While inflation is much cooler than it was around this point two years ago, the optimism starting the year has significantly waned. Thanks to a series of disappointing reports showing inflation still running hot — and the Federal Reserve maintaining its elevated benchmark interest rate range — many have found themselves looking for alternative ways to safeguard their money. This extends to investments, particularly those that can act as a safe haven while others perform with more volatility.

That said, while it’s critical to know which investments to get involved with (and when to get out of them), it’s equally important to know which mistakes to avoid, particularly in today’s economy. To that end, below we’ll break down three major investing mistakes to avoid making right now.

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3 investing mistakes to avoid right now

Here are three important investing mistakes all investors should try to avoid making today.

Not investing in gold

The price of gold has surged in recent months, partly due to its reputation for hedging against inflation and diversifying portfolios. These are beneficial features in most economies, but especially now. With a wide array of gold investing types, ranging from gold IRAs to gold bars and coins to gold stocks and futures, now is a great time to get invested, regardless of your age or income. 

That said, gold is more of a haven designed to protect your other assets versus being a steady income producer on its own. So, investors should generally limit their investment to 10% or less of their overall portfolio.

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Not diversifying your portfolio

A diversified portfolio has a better chance of success instead of one tied up in one particular asset. So, make sure to diversify your portfolio as appropriate (a financial advisor can help determine the right types of assets in the right amounts). Stocks, bonds, real estate and gold can all combine to form a healthy and relatively secure portfolio but, of course, the specifics will be dependent on your investor profile. Just don’t get overly invested in one type. 

Not keeping a close eye on the economy

The market is constantly evolving and a smart investor will always want to keep a close eye on those developments. So be sure to know when the next inflation report will be released (May 15), when the next jobs report comes out (the first Friday of the month), and when the next Federal Reserve meeting will be held (June 11 to June 12). The news that’s released on these days will affect the market and your investments and may provide opportune times to get invested in one asset or sell off another. But you won’t know precisely when to act unless you’re closely monitoring today’s evolving economic climate.

The bottom line

With inflation stubborn, interest rates at their highest points in decades and elevated political turmoil both overseas and here in the United States, investors must avoid some painful mistakes right now. To that end, it’s worth considering the benefits of gold. Similarly, it’s important to make sure you have a diversified portfolio — or make moves toward developing one now. And be sure to keep close tabs on the economy for opportunities to get involved in new investments or sell off old ones. By strategically avoiding these errors, investors will be better positioned to see their investments flourish, both this season and in the months and years ahead.