@nobudgetbabe: What's the worst financial mistake you ever made? Mine was thinking I had a "hot stock tip" from a guy who looked like a peacock at my college. I figured that's how investing works - you find out a hot tip, throw money into it, and wait to get rich. I also thought that "the guy at the bank" was there to help guide me through my financial decisions, when the reality is they're there to help THE BANK MAKE MONEY. So I used my student loans, yes, my student loans, to invest into Blockbuster as the stock price was cratering because I believed they were coming back with a plan to fight Netflix (that Mr. Peacock told me about) and I would get rich in the process. I'll let you guess how the story ended. Lessons: 1. don't stock pick, it's gambling 2. don't take advice from birds 3. don't assume the guy at the bank is looking out for you 4. learn how money works or you'll never have it 5. mistakes don't define you as long as you learn from them (and OH I DID, and then used that knowledge to become a millionaire at 30) You may think this story is crazy, but that's just because people aren't sharing their losses. I promise, crap like this is SO much more common than you think - because many people would rather THINK they know what they're talking about than admit they need help learning.

Nicole Victoria | Money Coach

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Friday 19 July 2024 21:03:03 GMT