 3:16
  them
• 3:16
  steady.
• 3:18
  And
• 3:18
  here's
• 3:18
  a
• 3:18
  quote
• 3:18
  from
• 3:18
  Warren
• 3:19
  Buffett.
• 3:19
  We've
• 3:19
  quoted
• 3:19
  him
• 3:20
  a
• 3:20
  couple
• 3:20
  times
• 3:20
  in
• 3:21
  this
• 3:21
  investment
• 3:21
  series,
• 3:21
  but
• 3:22
  he
• 3:22
  is
• 3:22
  right
• 3:22
  on
• 3:22
  point
• 3:22
  with
• 3:23
  this
• 3:23
  one.
• 3:23
  He
• 3:23
  says
• 3:23
  the
• 3:24
  stock
• 3:24
  market
• 3:24
  is
• 3:24
  designed
• 3:25
  to
• 3:25
  transfer
• 3:25
  money
• 3:26
  from
• 3:26
  the
• 3:26
  active
• 3:27
  to
• 3:27
  the
• 3:27
  patient.
• 3:28
  Yeah,
• 3:29
  that
• 3:29
  is
• 3:29
  so
• 3:30
  true.
• 3:30
  Because
• 3:30
  when
• 3:30
  we're
• 3:31
  active,
• 3:32
  that's
• 3:32
  when
• 3:32
  we
• 3:33
  usually
• 3:33
  make
• 3:33
  mistakes.
• 3:34
  But
• 3:34
  when
• 3:34
  we're
• 3:35
  patient,
• 3:36
  that's
• 3:36
  when
• 3:36
  we
• 3:37
  learn
• 3:37
  and
• 3:37
  we
• 3:37
  have
• 3:37
  wisdom.
• 3:38
  Which
• 3:38
  leads
• 3:39
  me
• 3:39
  to
• 3:39
  our
• 3:39
  Bible
• 3:39
  verse
• 3:39
  today.
• 3:40
  Let's
• 3:40
  get
• 3:40
  right
• 3:40
  into
• 3:40
  the
• 3:41
  Bible.
• 3:41
  This
• 3:41
  is
• 3:41
  from
• 3:41
  Proverbs
• 3:42
  chapter
• 3:43
  19,
• 3:43
  verse
• 3:44
  2.
• 3:45
  And
• 3:45
  this
• 3:45
  one
• 3:45
  will
• 3:46
  strike
• 3:46
  you
• 3:46
  across
• 3:46
  the
• 3:46
  forehead
• 3:47
  with
• 3:47
  a
• 3:47
  mallet.
• 3:48
  Again,
• 3:49
  Proverbs
• 3:49
  19:2.
• 3:50
  Desire
• 3:51
  without
• 3:51
  knowledge
• 3:51
  is
• 3:52
  not
• 3:52
  good.
• 3:54
  How
• 3:54
  much
• 3:54
  more
• 3:54
  will
• 3:55
  hasty
• 3:55
  feet
• 3:55
  mist
• 3:56
  away?
• 3:57
  Let's
• 3:58
  take
• 3:58
  a
• 3:58
  minute
• 3:58
  to
• 3:58
  just
• 3:58
  unwind
• 3:59
  that
• 3:59
  a
• 3:59
  little
• 3:59
  bit.
• 4:00
  The
• 4:00
  desire
• 4:01
  that
• 4:02
  acting
• 4:02
  out
• 4:02
  of
• 4:02
  emotion.
• 4:03
  And
• 4:03
  listen,
• 4:03
  we're
• 4:03
  all
• 4:03
  guilty
• 4:04
  of
• 4:04
  that.
• 4:05
  Some
• 4:05
  of
• 4:05
  my
• 4:05
  biggest
• 4:06
  mistakes
• 4:06
  in
• 4:06
  life
• 4:06
  are
• 4:06
  when
• 4:07
  I
• 4:07
  acted
• 4:07
  out
• 4:07
  of
• 4:07
  emotion.
• 4:09
  Maybe
• 4:09
  you're
• 4:09
  feeling
• 4:10
  that
• 4:10
  same
• 4:10
  way
• 4:10
  too.
• 4:11
  Those
• 4:11
  hasty
• 4:12
  decisions.
