Working in tech support on Wall Street in the 1980s and 1990s, Noel Ikoku was convinced he could be a "world beater stock picker."
He sunk his IRA and brokerage account into individual stocks and didn't take advantage of his company's 401(k).
"Sure, I hit a few home runs but nowhere near as many as the strikeouts," he said. "When I look back at my returns in those years it's pretty bad."
Related: Are you making this retirement mistake?
So in his 40s he switched gears and started investing his 401(k) and brokerage account in low-cost index funds.
After several decades of steady contributions, Ikoku now has about $1.5 million in savings.
"It's pretty simple stuff," he said. "I think you have to come to terms with the fact you're not a market genius and you're never going to be one."
