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Biggest money mistakes

Starmix

Starmix

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According to the moneywise engineer, there are biggest money mistakes made by some of us. It is best to know them so that we can avoid them. Those who have kids can give insights to them on what to do with money once they grow mature. These are the following:

1. Age 20- not investing early;
2. Age 40- Not paying off debt earlier, and
3. Age 50 Not saving enough for retirement.

We should avoid these money mistakes to avoid regrets once retire or about to retire.
 
eLdavis said:
Indeed, which is why I am putting more effort in all I am doing so I can start making more investments.
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It is also good to have our savings in case the worst comes to worst, there's always a backup. It should be savings that must be withdrawn only in case of emergency.
 
You are absolutely right. It is essential for people in their 20s to start saving and investing early on, especially when they enter the workforce. By avoiding the mistakes made by those in their 30s, 40s, and 50s who failed to plan for the future, they can prevent long-term financial challenges.
 
This is noted and yes, I agree that not all have the mindset to start saving at an early age. I will educate the kids to start doing so. Actually, my nephew has a coin bank that is almost full now. He is on vacation with his mother and left the coin bank. He is 9 years old now.
 
Starmix said:
According to the moneywise engineer, there are biggest money mistakes made by some of us. It is best to know them so that we can avoid them. Those who have kids can give insights to them on what to do with money once they grow mature. These are the following:

1. Age 20- not investing early;
2. Age 40- Not paying off debt earlier, and
3. Age 50 Not saving enough for retirement.

We should avoid these money mistakes to avoid regrets once retire or about to retire.
Click to expand...
You are absolutely right! If i have started investing very early by now i will be extremely rich. Life is a lesson and i have learnt through the hard way.
 
magnus2022 said:
You are absolutely right! If i have started investing very early by now i will be extremely rich. Life is a lesson and i have learnt through the hard way.
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Yeah, that's because when we're young we're full of dreams to own many toys play all the time and make friends and enemies.
 
Let's be sensitive to the fact that there's no forever young. The time comes we're in retirement and if there's no passive income or investment to support our retirement , then the children will shoulder the parents needs.
 
itsmejob said:
This is noted and yes, I agree that not all have the mindset to start saving at an early age. I will educate the kids to start doing so. Actually, my nephew has a coin bank that is almost full now. He is on vacation with his mother and left the coin bank. He is 9 years old now.
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My nephews too already have their bank account and they are hard to get kids hehe. They never want to withdraw . They saved a portion of their allowance daily and reprimanded their mom to deposit in the bank by Monday. They are still young ages 6, and 7.
 
Stardom22 said:
Unfortunately it's quite difficult to avoid those kinds of the outlined mistakes above especially in my country
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We might not have been able to avoid these financial mistakes but one thing is for sure, my children would not make the same mistakes. I would build a framework for them not to.
 
I agree with you, many of us don't save or invest from an early age, which will complicate our finances in the future. But it is difficult for us to explain financial literacy to them, if we give advice, we will be accused of interfering in their financial affairs.
 
Starmix said:
My nephews too already have their bank account and they are hard to get kids hehe. They never want to withdraw . They saved a portion of their allowance daily and reprimanded their mom to deposit in the bank by Monday. They are still young ages 6, and 7.
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Good for them to have a bank account at an early age. My nephews don't. But they are thrifty. They don't like buying things. Everytime we go to the mall, they don't ask money or they don't ask us to buy them stuff.
 
Starmix said:
According to the moneywise engineer, there are biggest money mistakes made by some of us. It is best to know them so that we can avoid them. Those who have kids can give insights to them on what to do with money once they grow mature. These are the following:

1. Age 20- not investing early;
2. Age 40- Not paying off debt earlier, and
3. Age 50 Not saving enough for retirement.

We should avoid these money mistakes to avoid regrets once retire or about to retire.
Click to expand...
From your discussion starting from 1 to 3, I can conclude that the main problem is that they do not have a definite and clear financial plan such as saving/investing, paying off debt, long-term financial plans or retirement funds. Without a plan we will walk without a definite goal and direction.
 
itsmejob said:
Good for them to have a bank account at an early age. My nephews don't. But they are thrifty. They don't like buying things. Everytime we go to the mall, they don't ask money or they don't ask us to buy them stuff.
Click to expand...
Your nephews are having self control and commonsense. They're bright kids and @Suba ,yes, I agree with you that numbers 1,2,3 are the biggest money mistakes people might have faced and we can't blame them too, however , they have to face the consequences for not being smart and mindful of their debts and old age.
 
Starmix said:
Your nephews are having self control and commonsense. They're bright kids and @Suba ,yes, I agree with you that numbers 1,2,3 are the biggest money mistakes people might have faced and we can't blame them too, however , they have to face the consequences for not being smart and mindful of their debts and old age.
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Yes, exactly. I thought they were taught correctly or was aware that the stuff they want to buy are expensive. They don't want to spend more than what they have on hand.
 
itsmejob said:
Yes, exactly. I thought they were taught correctly or was aware that the stuff they want to buy are expensive. They don't want to spend more than what they have on hand.
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Your nephews will grow business-minded and most probably would choose to manage a business once they are already mature.
 
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