🌻Here Are My 3 Biggest Mistakes When It Comes to Money(MUST READ)

Avoid them

Everyone has a money story.

I had front-row experiences earning money beyond a standard salary. I blew them with dumb purchases too.

With time, I figured out how to get smarter with money. Every money mistake I made inspired me to learn more about dollars and cents.

Read also: 4 ways to use money to become happy (amazing insights)

Without further delay, these are my 3 biggest mistakes when it comes to money.

Money Mistake # 1: Overriding Focus on Cash Savings

There is nothing wrong with focusing on cash. But I went to the extreme.

I focused only on cash.

Big mistake. Here’s why.

I thought I would save my way to retirement. It was a dumb strategy born out of desperation.

I hated my job then. And I couldn’t get interviews.

I thought I would work on a job I hated. Forever.

That toxic mindset spilled over to my money thoughts.

I was aggressively saving every single dollar and cent I made from my salary. I was that 27-year-old dude clipping coupons and buying lettuce at a $0.20 discount.

How pathetic is that?

I thought I was accumulating money fast enough for retirement by 50. And then.

My mum got diagnosed with Stage 2 breast cancer. My dad retired early to take care of her. I become the sole breadwinner of the family.

Just like that, my money became everybody’s money.

Cash started hemorrhaging faster than I anticipated. Cab fares, tonic soups, domestic helpers, caregivers, and post-operation medical treatments followed one after another.

My savings plummeted by 40% over 7 months. It killed me psychologically.

Money Mistake # 2: I Invested In Things I Never Understood

Highly educated individuals can make dumb decisions. I am one.

Because I hated my job, I invested in shiny objects with explosive pricing action. I made bets on stocks that had peaked.

I was that perfect investment sucker. Just tell me I will get 20%, 25%, 30%, and 50% gains within a year, and you get my money.

And.

I lost up to 5-digits because I chickened. Crashing stock prices freaked me out.

Now, no longer.

Unlike age, investment value bubbles upward and crashes down. Cashing out at the wrong time incurs losses.

And I lost big.

Scream at me. I deserve it.

But I hope you learned something. God bless.

Money Mistake # 3: Refusing to be Promoted at Work

Man…

My cheeks burn when I type this. Like, what was I doing?!

That was exactly what I did. Nothing. I did not want anything to do with additional responsibilities and managing others.

I just want to cruise.

Big mistake.

Because no matter whether I liked it or not, I was pushed to do more. I was delegated to manage newcomers.

But… I am not getting paid additional money.

And stupid me refused promotion 2 years in a row.

It proved that bad career decisions can hold us back financially.

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3 Money Mistakes Led to 3 Life-Changing Turning Points

Life has been kind to me.

A senior manager in my first job decided to mentor me. He inspired me to do brilliant work for consulting clients. He got me hooked on the pre-sales function of a technology consulting firm.

I no longer hated my job that much.

And I became progressively ambitious. I wanted to be promoted!

The next turning point came when my dwindling savings crashed past an artificial, psychological barrier of $20,000. It wiped me out mentally.

I decided to take investing more seriously. With time, I learned that cash-producing assets, such as equities and bonds, bring me money without me noticing.

That is pretty cool.

I invested in 1, then 2, and then 3 real estate investment trusts (R.E.I.T.s) because I am confident in their business models. From there, I piled in.

Read also: passive income ideas to get inevitably rich (highly recommended)

And lastly.

I seek out high-quality income streams.

I attended free seminars, webinars, and online courses at the beginning. There are many gurus out there trying to monetize me. I needed to sniff that genuine one from a barrage of fakes.

How did I do that? I tried all their methods.

If the free stuff works — I am in.

If it proves to be outdated advice — I run for the hills.

So far, my high-quality income streams include copywriting projects, writing online, and my 1-Man consulting practice. They work.

The best part?

They never stopped nourishing my bank account.

Parting Keynotes

No one taught us about money in school.

And so, we learn from our experiences.

I have been lucky. I never lost all my money. I was able to recoup what I lost over time.

That said, it hurts. Money matters buttress deep in our hearts and minds.

And hopefully, my money mistakes can help you avoid financial calamities in the future.

CONTRIBUTED BY Aldric Chen

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