The Worst Mistakes You Could Make With Your Money, Part 1

There is an old saying that goes something like, “Mistakes are the best teachers.” And while this is undoubtedly true, perhaps we can all agree that learning from other people’s mistakes when it comes to our finances is way better than making them ourselves.

In this week’s episode of The Money Guy Show, we’re doing just that! We are peeling back the curtain on the worst possible mistakes you could make with your money so that you can hopefully avoid making them in your own life. Heed the warnings of those who have stumbled before you so that your path to financial independence can be smoother sailing.

Here’s what you’ll learn in today’s show:

• What ‘not-to-dos’ in your 20s that have the biggest ripple effect on your future finances
• Why not taking these risks at the beginning of your adult life may come back to haunt you later
• Which investment vehicle you should prioritize getting your money in as early as possible
• How many hours you need to build up enough ROI-producing expertise in your career
• The debt you need to keep in-check for it to deliver the highest value in your financial life
• Why you don’t want student loans to exceed 8% of your gross income
• The biggest mistakes you could make in your 30s
• How divorce can impact your personal finances
• The questions you need to ask yourself in your 30s because if you ask them in your 40s it may be too late
• Why carrying these types of insurances are necessary
• How to avoid the trap of complicated finances because you think it’s part of adulting
• Why owing leads to a cycle of faking financial success and delays your actual financial success
• Why you can’t afford to procrastinate in these areas of finance any longer
• The responsible thing you may be doing that can derail your financial security and how to prioritize appropriately

Resources mentioned in this episode:

• https://www.mappingyourfuture.org/paying/debtwizard
• http://yourdivorcequestions.org/how-will-divorce-affect-me-financially

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