Twenties… I remember how idealistic I am. A girl full of dreams, so eager anticipating to start working for my dreams to come true! I listed short-term (stuff I wanted to buy for myself and for our home) and long-term (5 yrs) financial goals (big ticket items, such as house, car, travel). I’m so specific for what I want to have, for what I want to become. Though I have specific financial goals, I have mistakes along the way (at sinong di nagkakamali? Sinong perfect? lol) And here are my top 10 money mistakes in my 20s:
- I regret not tithing from gross income. Sadly, I robbed God and was not able to enjoy the full blessings that God has intended for me, for number of years.
- I regret spending too much time watching Teleseryes, stalking friends in facebook, playing on-line games, I should have just read books and blogs to learn more about personal finance and financial independence.
- I regret not learning how can money work for me. I might have avoided unnecessary expenses and increase my savings and investments.
- I regret purchasing a lot when I was 23 yrs old, having the thought of building my dream house here. After 10 years, this lot is still bare! It doesn’t generate income. If i just knew about good and bad debts, I should have just think of putting my monthly amortization to other investments that generates income, mutual fund, UITF or stock market shares, perhaps.
- I regret availing zero % installment to purchase appliances and furniture. I should have save first, then BUY IN CASH for lower price.
- I regret not getting life insurance in my 20s. I would have save thousands for cheaper premiums.
- I regret living above my means. Abusing credit cards usage (swipe lang ng swipe) to buy clothes not on sale, bags, shoes, and frequent salon and spa treatments. I want to impress my colleagues, my friends, gusto ko belong ako, feeling ko maganda at confident ako pag bago ang gamit ko, nagmamagadan, pa-sikat! Until, found myself, with 6 digits debts!
- I regret availing in-house loan, interest rates is way lower if I avail housing loans from banks or Pag-ibig.
- I regret lending money to relatives and friends who didn’t keep their promise to pay. I’m okay with the money, but it’s just hard to gain trust on money matters again.
- I regret not maximizing business travels and travel while I was young. Because I feel I can’t travel alone, and besides I don’t want to spend more days away from my (ex)boyfriend, I was not able to enjoy the places I’ve been to because I felt like, I will only enjoy the place if he’s with me (kadiri, hahaha).
I learned from a company’s workshop 8 yrs ago, that there are two ways to learn, first you learn from your own experience and second, you learn from other’s people experience. I’m sharing this so you can learn from my experience, from my money mistakes in my 20s, so you’ll save yourself from stress and trouble. Now I’m in 30s, I believe it’s best to start early if you want to be financially free. But what if you’re already in your 30s? Well, good news it’s not too late! You can start to CHANGE your mindset NOW! Sabi nga, it’s better to be late than never!
What’s your money mistakes when you’re in your 20s? I would love to hear!
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