Avoid My Worst Financial Mistakes
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- Опубліковано 7 лют 2025
- Learn from my biggest financial mistakes so you don’t have to make them yourself! From credit card debt in my 20s to skipping my 401(k) and marrying someone with bad credit, I’m sharing the hard lessons I’ve learned about money. Whether you’re just starting out or looking to improve your financial future, these tips could save you time, money, and stress.
00:44 Credit Card Debt
02:15 Not contributing to my 401(k)
03:58 Buying a new car
05:34 Marrying someone with bad credit and zero financial literacy.
06:34 A Bad Business Decision - Buying a Coffee Shop
08:16 Waiting so long to invest in real estate
09:49 Doing too much for my adult kids
10:38 Assuming I'd be ok with working until age 65 or 70
#MoneyMistakes
#FinancialFreedom
#PersonalFinance
#MoneyTips
#debtfreejourney
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As a boomer that has two older siblings, I tried so hard to get them to invest in their 401Ks. The did not until late in life. Too late. I started the second week out of college.
You're not the only one who has made these mistakes. I'm guilty of marrying a man with poor monetary sense and I'm still helping to support my adult kids, but that one is going to be changing soon. Thank you for sharing this video
My wife's been a stay-at-home wife since 2018 and it's already been made clear to her that we're not going to take on our four adult "children's" financial burdens when I retire in 3 years. If they need something, they'll either have to take out a loan from a bank, save for it, or go without. But we're not going to act as a bank for them. I told her our retirement savings is for us to live on, not them. They can have what's left over after we're dead and gone.
I can relate to what she's saying about starting late in life saving. I didn't start investing in my retirement, emergency savings and etc, until I turned 40yo. I got very serious. 16yrs later, I'm 56yo, and I have saved $570K so far. I don't know how It grew to this amount in 16yrs, but it did from $0. Give yourself 10 or 15yrs of solid saving & investing and you will be totally surprised how much you can accumulate.
What were you invested in
And how much did you contribute a month
@Starinvestnest When I first started saving, I did $250 per paycheck, so $500 a month. I steadily increased this amount until I got up to saving $25K a year on a consistent basis. I would also invest every commission checks, bonuses, income tax checks and etc. You have to change to a money saving mindset. It was very hard for me too, but being 40 and dead broke was very scary, and that fear made me change. I feel much much better today, but I started with that first $250 dollars to get things started.
@@Starinvestnest My 401K is 100% invested in the S&P 500, I max my IRA and I invest in a global stock fund. I keep my emergency fund in a HYSA. I also invest in a HSA. I had over $25K in that but my wife got sick (cancer) and I gave it to her to pay for the medical bills we received, so I'm working to rebuild that right now.
Wow! It grew fast. If you don’t mind sharing what are you investing in? I contribute but mines aren’t growing fast; it’s growing though.
Thank you for teaching what really should be taught in public schools, if you can't figure out your finances, you cannot have a optimized and free life 🙂
my job had a match of if you put in %5 they would match it with %10. thats an instant %200 return on investment.
Every one of your "mistakes" are so real (everyone has done them) and valuable to learn.
Exactly true! I screwed up my finances in my 20's, spent my 30's digging my way out. Then spent from aprox 38/39 until 2 months before I hit 60 saving and investing. I have been retired for almost a year and have more money than when I retired. Lifelong renter, never could afford a house living in the Northeast, I blame my stupidity from my 20's. But I am doing fine even as a renter. There is only me to support with nobody to leave anything to, so all of my income can go to just supporting me. Nothing fancy, I just love the freedom to walk under the sun, the last job of 20+ years I didn't even have a window to look out of. You are right about UA-cam, I learned how to do invest and to do option trading from it.
You had me until your last sentence of "and to do option trading from it". Option trading is the black tar heroin of the investing world. The only place it ever makes sense is hedging. I would not ever recommend anyone, ever, under any circumstances partake in options trading. It is a profoundly risky way to invest and you are likely to lose everything. It is no better than gambling in a casino with profoundly worse odds.
@@HDCybersun I have been selling options for 3 years now. Practiced for 2 years before retirement. 1 year now in retirement. I will keep a closer eye out for this black tar heroin part of options. thanks.
Forgot to add, I only sell options, never buy them.
Northeast and west are very expensive to live, should've moved south-cheaper to live.
