Funny thing happened to me this week… I was featured in a Finance Blog and given the title FINANCIAL EXPERT! No worries, I did not let this go to my head. Instead, I strolled around in a three-piece suit with a Hello My Name is “Financial Expert” sticker, and demanded my wife cut the grocery budget down to at least $700 while pointing vigorously at said blog (on my phone) as a certified reference.
To read the whole article follow the link below… I’m financial expert #12.
Money Mistakes In Your 30’s – by Bill Achola
However, if you just want to read MY advice (given in an interview), keep reading…
This money mistake could happen at any age, but most of us are still trying to make that “fast” money in our 30’s.
So, in my opinion, a big money mistake young people make in their 30’s is “investing in something, but not knowing how the investment works”.
For example, the stock market… everyone is doing it, so you put some money into it. Then, sometime later, the stock market takes a dive, and you jump ship.
If you understood the dynamics of a stock market, you may have stayed for the long haul and multiplied your earnings.
Another example, ponzi schemes, me being a victim (not really a victim, I blame myself and take responsibility for my stupidity) at least twice in my life (teens and twenties).
The leaders of these fraudulent “investment” operations speak to your soul, your heart, your wants and need to feel successful… once your desire takes control, you don’t have time to listen to logic, especially when “appearing to be normal” people are getting paid right in front of your face.
To avoid this mistake, read a few books about investing, ones highly rated by at least a few hundred readers on Amazon.
Take a class (not a seminar, they’re selling something) on real estate investing (cheap at the local community college, free via The Learning Annex).
Listen to your initial thought of ”this sounds too good to be true”, and keep this speculation at the forefront. If you start buying into your desires, meditate on it and be your own devil’s advocate… just don’t start dreaming about all the stuff you can buy.
Also, if your spouse isn’t onboard with your investment plan, but you do it anyway, and it TANKS… as we say in the Navy, standby for heavy rolls and following seas shipmate!