Here are some common mistakes made by new investors:Overconcentrating in high-risk, speculative strategies (cryptocurrencies, borrowing to invest, option trading). Day trading or market timing is very difficult to do successfully and it takes years of experience, nerves of steel and/or sophisticated artificial intelligence. If a 22-year-old saved $5 a day until the age of 65, they would accumulate $78,475. However, the message is the same — if you are young and working, it shouldn't be too difficult for most to find $5 a day to invest. The math is clear; it doesn't take much money to become a millionaire as long as you are disciplined and have time on your side.

Source: CBC News February 28, 2021 15:00 UTC