• 4:14
  So
• 4:14
  how
• 4:14
  do
• 4:14
  we
• 4:14
  attain
• 4:15
  this
• 4:15
  knowledge
• 4:15
  and
• 4:16
  avoid
• 4:16
  the
• 4:16
  trap?
• 4:16
  So
• 4:17
  let
• 4:17
  me
• 4:17
  get
• 4:17
  into
• 4:17
  my
• 4:18
  top
• 4:18
  traps
• 4:19
  with
• 4:19
  investing
• 4:19
  and
• 4:20
  I'm
• 4:20
  going
• 4:20
  to
• 4:20
  throw
• 4:20
  some
• 4:20
  stats
• 4:20
  with
• 4:21
  each
• 4:21
  one
• 4:21
  of
• 4:21
  these
• 4:21
  Trap
• 4:22
  number
• 4:22
  one,
• 4:23
  selling
• 4:23
  in
• 4:23
  fear,
• 4:24
  a
• 4:25
  very
• 4:25
  common
• 4:25
  thing
• 4:25
  as
• 4:26
  a
• 4:26
  matter
• 4:26
  of
• 4:26
  fact.
• 4:26
  Abby,
• 4:27
  pound
• 4:27
  this
• 4:27
  statistic
• 4:28
  for
• 4:28
  today's
• 4:28
  show.
• 4:29
  78%
• 4:30
  of
• 4:30
  Americans
• 4:30
  admit
• 4:31
  they
• 4:31
  feel
• 4:31
  uncomfortable
• 4:32
  investing
• 4:32
  and
• 4:33
  many
• 4:33
  panic
• 4:34
  sell
• 4:34
  when
• 4:34
  markets
• 4:35
  dips.
• 4:35
  Well,
• 4:36
  here's
• 4:36
  the
• 4:36
  problem
• 4:36
  with
• 4:36
  that.
• 4:36
  When
• 4:37
  the
• 4:37
  markets
• 4:37
  dip,
• 4:38
  you,
• 4:38
  you're
• 4:38
  locking
• 4:38
  in
• 4:38
  those
• 4:39
  losses.
• 4:40
  You've
• 4:41
  taken
• 4:41
  the
• 4:41
  loss
• 4:41
  instead
• 4:42
  of
• 4:42
  waiting
• 4:42
  for
• 4:42
  recovery.
• 4:43
  Abby
• 4:43
  and
• 4:43
  I
• 4:44
  were
• 4:44
  chit
• 4:44
  chatting
• 4:44
  before
• 4:44
  we
• 4:45
  talked
• 4:45
  to
• 4:45
  and
• 4:45
  I
• 4:45
  said
• 4:46
  to
• 4:46
  her
• 4:46
  do
• 4:46
  you
• 4:46
  know
• 4:46
  what
• 4:46
  that
• 4:46
  means
• 4:47
  when
• 4:47
  we
• 4:47
  talk
• 4:47
  about,
• 4:48
  you
• 4:48
  know,
• 4:48
  panic
• 4:49
  selling
• 4:49
  and
• 4:49
  locking
• 4:49
  in
• 4:50
  those
• 4:50
  losses?
• 4:50
  She
• 4:50
  said
• 4:50
  no,
• 4:50
  I'm
• 4:51
  not
• 4:51
  really
• 4:51
  sure.
• 4:51
  And
• 4:51
  I
• 4:51
  explained
• 4:51
  it
• 4:51
  to
• 4:52
  her.
• 4:52
  She
• 4:52
  goes,
• 4:52
  oh
• 4:52
  wow,
• 4:52
  that
• 4:52
  makes
• 4:53
  sense.
• 4:53
  See,
• 4:54
  if
• 4:54
  you
• 4:54
  get
• 4:54
  out
• 4:55
  of
• 4:55
  the
• 4:55
  market,
• 4:55
  when
• 4:56
  the
• 4:56
  market
• 4:56
  takes
• 4:56
  a
• 4:56
  hit
• 4:57
  and
• 4:57
  you
• 4:57
  jump
• 4:57
  out
• 4:57
  of
• 4:57
  that,
• 4:58
  guess
• 4:58
  what?
• 4:58
  That
• 4:58
  money's
• 4:58
  lost,
• 4:59
  it's
• 4:59
  gone.
