Savannah James, wife of NBA star LeBron James, is an entrepreneur, and along with close friend April McDaniels, the co-host of the "Everybody's Crazy" podcast and co-founder of Let It Break, a personal development group for women.
Just like the average person, celebrities sometimes spend their money on things they later regret — James is no exception.
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Her worst money mistake was "investing in something without having real knowledge about any of it, and basically losing out on that capital," she told CNBC Make It in an interview last month.
It was "a substantial amount that I'm still stressed out about. The fact that I'm talking about it right now is giving me the heebie jeebies."
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Try to avoid impulsive decisions when investing, experts say
One of the biggest culprits of the worst investments is lack of research, according to a client survey conducted by Charles Schwab in 2023.
To avoid impulsive decisions when investing, do your research and determine the key steps you'll take before jumping in, Mark Riepe, head of the Schwab Center for Financial Research, told CNBC Make It in 2023. This could mean "exposing yourself to other opinions that may disagree with you," he said.
Money Report
"Look at what those other people are saying — maybe you read analyst reports challenging your opinion."
Doing extensive research can allow you to make better choices, especially when an investment's value declines, Riepe explained.
"If you write out your thesis — I'm buying for these reasons, and I'm aware of the following risks — then you can see how things play out and be patient through volatility."
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