3 Bad Investing Habits You Should Drop Before It's Too Late You can still right your investing wrongs and make progress now.

By Phil Town

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Here are three common but bad investment strategies you should leave behind in the year 2020, according to Entrepreneur Network partner Phil Town.

  1. Putting off saving for retirement. Even though it sounds far-fetched, Town stresses that you should aim to reach $2 million in savings. Down the line in your retirement, you will realize that this amount is not a lot, and for a married couple, last less time than you anticipated.
  2. Continuing to create more debt for yourself. Debt is a surefire way to keep you from becoming wealthy. Town mentions that the average household holds almost $7,000 in credit debt.
  3. Following the crowd. Your aim should be to buy high and sell low. If you're always reacting to others, you'll always be a step behind.

Click the video to hear more from Phil Town.

Related: Nervous About Investing? Think About Your Money This Way.

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Phil Town is an Investment Advisor, Hedge Fund Manager, 2x New York Times Best-Selling Author of Rule #1 & Payback Time, and Ex-Grand Canyon River Rafting Guide. Rule #1 Investing is Warren Buffett style investing, teaching you how to buy businesses on sale, with little risk and 15 percent returns. In fact, Rule #1 investing is practically immune to the ups and downs of the stock market.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

More from Phil Town

How to Find a Stock On Sale That's Right for You

3 Bad Investing Habits You Should Drop Before It's Too Late

Nervous About Investing? Think About Your Money This Way.

How to React When a Recession Is Approaching

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