• 5:00
  You've
• 5:00
  got
• 5:00
  no
• 5:00
  chance
• 5:01
  of
• 5:01
  recovery.
• 5:01
  And
• 5:01
  I've
• 5:02
  seen
• 5:02
  it
• 5:02
  time
• 5:02
  and
• 5:02
  time
• 5:02
  again
• 5:03
  where
• 5:03
  if
• 5:03
  the
• 5:03
  people
• 5:03
  had
• 5:04
  just
• 5:04
  waited
• 5:05
  a
• 5:05
  couple
• 5:05
  days
• 5:05
  or
• 5:06
  maybe
• 5:06
  another
• 5:06
  month,
• 5:07
  they
• 5:07
  could
• 5:07
  have
• 5:07
  gotten
• 5:08
  some
• 5:08
  or
• 5:08
  maybe
• 5:08
  all
• 5:08
  of
• 5:09
  their
• 5:09
  money
• 5:09
  back.
• 5:09
  So
• 5:10
  that's
• 5:10
  trap
• 5:10
  number
• 5:10
  one.
• 5:11
  Selling
• 5:11
  in
• 5:11
  fear.
• 5:12
  Don't
• 5:12
  sell
• 5:12
  out
• 5:13
  of
• 5:13
  fear.
• 5:13
  Trap
• 5:13
  number
• 5:14
  two,
• 5:14
  here's
• 5:14
  another
• 5:15
  one.
• 5:15
  Abby
• 5:15
  and
• 5:15
  I
• 5:16
  talked
• 5:16
  about
• 5:16
  this
• 5:16
  one
• 5:16
  the
• 5:16
  other
• 5:16
  day
• 5:17
  too.
• 5:17
  Following
• 5:18
  the
• 5:18
  crowd.
• 5:19
  You
• 5:19
  know
• 5:19
  that
• 5:19
  herd
• 5:20
  mentality.
• 5:20
  Listen
• 5:21
  to
• 5:21
  this
• 5:21
  statistic.
• 5:22
  About
• 5:22
  one
• 5:22
  in
• 5:23
  four
• 5:23
  investors
• 5:23
  say
• 5:24
  they
• 5:24
  reduced
• 5:24
  investing
• 5:25
  after
• 5:25
  recent
• 5:26
  market
• 5:26
  moves.
• 5:26
  Well,
• 5:27
  guess
• 5:27
  what?
• 5:27
  Of
• 5:27
  course
• 5:27
  they
• 5:27
  are.
• 5:28
  They're
• 5:28
  following
• 5:28
  the
• 5:29
  crowd.
• 5:29
  They're
• 5:29
  showing
• 5:30
  how
• 5:30
  herd
• 5:31
  mentality.
• 5:31
  And
• 5:31
  a
• 5:31
  lot
• 5:31
  of
• 5:31
  people,
• 5:32
  hey,
• 5:32
  listen,
• 5:32
  you're
• 5:33
  standing
• 5:33
  on
• 5:33
  the
• 5:33
  street
• 5:33
  and
• 5:33
  all
• 5:34
  of
• 5:34
  a
• 5:34
  sudden
• 5:34
  a
• 5:34
  group
• 5:35
  of
• 5:35
  people
• 5:35
  comes
• 5:35
  running
• 5:35
  past
• 5:36
  you.
• 5:36
  What
• 5:36
  do
• 5:36
  you
• 5:36
  do
• 5:36
  at
• 5:37
  them?
• 5:37
  Like
• 5:37
  what
• 5:37
  are
• 5:37
  they
• 5:37
  doing?
• 5:37
  And
• 5:37
  they
• 5:38
  start
• 5:38
  thinking,
• 5:38
  well,
• 5:38
  I
• 5:38
  better
• 5:38
  start
• 5:38
  running
• 5:39
  too,
• 5:39
  because
• 5:39
  everybody
• 5:40
  else
• 5:40
  is.
• 5:40
  And
• 5:41
  the
• 5:41
  problem
• 5:41
  with
• 5:41
  that
• 5:41
  in
• 5:42
  investing
• 5:42
  is
• 5:43
  you
• 5:43
  end
• 5:43
  up
• 5:43
  buying
• 5:44
  high
• 5:44
  and
• 5:44
  selling
• 5:45
  low
• 5:45
  instead
• 5:45
  of
• 5:45
  the
• 5:45
  other
• 5:46
  way
• 5:46
  around.
