I have written a lot about my mistakes in the past, this post is about financial mistakes made by others! Most of the people were past their 60’s.
I asked a few people about their BIG financial mistakes and I heard the following:
1. NOT investing early: Almost everybody had a regret that they did not invest in their 20’s. However, to be fair ALMOST all of them had a big joint family to support and did not have much of a surplus.
2. MANY people had a regret that there were NO mutual funds to invest – or they would have started some kind of an investment earlier.
3. MOST of them wish they had known about the power of equities and compounding in school / college.
4. MOST of them HAD no regrets that they did not invest in equities, because they STILL do view it as a place for rich people playing with OTHER people’s money.
5. SPENDING too much money on things that they did not find of great value.
6. MANY of them who had not kept accounts ever had no clue about how their life would have been different if they had NOT frittered away money on things that they actually did.
7. STARTING to track expenses and investments too late.
8. FATHER / ELDER BROTHER not having ANY insurance putting TREMENDOUS pressure to earn money. This changed the career option for many – one person did ICWA (CA was a 3 year not paying anything course), one potential doctor became a Bcom, …
These were the major ones. The minor regrets were :
Supporting over demanding parents, helping siblings and friends who did not bother to return the money, none of them were regretful on the money spent on the kids education – that could also be because for people in their 60s and 70s the REAL expensive education was not really a choice….till about 10 years ago even IIMs used to cost only Rs. 2-3L, not Rs. 25 L the current cost.
WHAT DO YOU THINK ARE YOUR BIGGEST financial mistakes? Please list them here, not on the FB page 🙂
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