Steem4nigeria Accelerator Contest Week 150 :A Financial Mistake I made And The Lesson Learnt.
Hello, friends, welcome to my post in which I have discussed "A Financial Mistake I made And The Lesson Learnt." as part of my participation in this contest organized by @steem4nigeria
What do you understand by financial mistake?
To me, a financial mistake means spending more than I earn or not keeping a record of how I spend my money, like where my cash goes. In layman's terms, financial mistakes mean spending money recklessly to impress others.
Financial mistakes lead to high debt, having zero savings, constant stress, and frustrations. The best way to avoid financial mistakes is planning before spending and not spending before planning.
Have you made a financial mistake before? Kindly share your experience with us
Yes, I have made a financial mistake countless times before. When I was in school, I rented an apartment, and I couldn't renew the payment. Then I had money, so I decided to act like a big boy and stay in a lodge that was above my means, but in the end I left the lodge for a smaller lodge when I couldn't pay the rent the next year.
Also, I bought an electronic device that I have never used to this day, and I ended up regretting why I bought the electronic device in the first place back then. Before, I was staying in an environment where light was a challenge, and I still went and bought a small air conditioner that I never used in the place. It was a financial mistake because I would have used the money for something important.
What lessons did you learn from your mistake, and what advice would you give your readers?
I learned a lot of lessons from my mistake, and some of the lessons that I learned are:
- Not to live beyond my means.
- Not to compete with others.
- Not to buy something simply because my friend or neighbour has it.
- To plan before spending
- To avoid making emotional financial decisions
My advice to readers is to always plan before spending their money and to avoid making emotional mistakes when it comes to spending money. Invest before spending and avoid buying unnecessary items.