• 5:47
  So
• 5:47
  that's
• 5:47
  trap
• 5:48
  number
• 5:48
  two.
• 5:49
  Trap
• 5:49
  number
• 5:49
  three,
• 5:50
  put
• 5:50
  in
• 5:50
  all
• 5:51
  your
• 5:51
  eggs
• 5:51
  in
• 5:51
  one
• 5:51
  basket.
• 5:52
  And
• 5:52
  listen,
• 5:52
  if
• 5:52
  you've
• 5:52
  listened
• 5:53
  to
• 5:53
  any
• 5:53
  of
• 5:53
  this
• 5:53
  investment
• 5:54
  series,
• 5:54
  I
• 5:55
  think
• 5:55
  I've
• 5:55
  nailed
• 5:55
  this
• 5:55
  one.
• 5:56
  But
• 5:56
  think
• 5:57
  about
• 5:57
  this.
• 5:57
  Over
• 5:58
  50%.
• 5:58
  Yeah.
• 5:59
  Half
• 6:00
  of
• 6:00
  individual
• 6:00
  investors
• 6:01
  hold
• 6:01
  concentrated
• 6:02
  portfolios.
• 6:03
  Okay,
• 6:03
  what
• 6:03
  does
• 6:03
  that
• 6:03
  mean?
• 6:04
  That
• 6:04
  means
• 6:04
  they're
• 6:05
  holding
• 6:05
  just
• 6:05
  a
• 6:05
  few
• 6:06
  stocks.
• 6:06
  Or
• 6:06
  maybe
• 6:06
  they're
• 6:07
  only
• 6:07
  investing
• 6:08
  in
• 6:08
  certain
• 6:08
  industries.
• 6:09
  That's
• 6:10
  great.
• 6:10
  Maybe
• 6:10
  that's
• 6:10
  what
• 6:11
  they
• 6:11
  know.
• 6:11
  But
• 6:11
  here's
• 6:11
  the
• 6:11
  problem.
• 6:12
  When
• 6:12
  that
• 6:13
  industry
• 6:13
  has
• 6:13
  a
• 6:14
  problem,
• 6:14
  a
• 6:14
  downturn
• 6:15
  hits.
• 6:15
  Guess
• 6:15
  what?
• 6:16
  They're
• 6:16
  so
• 6:16
  concentrated
• 6:17
  they're
• 6:18
  going
• 6:18
  to
• 6:18
  lose
• 6:18
  big.
• 6:19
  I've
• 6:19
  seen
• 6:19
  this
• 6:19
  with
• 6:20
  pharmaceuticals.
• 6:21
  I've
• 6:21
  seen
• 6:21
  this
• 6:21
  with
• 6:22
  other
• 6:22
  energy
• 6:22
  stocks.
• 6:23
  Exxon
• 6:24
  is
• 6:24
  a
• 6:24
  big
• 6:24
  one.
• 6:24
  That
• 6:25
  had
• 6:25
  happened
• 6:25
  when
• 6:25
  there
• 6:25
  was
• 6:25
  a
• 6:26
  crash
• 6:26
  up
• 6:26
  in
• 6:26
  Alaska.
• 6:27
  So
• 6:27
  don't
• 6:28
  put
• 6:28
  all
• 6:28
  your
• 6:28
  eggs
• 6:28
  in
• 6:29
  one
• 6:29
  basket.
• 6:29
  Let's
• 6:29
  move
• 6:30
  on
• 6:30
  to
• 6:30
  trap
• 6:30
  number
• 6:30
  four.
• 6:31
  And
• 6:31
  that's
• 6:32
  trying
• 6:32
  to
• 6:32
  time
• 6:32
  the
• 6:32
  market.
• 6:32
  I
• 6:33
  call
• 6:33
  this
• 6:33
  gambling.
• 6:34
  It's
• 6:34
  kind
• 6:34
  of
• 6:34
  like
• 6:34
  going
• 6:34
  to
• 6:35
  casino.
• 6:36
  But
• 6:36
  think
• 6:36
  about
• 6:36
  this.
