Financial advisor discusses investing myths and strategies

MILWAUKEE (CBS 58) -- To learn more about the difference between investing and gambling, Tony Drake joined us Wednesday, Oct. 29. He is the founder and CEO of Drake and Associates.

Drake believes investing and gambling both involve risk, but investment strategies can help lower risk while gambling is mostly up to chance. With investments, people have ownership of physical assets. With gambling, it's all or nothing.

He said having a long-term strategy can help lower investment risk and recommended focusing on diversification across multiple asset classes and industries.

Several investment myths discussed including the belief that people need to be rich to invest. He said many workplace retirement plans let people start small with automatic contributions.