Investment error that could cost $1m

Aussies hoping to get rich by investing need to avoid a common mistake that could cost over $1 million in returns.Reality is that you don’t need to do anything crazy to get some pretty insane results when you invest. The table below shows how much you need to save and invest to reach different levels of wealth over time.return of 9.8 per cent. As you can see from the figures, investing small amounts consistently over a long time will create a significant amount of wealth.

You can see in the table above that you need to invest a lot less to end up in the same position, so this outcome is an attractive one. But in reality, taking this path comes with a much higher level of risk that most people either don’t think about, understand, or just ignore. The only thing that can get in your way is if something happens that kills your investing momentum. And really the only thing that can lead to this is choosing bad investments that fail or underperform.

When you look at the largest companies in any given country or around the world, the level of stability is taken up another notch. The biggest companies are leaders in their field, have significant brand loyalty and value, and have a track record that’s been validated and proven over a number of years, often decades, and sometimes centuries.

Then, because it’s natural to really want the higher returns that you could potentially get by choosing more speculative investments, people make bad investment choices and suffer with poor results.

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