@@knk9657 Only sticking around for a time to make sure I didn't need to go back to work. Plus my only family is up this way.
Thank you for being so candid - this advice will help a lot of people. One thing I would add is this : If you retire before age 65, consider the cost of health care. Medicare won't kick in till you are 65 - so you must plan for that. Great video - thanks for making it!
I am getting insurance through the Marketplace, subsidies are covering it 100% so i'm not paying. It is basic high deductible insurance, luckily I'm pretty healthy and don't have a lot of healthcare expenses.
#4 !!! oh my goodness! Don’t ever hitch your wagon to someone that is financially immature, illiterate and irresponsible. Run 🏃♀️
@@angelbug525 yes, I know that now. Another one of life lessons I learned.
@ I just dodged that bullet. 🙄 I learned the hard way when i was married. when I met someone I truly adored I couldn’t get past him being financially reckless. After a decade of dating it had to end . He never learned 😐 ….at age 71!!
Yep, run Forrest run! I sure learned that the hard way. He had all kinds of hair brain schemes to make money, problem was with other people's money. A real creep!
My wife wasn't financially responsible prior to us getting married and she had the credit report to prove it. I had outstanding credit. So I put her on my two credit cards to help build her credit. I also didn't give her a card to carry around with her. If she needed something, she'd let me know and I'd give her the card to go make the purchase. I never denied giving her the card though if she needed it for something. Then I handled paying the bills so she wouldn't miss a payment and mess my credit up. We were married 15 years ago and now she has outstanding credit too. But I still won't let her get her own credit card, because 1) I bring home all the money, so she doesn't have a job to pay for an extra credit card, and 2) she doesn't need her own because she can use our joint credit card whenever she wants and I'll never deny her. I just have to know so I can budget it into the monthly bills. And it's easier to budget when I don't get caught off-guard with a surprise purchase.
Your amazing! Your advice and experiences are valuable to many. It's not too late to put your experiences to work. I made my fortune after 50 from my past experiences. I know you're gonna succeed because your ability to view the past as just that. Bless your beautiful heart ❤️
Your information is gold! Most of us that are older always think that we can catch up but it is very difficult! Thank you for the wonderful information!
Thank you for your honesty
Thank you for having the courage to share your experiences. So proud of you for making better choices that better align with your values, and for your future.
I worked for a hospital for over 32 years that offered a defined benefit pension and then they never properly funded it and then they terminated it. I say that to demonstrate that stuff happens in life even if it is not your fault. Bad things happen to good people and they call it unfair but that is life. Allot of people have had that happen to them including loosing their health.The question is what are you going to do with what you have. We can make choices that we can later judge our self on. My parents used to physically fight over money. That trauma effected me in ways that I am still trying to understand. You just keep going.
Some talk fondly about the golden age of pensions. Your story shows they weren't so golden.
I wish they did his financial literacy in school. I sorta had to learn the hard way, but I was young enough to fix some things about my spending habits. Thanks for sharing.
Great tips! I especially like your comment about running out of time to save. That happened to me. I didn't realize I needed to get serious about saving for retirement until I was 53-54. At that point, I had to get REALLY serious about putting saving FIRST instead of "Oh, whatever's left over."
I wanted to keep working until I was 70, but what happened is that my work went away! This can happen to anyone! I took Social Security at age 68, and I would have waited until 70, but 68 was as far as my "emergency fund" could take me.
I came out of graduate school with a lot of debt and in a recession. Jobs were few. Creditors came after me. That was all it took. I got mad at the debt and paid it off as fast as I could starting with a low paying job. That was probably the best thing for me looking back. It started the momentum and once debt was paid off, I started investing as much as I could squeeze out of my paycheck. We sacrificed, didn’t take vacations, lived in an old 80 year old house that was mostly original, no new furniture, no updated kitchen, older basic cars. I saved and invested for my son too so he is in a good spot now. People just don’t want to be honest that they waste so much money. I watch all these “frugal” channels where they buy 10 bags of pasta on sale, store it away, and find it 3 years later. They have to throw it away because it is no longer good. Yet, they keep repeating the cycle.
