I started work far too late; lots of delays along the way. I went into journalism, which is the biggest mistake of my 20s. You work far too many hours for far too little money… not enough to invest, so you delay and delay and delay… I suppose the biggest mistake is ‘delay’… I understand the dreadful consequences today…— Bruce Whitfield, The Money Show
Even the most intelligent, bright young minds can be pretty dumb when it comes to money.
So, don’t feel bad if you’ve done any of these, because you’re in excellent company:
Buying a car after getting a raise or some windfall.
Relying on a credit card.
Using store cards.
Not saving for retirement.
Falling for get-rich-quick schemes.
- Buying stuff rather than experiences.
Beckbessinger spoke about the dumbest things most people regret they did with money in their 20s.
Listen to the interview in the audio below (and/or scroll down for more quotes from it).
We’re up against things that Millennials internationally are not up against… and we’re in our 20s, and we’re dumb, and we want to go jolling!— Sam Beckbessinger
Give yourself the gift of a low cost of living… Save money on the big things; your car, your house and your food…— Sam Beckbessinger
If you cut out a R22 latte every day for 40 years it equates to R2.5 million… If you bought a car that was R2000 per month cheaper, that over your lifetime is R7 million!— Sam Beckbessinger
A lot of young people fall for online forex trading courses…— Sam Beckbessinger
If someone gives you advice for free then it’s not really for free… you’re paying in a way you don’t want to be paying.— Sam Beckbessinger
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This article first appeared on 702 : 6 mistakes people in their 20s make with money