The goal of this list is to talk about the silliest ways for you to get your ideas for “investing” your money. So if you do any of these…good luck, you are going to need it!

10. “The relative I only see at holidays told me to buy this stock.” There is probably a very good reason why you only see this relative at the holidays!

9. “I overheard someone at the office talking about this investment idea.” If that person was really doing well wouldn’t they have already quit their job.

8. “I read about it in a magazine.” First of all, a magazine comes out weekly. By the time you get that information, it has already been affected by a million other interactions. Secondly, if you read it in a magazine, so did a million other people. There went your great investment idea.

7. “I saw this hot stock on TV.” See the note above about magazine tips.

6. “The stock did so well last year, it has to keep going up this year.” Hard to believe people don’t understand, but last year is last year. It gives zero indication for this year or any other year for that matter.

5. “I read about this tip on a message board on-line.” Well at least you aren’t getting dated information, but why would you trust information from an anonymous source online who might be playing online games? You might as well listen to someone espousing knowledge at the grocery store.

4. “I know nothing about stock charting, but I bought this software and it looks like it is going to do well.” If you know nothing about a subject, you might want to spend six months practicing before you start squandering money on your own research.

3. “I don’t invest at all, I just keep all of my money in the bank.” So how is that whopping 2% return doing?!?!

2. “A famous investment analysis says this is a good idea.” Although these people might be smart and have done some good things, test the theories before you throw your own money at something. If you don’t believe it, it can’t be a good investment.

1. “This broker called me and it seemed to make sense.” Brokers who call you are SALES PEOPLE. They get paid to sell whatever they are calling you about. Would you take a stock tip from a used car salesman?

If you are doing any of these, then you might want to just want to try the RandomStock Picker. It probably gives you as much chance as any of these!

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