“It’s not the mistake that matters; it’s how you deal with it, what you learn from it, and how you apply that lesson to your life.” Unknown
1) Not saving early enough
How I wish that when I started working that I would have saved more and spent less!
2) Spending too much
We can easily find ourselves living beyond our means. Whether it’s the “Life is short – buy the shoes!” mentality or buying a Starbucks latte when you could’ve made a cup of coffee at home, we end up spending A LOT more than we really need to.
3) Having your husband, or partner be in charge of all financial decisions
Having your own money and savings not only gives you financial freedom but the opportunity to learn for yourself how to make financial decisions. Be a partner and make decisions together!
4) Not having critical or chronic care riders on your plan
We all have a friend that has suffered from breast cancer or a grandparent that has needed long term care. What a way to devastate your income if you’re not prepared.
5) Not asking enough questions
It can be hard for us to feel like we have to space to speak up and ask questions, especially financially. When you DON’T ask questions, you can find yourself paying more than your fair share of taxes and making less money.
6) Not taking a RISK
Instead of “playing it safe”, do what you LOVE.
7) Forgetting about longevity
Statistically we live 6-8 years longer than our spouse; we need to plan to live those years stress free, not struggling financially in our old age.
8) Making decisions without research
Along with not asking questions, when you don’t do research for yourself and just trust what you’re being told you can end up making a bad decision.
9) Viewing financial decisions as yet another “chore”
This is the biggest mistake in my opinion. When you fail to plan, you are planning to fail!
10) Not sharing this knowledge of financial freedom with our children, especially our daughters…
Let’s pass on what we learn to our daughters so they can make informed and intelligent decisions for THEMSELVES.
I am a firm believer in “earning your keep”, and once you do, put it in a place that will earn more for YOU!