• 6:37
  This
• 6:37
  was
• 6:37
  an
• 6:37
  interesting
• 6:38
  statistic
• 6:38
  that
• 6:38
  we
• 6:38
  found.
• 6:39
  Missing
• 6:40
  just
• 6:40
  10
• 6:40
  of
• 6:41
  the
• 6:41
  best
• 6:41
  days
• 6:41
  in
• 6:42
  the
• 6:42
  market
• 6:42
  over
• 6:42
  a
• 6:42
  20
• 6:43
  year
• 6:43
  period.
• 6:43
  Listen
• 6:44
  to
• 6:44
  this.
• 6:44
  I
• 6:44
  was
• 6:44
  shocked
• 6:44
  when
• 6:45
  I
• 6:45
  read
• 6:45
  this.
• 6:45
  Missing
• 6:46
  just
• 6:46
  10
• 6:46
  of
• 6:47
  the
• 6:47
  best
• 6:47
  days.
• 6:47
  Those
• 6:47
  are
• 6:47
  the
• 6:48
  best
• 6:48
  days
• 6:48
  in
• 6:48
  a
• 6:49
  20
• 6:49
  year
• 6:49
  period.
• 6:50
  Can
• 6:50
  cut
• 6:50
  your
• 6:51
  returns
• 6:51
  in
• 6:51
  half,
• 6:52
  in
• 6:53
  half
• 6:53
  just
• 6:54
  by
• 6:54
  missing
• 6:54
  ten
• 6:55
  particular
• 6:55
  days.
• 6:56
  And
• 6:56
  see,
• 6:56
  that's
• 6:57
  the
• 6:57
  problem
• 6:57
  when
• 6:57
  people
• 6:57
  jump
• 6:58
  in
• 6:58
  and
• 6:58
  Jump
• 6:58
  out
• 6:58
  of
• 6:58
  the
• 6:58
  market
• 6:59
  all
• 6:59
  the
• 6:59
  time.
• 6:59
  Do.
• 7:00
  Maybe
• 7:00
  you're
• 7:00
  one
• 7:00
  of
• 7:00
  those
• 7:00
  people
• 7:01
  or
• 7:01
  maybe
• 7:01
  you
• 7:01
  know
• 7:01
  somebody
• 7:02
  that's
• 7:02
  done
• 7:02
  that.
• 7:02
  They're
• 7:03
  jumping
• 7:03
  in
• 7:03
  and
• 7:03
  jumping
• 7:03
  out.
• 7:04
  Makes
• 7:04
  me
• 7:04
  think
• 7:04
  of
• 7:04
  that
• 7:04
  song,
• 7:04
  jump
• 7:05
  around.
• 7:05
  That's
• 7:06
  not
• 7:06
  a
• 7:06
  good
• 7:06
  way
• 7:06
  to
• 7:06
  invest.
• 7:07
  That's
• 7:08
  a
• 7:08
  good
• 7:08
  way
• 7:08
  to
• 7:08
  get
• 7:08
  yourself
• 7:08
  in
• 7:08
  trouble
• 7:09
  and
• 7:09
  you're
• 7:09
  going
• 7:09
  to
• 7:10
  miss
• 7:10
  that
• 7:10
  long
• 7:10
  term
• 7:11
  opportunity.
• 7:11
  Let's
• 7:12
  look
• 7:12
  at
• 7:12
  trap
• 7:12
  number
• 7:12
  five.
• 7:14
  And
• 7:14
  Abby
• 7:14
  and
• 7:14
  I
• 7:14
  talked
• 7:15
  about
• 7:15
  this
• 7:15
  one
• 7:15
  too.
• 7:15
  How
• 7:16
  many
• 7:16
  people?
• 7:16
  My
• 7:16
  son
• 7:17
  always
• 7:17
  says
• 7:17
  this.
• 7:17
  He
• 7:18
  says,
• 7:18
  dad,
• 7:19
  if
• 7:19
  you
• 7:19
  don't
• 7:19
  have
• 7:20
  a
• 7:20
  plan,
• 7:20
  you
• 7:20
  have
• 7:20
  a
• 7:20
  plan
• 7:21
  to
• 7:21
  fail.
