Do you have a list of mistakes you just keep repeating? Did you know if you write them down in a journal to jolt your memory that you probably might not make those mistakes again? Well I’m going to share with you the 10 personal finance mistakes I’ve made in life and I am vowing that I never make them again. Learn from your personal finance mistakes to become Wealthy.
The 10 Personal Finance Mistakes:
- Take out a Loan – Student, Car, or Credit Card
- Spend More than I Earn
- Speak to or do business with a Whole Life Insurance Salesperson
- Attend a Timeshare presentation. – They pressure you the entire vacation until you buy. (Not Worth IT)
- Use emergency funds to take a vacation. – Going to the Beach is not an Emergency.
- Lend money. If I can afford it I will just give away a little bit of my income.
- Buy a Vacation Package; it’s never a good idea to prepay for future vacations. (Sham)
- Be Content with only 1 stream of income. (Build 3 or more if you can)
- Never Skip a year investing into my Roth IRA.
- Make the assumption that keeping all your income is best, No re-investing some of it into a business at times is a better option.
I hope you can learn from my dumb mistakes. (Dooh like Homer Simpson) I want to share as much as possible to help you avoid these money mistakes with personal finance. It takes a real leader to want only the best for others in their circle. Personal finance mistakes can lead to a learning opportunity for many, but if you read this post and still make the mistake, that is an even bigger mistake. The primary mistake and why its number 1 is debt so please if you take away anything from this post eliminate debt.
Do you remember in back to the future part 2, when Biff steals the sports book from the past to become a millionaire in the future? I think you can do the same thing with this list, keep it handy and if you are ever in any situation involving the 10 personal finance mistakes, you will be more prepared to forgo the mistake. Life is never perfect, but never settle for anything less than perfection.- Rich Uncle EL
Short cuts in life do not exist. It takes great effort and learning from the past to begin to change the future. From my experience I am always learning and my Net worth has grown because I am more aware of my money behaviors. If you can grasp this concept I believe anyone can avoid mistakes and win with money.
Comment on the 10 personal finance mistakes you avoided in the past.
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I Rich Uncle EL VOW to never commit these personal finance mistakes!
Rich Uncle EL
I've only sat through one time share presentation so far and I couldn't figure out how on earth people end up buying things, at least not with that one. Apparently the one we went to has one of the highest close rates in the world… which we thought was pretty darn weird!
My recent post I get Free Acupuncture. Can you too?
Yes the make it seem like its such a great traveling experience getting a time share. But it is a headache to have and I cannot or will not ever get a time share.