I’m 21 right now I’ve been able to save to about 65k in the last year but my rent is 2100 in the city I live in and foods so expensive so being that ahead doesn’t even feel like much and I don’t really know what to put it in. What would u recommend doing with that money given your mature world view
Congratulations. You've learned life's financial lessons and are applying these lessons wisely. You are an inspiration. Best wishes to you!
New sub here! Thanks for being so honest and open with your missteps. Don’t beat yourself up too bad for them, they have gotten you to where you are and can help others avoid them! Keep pushing out content!
Shortly after college, I got a tech degree and got a tech job thinking I’m invincible and started spending a lot on restaurant food with tip and was shocked how much I spent one year. I did this as my work allow me to take my computer and work anywhere and that can cause lots of poor choices such as restaurant spending. Portion control and eating healthy is not easy and takes so much commitment and discipline but realizing how important our health is, I try to cook now and occasionally crave all these food I used to eat at the restaurant, but as the saying thing goes “hard, choice, easy life, easy choice hard life” so thank you for this video as it’s giving me additional warnings 😊
Society's problem lies in the overwhelming focus on salesmanship, and an oversimplified optimism that promotes the idea that success and abundance are easy to achieve. This mindset often dismisses the real challenges people face and discourages deeper conversations about life’s complexities, leading to more superficial connections and a lack of genuine understanding.
Well said!!
Thank you for sharing!, you made me think that although I'm not 20 anymore, there's still time to improve my future!
I worked with a young woman who quit her very successful and high paying job with a credit card company..specifically in the unit selling cards to students (yes it’s targeted)…via mail and on campus, via giveaways etc..she said she could not live with herself because they knew many would charge themselves into debt and the profit was the interest and penalty payments..the students were cash cows..
I'm retired, twice, debt-free and plan to leave most of my estate to charity.
Wonderful, eye opening video. I'm right there with ya, with being behind.
I can relate to every single one of these. I also wish YT had been around 30-40 years ago. What I've learned from YT has changed my life, although later than I'd like. I don't understand how young people today can claim ignorance, about anything.
Concerning my Kids i know i could give them more money, but first they have enough to live confortable, then i do think they have to build themself their money savings for their own projects. They will be so proud of it and will understand much better.
Awesome to hear your story of persistence! A good lesson on learning from mistakes and moving on. You are an inspiration!
Thanks, I appreciate that!
Great advice from someone who is honest about her choices . Learn from this woman.
I’d also watch out for expensive vacations, eating out too much and impulsive online shopping.
I ❤❤❤❤ your commentary. I have dealt with many of your same issues. 😊😊😊. Regarding helping children too much, I have seen my friends help their children and/or siblings to their detriment. ( a friend who financially supported her sons( 40+) is facing financial difficulties at 65 ( only has $20k saved for retirement. Another friend who supported her older sister and has not maxed out her retirement accounts 😢😢😢). I have two adult sons ( one college educated & working and other working part time school part time) I require they pay “rent” which I save so if they have an emergency, ( car or copays….etc) There is money to tap rather than reck my budget. New sub here ….
Smart.
Thank you for your honesty ...to help others. OMG!!!I can relate with you. Financial Literacy should be taught in school ! Most of us learn the hard way. Till this day, I remember making the biggest mistake of buying a new car at the age of 19. It was a Geo Prizm at a 23% interest rate 🙈. I lost it after three years. Never again, I drive a Toyota Corolla and its paid off. Thank you for sharing
I’m also divorced with adult kids and used the retirement funds from the divorce to keep our lives stable after my 22 year marriage ended.
I had been out of the workforce for quite a while due to my ex frequent travel for work and relocating for his jobs -so that huge work gap
had a negative impact on my income during the last 15 years.
I’m almost 62 and see a lot of work ahead however I am out of an abusive marriage and never remarried.
@@nancykay4128 ❤️
Great video! Many of the struggles you mentioned, I can relate too.
Latest data in Australia based on actual spending habits is that lthe difference between surviving on the pension and living on a pension and being happy is as little as $500 a month extra so less than $100k in savings. Assumes own your own home and debt free.
Thanks! Great advice.
Thank you for the great video! Great advice, I really appreciate it
You were very real and vulnerable. Thank you.
I made similar errors as well. I never used credit however. I was always frugal and delayed gratification. However, I worked in the non profit most of my life and it does not pay well. I also had my child very young and struggled often but always worked hard.
