"I was 16 when my father passed away nearly 15 years ago. I inherited the house and a life insurance policy, which combined would have been enough for college and hopefully a payment. I followed my broker's advice and invested the life insurance money in a growth portfolio. The market dropped substantially over the next year, and while it eventually came up, I needed the money for tuition and couldn't afford market fluctuations."
My fix: "I think about my short-term needs and balance that with long-term money, which can take additional risk. I rebalance my portfolio in large market declines, as well as cut extraneous expenses and save aggressively."