5 money mistakes I've made in the past

April 10, 2013

I know that everyone has to go through the stage of learning about money. For some, it is when you are young, for others they don't learn that till much later in life unfortunately. Now I would say I learned about money very early in my life, and I have always had pride in myself that I had a good handle on it. Yet you don't learn to appreciate it fully until you are older and on your own I'd say.

But everyone makes mistakes right? I have definitely made my fair share of financial mistakes on my journey to becoming financially stable.  In the last few year,s I have done very well for myself and am on the road to become a millionaire. That being said, I've made some mistakes along the way that got to me where I am. Most of these were made in my late teens, I should have known better...

1) Buying expensive presents for people when I couldn't afford it.  Your friends are still going to love you regardless, and if they don't, they aren't true friends. Try and make something yourself or get something in the price range you can afford. It's the effort and thought that people care about.

2) Only making the minimum payment on my credit card.  This mistake didn't last very long, but when you just get your credit card at 18, you don't really understand the full concept of borrowing money from the bank. I mean, it's your money on there right? Nope. Now, I don't rarely use my credit card at all, and when I do, I pay it off in full before the payment is due. That's also a great way to keep your credit rating up.

3) Living paycheck to paycheck and relying on credit. I spent money that I didn't have, yet the stress of waiting for the next paycheck is the worst feeling in the world.

4) Saving very little money. This is a big one that I have definitely corrected since then, especially starting this millionaire journey. My savings have doubled since then in only a few months.

5) I never paid attention to my credit rating. Who would have though, your credit rating is pretty important... haha the other day was actually the first time I checked to see what my credit rating was, and to be honest, it was really great for someone my age! I was so impressed with myself, the last few years of being very financially aware and stable have helped that immensely.

Moral of the story, we all learn about finances either early or late, but at the same time, better late than never. I'm on the road to success, and I couldn't be happier.

What are the mistakes you've made if any?

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