Why is diversifying your portfolio important?
Imagine you had one stock in your portfolio. You've put all your life savings into it, so basically you're whole life on it. What if it goes up? Hooray, you've just made a lot of money, good for you! But what if it goes down? What if it tanks? What will you do now with half of your life savings wiped out in front of your eyes? That is why diversifying your portfolio is very important. You won't lose all your life savings in a blink of an eye. Say instead you invested in 5 different stocks, and 3 of them go up, and 2 go down. You've made money from 3 and lost from 2. You're safe in this case. Basically all diversifying means is that you don't put all your eggs in one basket! Happy investing!
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