• 7:21
  So
• 7:22
  trap
• 7:22
  number
• 7:22
  five,
• 7:22
  is
• 7:23
  this
• 7:23
  investing
• 7:24
  without
• 7:24
  a
• 7:24
  plan.
• 7:24
  Listen
• 7:24
  to
• 7:25
  this
• 7:25
  statistic.
• 7:26
  More
• 7:26
  than
• 7:26
  60%.
• 7:27
  Yes,
• 7:28
  6,
• 7:28
  0.
• 7:29
  60%
• 7:30
  of
• 7:30
  Americans
• 7:30
  don't
• 7:31
  have
• 7:31
  a
• 7:31
  written
• 7:31
  investment
• 7:32
  strategy.
• 7:33
  They're
• 7:33
  putting
• 7:33
  all
• 7:33
  their
• 7:34
  money,
• 7:34
  they're
• 7:34
  putting
• 7:34
  all
• 7:34
  the
• 7:34
  things,
• 7:35
  their
• 7:35
  hard
• 7:35
  work,
• 7:36
  all
• 7:36
  the
• 7:36
  effort
• 7:36
  they're
• 7:37
  putting
• 7:37
  into
• 7:37
  something.
• 7:37
  They
• 7:38
  have
• 7:38
  no
• 7:38
  written
• 7:38
  investment
• 7:39
  strategy.
• 7:40
  And
• 7:40
  when
• 7:40
  you
• 7:41
  have
• 7:41
  no
• 7:41
  strategy,
• 7:41
  what
• 7:41
  does
• 7:42
  my
• 7:42
  son
• 7:42
  say?
• 7:42
  You're
• 7:43
  gonna
• 7:43
  have
• 7:43
  a
• 7:43
  plan
• 7:43
  to
• 7:43
  fail.
• 7:44
  And
• 7:44
  when
• 7:45
  you
• 7:45
  don't
• 7:45
  have
• 7:45
  a
• 7:45
  written
• 7:46
  investment
• 7:46
  strategy,
• 7:47
  you're
• 7:47
  far
• 7:47
  more
• 7:47
  likely
• 7:48
  to
• 7:48
  react
• 7:48
  because
• 7:48
  you
• 7:49
  don't
• 7:49
  know
• 7:49
  what
• 7:49
  you're
• 7:49
  doing.
• 7:50
  You
• 7:50
  just
• 7:50
  let
• 7:50
  that
• 7:50
  emotion
• 7:51
  and
• 7:52
  see,
• 7:52
  that's
• 7:52
  what
• 7:52
  we're
• 7:52
  really
• 7:52
  talking
• 7:52
  about.
• 7:53
  Big
• 7:53
  takeaway
• 7:53
  for
• 7:53
  today
• 7:54
  is
• 7:54
  it's
• 7:54
  all
• 7:54
  about
• 7:54
  emotion.
• 7:56
  And
• 7:56
  when
• 7:56
  you
• 7:56
  live
• 7:56
  in
• 7:57
  that
• 7:57
  emotion,
• 7:57
  do
• 7:58
  you
• 7:58
  tend
• 7:58
  to
• 7:58
  repeat
• 7:58
  those
• 7:59
  mistakes
• 7:59
  when
• 7:59
  the
• 7:59
  market
• 8:00
  shifts?
• 8:01
  So
• 8:02
  that's
• 8:02
  my
• 8:02
  three.
• 8:02
  I'm
• 8:02
  going
• 8:03
  to
• 8:03
  review
• 8:03
  those
• 8:03
  one
• 8:03
  more
• 8:03
  time.
• 8:04
  Let's
• 8:04
  go
• 8:04
  through
• 8:04
  those
• 8:04
  traps
• 8:05
  one
• 8:05
  more
• 8:05
  time
• 8:05
  today.
• 8:06
  So
• 8:06
  trap
• 8:06
  number
• 8:06
  one,
• 8:07
  and
• 8:07
  that
• 8:07
  is
• 8:08
  selling
• 8:08
  in
• 8:08
  fear.
• 8:09
  Trap
• 8:09
  number
• 8:09
  two,
• 8:10
  following
• 8:10
  the
• 8:11
  crowd.