The worst was marrying a narcissist who refused to work and did horrendous harm to me financially and otherwise. I lost my home because of him. ten years later I am struggling to pay very high rent that keeps rising. My retirement will not be comfortable as I 'd wished but hey... I was a dumb naive fool and I am paying for that. But I have faith and God will always care for me and you also! God bless you!
Hello, how did he make you loose your home; if you don’t mind sharing.
@mamatosh05 It is a very long story. He did not put in a dime and wanted to up size so I foolishly did. Than he kept pushing me and pushing me and pushing me to leave my job and start a business with him. He lied and took other people;s money. So I foolishly left my job and believed him for finances from the business which failed quickly and miserably. Everyone lost money who trusted him. I now had a bigger mortgage and was alone as usual to pay for everything and now no money to cover it all so I lost my savings trying to cover all the expenses and also could not find a new job fast enough so I had no choice but to sell my home. I never recovered financially. I was so foolishly trusting and always giving in to his ways so I lost everything.
2008 Honda Civic here. Heck ya. I won't ever go back either 😀
Ha, as a 55 year old I could have written this! Shoulda woulda coulda! Sooo many regrets!
Thank you for bravely sharing your mistakes, they're the best teachers. About the only one I've made is not investing more aggressively but then again, considering our circumstances I probably made the right choice as our income wasn't all that high or stable. Either way I got there thanks to a lot of other good choices. Don't feel bad about the coffee shop, a lot of us have dreamed of owning successful restaurants, especially when we love to cook and share with others. I'd have loved to had a pizza restaurant, a 50's themed diner, a burger spot and even a supper club but thanks to learning from others I decided to focus on cooking at home where it's all of the fun and none of the financial risk or responsibility.
She is correct about a company's 401k. Don't miss out on that free company match and leave it to grow!
I keep writing the same thing - schools need to teach us about investing, stock market, 401k, etc. If we save in our twenties, then our 40's and 50's are much better. I was lucky my mom worked and had a 401k so she drilled it in my head to fund it. I wouldn't ahve known.
Always love your honesty and wisdom!
I got credit card offers in university. Companies had booths on campus. After university I applied for a $500 credit limit card because a friend talked about the importance of a credit score. I was denied and I applied with the bank where I had an account. When I went to inquire on the denial, they said they had no background information about me but since I showed ID and the limit was below the average account level I maintained for years, I was approved.
That was a very honest conversation.
Good video auntie
Thank you so much for your honesty. Keep your chin up, sweetheart. Owning our mistakes is the first step to something better. ❤❤❤❤❤❤❤❤❤❤
I’ve made similar mistakes as you. We should teach children financial literacy in school and maybe alleviate some of those mistakes.
@@JosephSergio-i9l absolutely!
They used to at one time. Not so much anymore. I wonder if credit card companies had something to do with the decision to remove these classes from schools.
But do kids really pay attention enough to learn anything in school? School already teaches reading, writing, and math, and it's amazing how many adults can't do much of any of those things well. Put it this way: if you flunk out of school, does it matter what the school taught?
@@tarlkudrick1174 and this is a failure of the schools, not the kids.
I gave my 4 grandkids kids $books and workbooks for 1 of their presents.
Hey, the Odyssey was a good investment ;-) This was very brave of you and judging by how many people commented (!!!) I'd say that a lot of people will find your advice helpful. At the very least, they will know that they are not alone.
Yes, the Odyssey was a good investment! I love that little van. Thanks for commenting on my video!
Thank you for sharing ❤
I like this vid... Good insight and interesting, it is good that you recognise where you could have done better in the past.
You’re sooo correct about everything!
Thank you for sharing all this. Very educational and helpful. One thing you did not make quite clear: Why did you stop working your corporate job at age 55? I worry that 10 years from now you will look back and say "that was another mistake". I did the same, with good reason, and it was not a mistake for me, but you did not say why you stopped at 55.
I was burned out and I hated every minute of it. I was going to be laid off in 2025 anyway, so I went ahead and ripped off the bandaid. I have the resources to take a little time to decide what’s next.
@Midlifeanticrisis finacial mistake #11 never leave a job without having another one set in stone
They have to understand the sense and feel the pleasure of making efforts and harvest the good résultats of them 😊
If youre 40 and haven’t saved anything these videos are your sign to start now. A lot of people don’t save because they feel like it won’t make a difference, but it literally will make a difference. If you start at 40 and if you can possibly save the maximum amount of allowed, you will be fine by the time you’re 60. But if you wait until you’re 50, you’re gonna be struggling a lot.
