I’ve compiled my top seven financial regrets. If only I knew than what I
know now about personal finance I'd be rich beyond my wildest dreams. Take
these lessons and don't make the same mistakes:
1. Using Credit Cards - I got
my first credit card in my twenties and my second one a couple of years later.
I wish I hadn't. My credit cards were used as an extension of my income and to
fund my bad spending habits until both cards were full of debt.
2. Taking out Loans - To gain
my independence I financed my car through a loan. I should have waited and
saved up instead of using car finance.
3. Buying a House - Sometimes
I think I shouldn't have bought a house and continued to rent for longer, maybe
even move back in with my parents for a year or two to save money. I love my
two bedroom pad however buying a home is a big decision that involved higher
bills, repairs and maintenance.
4. Not Maxing Out My Pension
- While I've always paid into a company pension I should have increased my
pension contributions sooner. Doing so would have ensured that I invested more
into my retirement every month. That extra money should have been growing and
making more money.
5. Under
Earning - For a long time I didn't realise my earning potential in my
career. I lacked confidence and wasn't sure what field of IT I should
specialise in. My roles were mainly support and service desk work. Until I
moved into Cyber Security I didn't really find rewarding work with a higher
salary that paid me what I has worth.
6. Not
Living on Less -. When my income went up so did my spending and waste
levels. I seemed to be always chasing to buy more stuff when I didn't need to.
Budgeting and being more frugal never crossed my mind, spending was my weakness
when I could have lived on a lot less and curbed my spending.
7. Not
Dealing with Debt - My debts were ignored for a long time. I wish I would
have learned about money management and the damage that debt does to your
wealth sooner. I let them build up and get out of control.
My financial lessons have been learned. What are your financial regrets?