• 8:11
  Trap
• 8:12
  number
• 8:12
  three,
• 8:12
  putting
• 8:12
  all
• 8:13
  your
• 8:13
  eggs
• 8:13
  in
• 8:13
  one
• 8:13
  basket.
• 8:14
  Trap
• 8:15
  number
• 8:15
  four,
• 8:15
  trying
• 8:15
  to
• 8:16
  time
• 8:16
  to
• 8:16
  market.
• 8:16
  And
• 8:17
  trap
• 8:17
  number
• 8:17
  five,
• 8:18
  and
• 8:18
  investing
• 8:18
  without
• 8:19
  a
• 8:19
  plan.
• 8:19
  Those
• 8:19
  are
• 8:19
  my
• 8:20
  traps
• 8:20
  for
• 8:20
  today.
• 8:20
  If
• 8:20
  you
• 8:21
  want
• 8:21
  to
• 8:21
  be
• 8:21
  a
• 8:21
  successful
• 8:22
  long
• 8:22
  term,
• 8:23
  non
• 8:23
  emotional
• 8:23
  investor,
• 8:24
  don't
• 8:24
  get
• 8:24
  stuck
• 8:25
  in
• 8:25
  those
• 8:25
  traps.
• 8:26
  Why
• 8:26
  about
• 8:26
  we
• 8:26
  pray
• 8:26
  together,
• 8:27
  Father,
• 8:28
  we
• 8:28
  come
• 8:28
  to
• 8:28
  you
• 8:28
  and
• 8:28
  we
• 8:29
  just
• 8:29
  ask
• 8:29
  right
• 8:29
  now
• 8:29
  for
• 8:30
  patience.
• 8:30
  As
• 8:30
  Warren
• 8:31
  Buffett
• 8:31
  said,
• 8:32
  give
• 8:32
  us
• 8:32
  patience
• 8:33
  in
• 8:33
  the
• 8:33
  market,
• 8:34
  help
• 8:34
  us
• 8:34
  to
• 8:34
  stay
• 8:35
  steady.
• 8:35
  Not
• 8:36
  always
• 8:36
  looking
• 8:36
  for
• 8:36
  those
• 8:37
  quick
• 8:37
  wins,
• 8:37
  those
• 8:37
  oh,
• 8:38
  I
• 8:38
  can't
• 8:38
  miss
• 8:38
  this
• 8:38
  opportunity
• 8:39
  to
• 8:40
  not
• 8:40
  live
• 8:40
  in
• 8:40
  this
• 8:40
  rushed
• 8:41
  mentality.
• 8:42
  And
• 8:42
  we
• 8:42
  ask
• 8:42
  you
• 8:42
  to
• 8:43
  protect
• 8:43
  us
• 8:43
  from
• 8:43
  this
• 8:44
  fear
• 8:44
  driven
• 8:45
  Lord,
• 8:45
  these
• 8:45
  emotional
• 8:46
  things
• 8:46
  or
• 8:46
  even
• 8:47
  protect
• 8:47
  us
• 8:47
  from
• 8:48
  our
• 8:48
  greediness,
• 8:48
  Lord,
• 8:48
  as
• 8:49
  flesh
• 8:49
  and
• 8:49
  human
• 8:49
  beings
• 8:50
  things,
• 8:50
  we
• 8:50
  feel
• 8:51
  greed,
• 8:51
  we
• 8:51
  want
• 8:51
  to
• 8:51
  hit
• 8:52
  that
• 8:52
  mark.
• 8:52
  We
• 8:52
  want
• 8:52
  to
• 8:52
  have
• 8:52
  those
• 8:53
  big
• 8:53
  wins,
• 8:53
  Lord,
• 8:53
  but
• 8:53
  we
• 8:54
  know
• 8:54
  that's
• 8:54
  not
• 8:54
  your
• 8:55
  will
• 8:55
  for
• 8:55
  our
• 8:55
  lives.
• 8:55
  So
• 8:56
  we
• 8:56
  just
• 8:56
  ask
• 8:56
  you
• 8:56
  for
• 8:56
  wisdom.
• 8:57
  Help
• 8:57
  us
• 8:57
  to
• 8:58
  invest
• 8:58
  with
• 8:58
  knowledge
• 8:59
  and
• 8:59
  not
• 8:59
  with
• 9:00
  haste,
• 9:00
  Lord.