I established IRA and non-IRA brokerage accounts in my 20s and contributed to them aggressively and consistently throughout the decades. I always worked full-time-plus, lived very frugally, and saved as much as I could. Fast-forward 40 years to the present, and I'm now retired with zero debt of any kind, multiple revenue streams, and a significant net worth. It is critical to start saving and investing at a young age.
I am struggling with #7 , thanks for sharing!
Very insightful tips
I thought your video was excellent: both personal and thought provoking. I resonated with many of the points you made but for me the two biggest mistakes I made were not getting a financial education until I was in my 30's and not implementing a financial plan for far too long. Both of these mistakes led to sloppy finances for decades. And the hardest part about my sloppy finances was that it took years to get out of the mess I had made. I had to be disciplined, determined, and to keep my financial priorities in the forefront of my mind. But I did it and other people can too.
I can relate! But we don't know what we don't know, and the internet wasn't around back then. Now that we know better, we do better. :)
@@Midlifeanticrisis How true! But one thing that inhibited me tackling the problem was shame. I thought that I should know better. It really helped me to watch tv shows about people in a financial mess so I could realize that how I felt was common but I couldn't let it get in my way of dealing with the mess.
Great content
I totally agreed with you. Unfortunately we GenX hope we can turn back time. Fact is , we can’t. Hopefully the current generations does not repeat our mistake
Thank you for this video❤
Algorithm brought me here. Good tidbits. Literally 10 years of company match is wild for your wealth building, its a big hack for sure, dont out it off and dont put off investing even when in debt.
Thank you. Great advice appreciate it.
In Australia, we are thankful for compulsory superannuation. And if you have a reasonable job and are able to salary sacrifice into your superannuation, that’s a bonus.. Regarding the idea that you can change another adult is something that we should know we can’t do from the time we begin a relationship. Unfortunately it is seen as a romantic idea which rarely comes true. People mistakenly think that lust and love can overcome money differences. Sometimes we have to learn the hard way.
Unless you live overseas for 25 years & come back to practically no Super 😒
@@Lilione111that's your fault not the Aust govt
@ykook7000 Where did you read that I blamed the government? I simply said that I don’t have Super because I’ve been overseas (& not working in OZ to earn it).
Felt like you thought it was a ridiculous idea to buy a coffee shop, it has been something that pops into my mind thinking it was an easy business to operate successfully in America. Thanks for proving that I was wrong.
Think about it...how many 3-5$ cups of coffee do you have to sell just to break even? Rent, utilities and supplies (which will be higher than you think), payroll if you hire employees, taxes, not to mention start-up costs. Not saying it's always a bad idea, because look at Starbucks. Part of the problem became the economy crashing in 2009, which there was no way to know that when we started, and all of the other factors.
Being married was my worst money mistake
Thanks for sharing. Yours is one of the best videos on UA-cam
I’m glad you liked it!
I relate strongly to #8.
My wife and I tried to get you to 10k subs...so close! Grats and thanks!
@@-phenom- thank you!!!
Yes on Business Plan! Eyes wide open !
Keep up with the maintenance on the car. Especially the transmission, oil changes, and timing belt. That Honda can run for 500K miles and more easily.
You are so brave living your life out loud. I wish more t-rans women would do the same. You are an inspiration.
Thanks for sharing.
I wish I could retire now at 55, but I’ll have to wait until I’m 67 or 68.
Great tips.
You’re brave…3 marriages 😁 Once was more than enough for me 😂
I drive a 2004 Nissan. I will not pay heaps for a car!
I wish I had only invested something into a Roth IRA when I was young. It would’ve grown for 45 years and I could retire with less stress. My ex started investing at 20. He stayed employed by the same company for 40 years and has several million dollars, ready for retirement.
Have started investing like crazy in age of 33 .Investing also requires experience. I made a lot of mistakes in 4 years. It took me half a decade to learn what is good
Excellent video. I appreciate your candor and insight. I totally agree with your advice to young people. IF YOUR EMPLOYER offers a 401k ...... JOIN IT ASAP!
