Have you ever made a big financial mistake? What was it? Listen up and I’ll give you mine…
And by the way, I’m not talking about “should have bought bitcoin in 2012” or “wish I put my life savings in Apple stock in 2005”. Give me something legitimate because even if you had bought those back then, I’m willing to bet my amazing dog and partner in crime, Leia, that you would have sold out before it ever reached its all-time highs.
Give me something legitimate. Should’ve bought a property but didn’t? Skipped putting money in your 401k? Got stuck in a MLM scheme? Wasted money on partying too much for years? What was it?
Here’s my top 3 doozies:
· Lost $5000 to a MLM scheme that literally got shut down the week I signed up for it.
· I had an opportunity to buy an apartment I was living in for $30,000 back in 2009 when the housing market crashed but I didn’t for no reason other than ignorance! That same apartment is selling for $140,000 now. My monthly payment would’ve been $142…
· And my favorite, stopped putting money in my employers’ stock purchase plan after a year in. That stock is now up, as of today, 646% since I started at the company and I would have over $1 million if I had just contributed what I was contributing for 3 years and then left it alone.
That enough screw ups for you? I’ve got more but those are my big ones. But here’s the thing. Those all happened to me early. Before I was 24. I learned my lesson and started learning lessons about how money and investing works and since then I’ve made more good decisions than I have bad ones.
This study from TD Ameritrade was very telling.
Third largest regret – Having a low credit score.
Really? This doesn’t seem so bad at face value. But it is a thorn that will keep coming up no matter how much cash you have in your bank account. Here’s a few ways how it’ll hurt you.
· Poor credit can make it harder to get a car and home loans
· It can make it difficult to get a credit card account
· Even if you do get a loan, your interest rate can be 30-100% higher than a good score
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About the Podcast
If working a 9-5 for 60 years so you can retire with a little money and die a few years later is what you want to do, then this is not the podcast for you.
Stephen is an executive coach that works with ambitious people to build the life that they want, personally and professionally.
This podcast is about contrarian investment strategies around time, energy and money to build the 4 types of wealth and utilize lifestyle design to create the life we want. The interviews are with hi-earning individuals on how they make money so you can copy us and grow wealth too!
Reaching that first $100k milestone is crucial and then the game changes.
Learn how the wealthy view time, energy and money so you can apply these proven strategies to your life.
