MISTAKE 10Do You Pay Attention to the “Experts”?

We rely on the advice of experts in many areas of everyday life. Nutritionists tell us to eat more fruits and vegetables and avoid heavily processed food. Fitness trainers tell us to get at least 30 minutes of exercise three times a week. You name the area of life—parenting, work, school, and so on—and there’s no shortage of people offering advice on what you should (and if they’re really pushy, must) do.

Investing is no different. CNBC keeps its airwaves filled with talking heads telling you what you should invest in or avoid. Financial publications have so-called experts predicting the directions of everything from the stock market to interest rates to the economy. As with most experts, you have ...

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