Love your hair!
Got a new car in 2012 payed in 5 years on 0% interest and still driving that car 😊
#1 Gen x here . Grew up with parents that never had a credit card. I have one but pay it off in the interest period and just rack up reward dollars.#2 at my first job a old guy said to just put in 15% of your salary into super (401k) did that ever since #3 yes I buy a new car about every 15 years and only let them go when repairs are more than they are worth #4 yep made that mistake married a spender when I and a saver #6 got into realestate with family ended being the only one keeping it afloat cost me badly agree buy the smallest h9me with the smallest mortgage as soon as you can #7 yep same here still propping them up and they are i their 20s #8 57 and have plan to exit in less than 1 year 11 months 1 week.
Not only should you start a 401k when you are young, make sure you are invested in stocks only. I made the mistake of being too conservative with bonds in my portfolio. Just pick the lowest fee total U.S. stock market, or S&P 500 index. Like VOO/VTI.
I signed up for my 401k plan. My employer match up to 5%. I’m in a managed plan through fidelity
@@Thechosen1-r3p Very nice! Do they offer any of the zero fee funds like FZROX or FNILX?
I’m 50 years old and can’t wait to retire. I no longer enjoy working
I made that same 401k mistake. Missed out on free money from the match.
I purchased a timeshare in 1985 in Hawaii for $9,000… had to pay annual assessments also… a timeshare is a terrible purchase… I ended up just walking away from it…
I think you have to pick your relationships very very wisely or really avoid them altogether
Thanks 👏🏻👏🏻
A new car is only worth it if you can afford to buy one outright in cash and still have a lot money left over and if its a honda or toyota
Older vehicles tend to have major problems after 100K to 150K miles
I dont blame you for not investing in 401k in 1987. They were rather new. Most companies didn't offer them. So most people didn't know how to use them.
3 failed marriages will always leave you behind. My mother has 3 failed marriages. You just can’t catch up. Once you deal with the emotional toll it brings, you’ve already lost 18-24 months of earning potential. Marrying better or just not marrying at all is a better option.
I am 55 and still working.however I never intend to work full-time again.completly shit sick.of it
If your company has a 401(k) and they match, make sure you contribute up to the match amount
Why dont you sell your real estate and invest your money? Im curious. Cause I own a home outright but am cash poor. So im debating what to do. Im single. No debt. Little scared of where the market might go tho myself.
I might consider selling a property when the market picks back up. Until then, I do consider the money that is tied up in my real estate to be invested. It is growing. Long-term holding of real estate is a great wealth building tool. I have a long time to live yet, so I'm not ready to liquidate.
@@Midlifeanticrisis I thought the market was doing well. You mean access via interest rates for buyers? House prices seem to be high. At least in my area. What is a good marker for a good market? Thanks for the response
Many may THINK they will stii be able to work 65 or longer, then life kicks in...no job is safe and you can be laid off at any time, health issues with you/family members. And getting a parttime job isn't as easy either...ageism is real.
In UK people are being laid off in their mid-fifties and struggle to find another job but cannot get State pension til 68 now, and rising.
My biggest pet peeve is idiots who think they have to go to Disney twice a year when the kids are 2-3 years old. Duh they aren’t going to remember squat. And they put it all on a credit card
Live below your means and use your 401k. That's all most people need to do
Buying a new car is a mistake for everybody. TRUTH! A friend is doing this - his wife makes a lot of money. 40K for their car financed for 5 years - $800/month. I told him he it was a bad idea - he says his wife (a lawyer) wants to look professional and successful.
"wants to look..." Keeping up appearances, keeping up with the Joneses, etc. Such a trap for so many people.
Buying a new car is pretty much the only financial weakness I have, and I refuse to change it. I bought a new car 22 years ago when I graduated college and kept it until a drunk drive totaled it a few months ago. I planned to keep it forever and didn't have a car payment for the past 17 years. So last month I bought my second new car in 22 years and I plan to keep this one forever. I don't care if it's financially stupid, being the single owner of a car and taking care of it for decades is a passion/hobby of mine. The loan payment is 5% of my gross monthly income, so it's not too bad I guess. I invest 20% into my 401k, so that's good too.
Sounds like you have the right idea. 22 years...nothing stupid about that!
well done! THAT is the way to buy a new car! DECADES of use