• 9:00
  And
• 9:00
  we
• 9:01
  ask
• 9:01
  all
• 9:01
  of
• 9:01
  this
• 9:01
  in
• 9:01
  the
• 9:02
  name
• 9:02
  of
• 9:02
  Jesus.
• 9:03
  Amen.
• 9:03
  All
• 9:04
  right,
• 9:04
  you
• 9:04
  ready
• 9:04
  for
• 9:04
  your
• 9:04
  one
• 9:05
  action
• 9:05
  step
• 9:05
  for
• 9:05
  today?
• 9:06
  Let's
• 9:06
  do
• 9:06
  it.
• 9:06
  I
• 9:06
  want
• 9:06
  you
• 9:07
  to
• 9:07
  write
• 9:07
  down
• 9:07
  one
• 9:07
  investment
• 9:08
  mistake
• 9:08
  that
• 9:08
  you've
• 9:09
  made.
• 9:09
  Yes,
• 9:09
  we're
• 9:09
  going
• 9:09
  to
• 9:09
  do
• 9:10
  a
• 9:10
  little
• 9:10
  introspection.
• 9:11
  So
• 9:12
  just
• 9:12
  write
• 9:12
  down
• 9:12
  one
• 9:12
  investment
• 9:13
  mistake
• 9:13
  you've
• 9:13
  made
• 9:13
  or
• 9:14
  maybe
• 9:14
  you've
• 9:14
  been
• 9:14
  tempted
• 9:15
  to
• 9:15
  make.
• 9:16
  And
• 9:16
  here's
• 9:16
  a
• 9:16
  big
• 9:16
  part
• 9:16
  of
• 9:16
  this
• 9:17
  and
• 9:17
  one
• 9:18
  way
• 9:18
  you'll
• 9:18
  avoid
• 9:18
  it
• 9:18
  next
• 9:19
  time
• 9:19
  or
• 9:19
  don't
• 9:20
  do
• 9:20
  it.
• 9:20
  So
• 9:20
  be
• 9:20
  honest
• 9:21
  with
• 9:21
  yourself.
• 9:21
  This
• 9:21
  isn't
• 9:21
  about
• 9:22
  judgment.
• 9:22
  It's
• 9:23
  about
• 9:23
  finding
• 9:24
  wisdom.
• 9:24
  Because
• 9:24
  wisdom
• 9:25
  is
• 9:25
  the
• 9:25
  answer.
• 9:26
  The
• 9:27
  truth
• 9:27
  is
• 9:27
  fear
• 9:27
  and
• 9:28
  greed
• 9:28
  can
• 9:28
  quietly
• 9:28
  steer
• 9:29
  your
• 9:29
  investing
• 9:29
  off
• 9:30
  course.
• 9:31
  But
• 9:31
  you
• 9:31
  don't
• 9:31
  have
• 9:31
  to
• 9:31
  let
• 9:32
  those
• 9:32
  things
• 9:32
  win.
• 9:33
  With
• 9:33
  patience,
• 9:34
  with
• 9:35
  clear
• 9:35
  goals
• 9:36
  and
• 9:36
  with
• 9:36
  God's
• 9:37
  guidance,
• 9:37
  you
• 9:37
  can
• 9:37
  make
• 9:37
  wise
• 9:38
  choices
• 9:38
  that
• 9:38
  truly
• 9:39
  last,
• 9:39
  that
• 9:40
  truly
• 9:40
  have
• 9:40
  a
• 9:41
  long
• 9:41
  term
• 9:41
  impact.
• 9:42
  So
• 9:42
  I
• 9:43
  want
• 9:43
  to
• 9:43
  encourage
• 9:43
  you
• 9:43
  today,
• 9:44
  go
• 9:44
  out
• 9:44
  there
• 9:44
  and
• 9:45
  be
• 9:45
  a
• 9:45
  financially
• 9:46
  confident
• 9:46
  Christian.
• 9:47
  Stay
• 9:47
  financially
• 9:48
  savvy.
• 9:48
  God
• 9:49
  bless
• 9:49
  you
• 9:49
  and
• 9:50
  you
• 9:50
  have
• 9:50
  a
• 9:50
  great
• 9:50
  day
• 9:50
  today.