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BloombergQuint’s Big Decisions podcast gets you the insights you need to make big money decisions with confidence.

Diwali, and the beginning of the Hindu New Year, is time for new resolutions. It’s also an opportunity to review your financial plans and portfolio.

Individuals often make mistakes in their financial lives, which lead to the inefficient use of capital for many years or even loss of capital, according to Arvind Rao, certified financial planner and founder of Arvind Rao & Associates. One of the most commonly made mistakes is falling prey to recency bias. The recent surge in equity markets will work as a lure to unwary investors, who end up trying to catch a falling knife instead, when the trend reverses, he said.

On this BQ Big Decisions podcast, BloombergQuint speaks to Rao about the most common investing mistakes and how to avoid them.