7 Investing Mistakes That Keep You Poor (And How to Avoid Them for Good)
- Silivere Bakomeza
- May 26
- 4 min read
Most people stay broke not because they don’t invest—but because they invest like everyone else. I’ve made money. I’ve lost money. I’ve chased hype and felt the pain. Here’s what I’ve learned, and why I’m betting my whole retirement on just one stock instead of playing the same game everyone else loses at.
In this post, I’ll break down the investing mistakes that keep you poor—and how to avoid each one for good.
Mistake #1: Confusing Luck with Skill
Let’s start with this: I made money on Dogecoin. A lot.
It was a wild run. I watched a meme turn into momentum, and that momentum turn into profit.
So I did what many people do after a win: I got arrogant.
I took the gains and yolo’d $20,000 into SafeMoon—thinking it would be the same story, different coin.
But hype dies fast. SafeMoon tanked. I lost it all. Not some. All.
The Lesson:
Just because something worked once doesn’t mean it’s a system.
Don’t confuse a lucky flip with a repeatable strategy.
Mistake #2: Diversifying Without Conviction
Wall Street loves to sell the idea that diversification is safety.
But here’s the truth: most people diversify because they have no conviction in anything.
So what do they do?
Buy 20 stocks
Buy SPY or QQQ
Set it and forget it
And wonder why nothing changes
You don’t build wealth by being everywhere—you build wealth by going deep where it matters.
That’s why I invest $50/day into just one stock: $MSTR.
Because I’d rather go all-in on what I understand than play small with things I don’t.
The Lesson:
Diversification won’t save you if everything you own is average.
Mistake #3: Chasing What’s Already Hot
If it’s all over the news, Twitter, or TikTok—it’s already too late.
That’s what happened when people bought:
GameStop at $400
AMC after the squeeze
NFTs at peak hype
Bitcoin at $69,000 in late 2021—just before it crashed to $15,000 in 2022
People weren’t investing. They were chasing.
And when the hype died, the losses came fast.
I’ve done it too. I’ve chased green candles thinking they’d keep going.
But momentum always fades—and when it does, only disciplined investors survive.
The Lesson:
If the world is screaming “buy,” the smart money is already selling.
Mistake #4: Investing Without a System
A lot of people “invest” the way some people diet:
Motivated for a week
Inconsistent the next
Quit by the end of the month
Then they say, “investing doesn’t work.”
Here’s what does work: systems.
My system: $50/day into MSTR. Every weekday. No emotions. No guessing. For 20 years.
That’s over 5,000 buying days. That’s how conviction builds. That’s how legacies are made.
The Lesson:
If you don’t have a system, you’ll always be a slave to emotion and timing.
Mistake #5: Letting Your Emotions Lead Your Strategy
Fear. Greed. FOMO. Regret.
Most investors are walking portfolios of emotional mistakes.
They:
Buy when it feels good
Sell when it feels bad
Hold trash too long
Panic when the market dips
I’ve done it. You’ve done it.
But the moment you learn to detach your feelings from your moves, everything changes.
I don’t let fear dictate my MSTR buys.
Red day or green day—I buy.
Because emotions don’t build wealth. Conviction does.
The Lesson:
The market punishes emotional investors—and rewards those who stay calm in the chaos.
Mistake #6: Taking Advice from People Who Aren’t Where You Want to Be
Let’s be honest. Most people giving investment advice:
Don’t have wealth
Don’t invest consistently
Don’t understand the assets they’re in
But we take their advice anyway—friends, YouTubers, coworkers.
Why? Because it’s easier to follow the crowd than to think deeply.
When I stopped listening to everyone, I found clarity.
That’s when I chose $MSTR—not because someone told me to, but because I understood the thesis behind it.
The Lesson:
If you follow average people, don’t be shocked when you get average results.
Mistake #7: Thinking Long-Term While Playing Short-Term Games
Everyone talks about “long-term” investing.
But their behavior?
Checking their portfolio 5x a day
Selling after a 10% drop
Jumping in and out of positions every quarter
That’s not long-term. That’s just day trading with weak excuses.
Long-term means staying in the game even when it hurts.
It means buying through the pain, through the boredom, through the headlines.
That’s why I’m documenting 20 years of buying $MSTR. Not 20 weeks.
Not until it dips. Not until I get bored. 20 full years.
The Lesson:
If you say you’re long-term—prove it with behavior, not words.
So What Am I Doing Instead?
I’m doing what most people don’t have the discipline or conviction to do:
I pick one stock I believe in: $MSTR
I buy $50 of it every weekday
I document the journey publicly for 20 years
And I invest extra during big market dips
It’s not sexy. It’s not viral.
But it’s real. It’s focused. And it’s how I’m building my retirement and legacy from the ground up.
Here’s the full breakdown of why I’m betting my whole retirement on just one stock:
Start Your Journey with Tools That Actually Help
If you’re tired of the hype and ready to build something real, here are the tools I use:
Robinhood — Where I run my $50/day MSTR challenge
Coinbase — My on-ramp for Bitcoin and other crypto
Crypto.com — My altcoin and CRO plays
Webull — For charting and private long-term holdings
Acorns — For hands-off investing with spare change
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Written by Silivere Bakomeza, Founder of BakoInvest
I’m not just investing. I’m documenting. Every week. For 20 years.
Join the journey—or watch from the sidelines.
Sign-up to my email list at BakoInvest.com and Follow me on YouTube at @BakoExperience
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