QuestionWajihaS - 11.03.2018 - 18:56:14
What do you think is your biggest financial mistake and what did you learn from it?
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AnswerSoliman - 12.03.2018 - 07:46:19
My worst financial mistake.. I could say it was lack on financial planing and budgeting. I spent years spending my money on things I didn’t really need. It was mostly wants, like Shopping for fun, a vacation that I couldn’t afford and of course most importantly, eating outside. I then realized that it wasn’t the habit of “having fun” that damaged my wallet, but rather the planning that sourounds it. What I learned was that I have to budget and work on a plan before I take my next trip, that I must think twice before I go and I buy the new iPhone and maybe save for a couple of months before I purchase that big plasma TV that I have always wanted.
Monthly Budgeting is the heart of a healthy financial life to me. And so far it didn’t fail me :).
Aileen - 12.03.2018 - 22:52:41
Spending to much out of my budget is my biggest mistake of all time & worst I keep on repeating it! But thankfully as time goes by I’m slowly learning how to budget my financial needs & savings. I’ve learn how to spend wisely focus only on your needs not on wants & its better to save for your future & have goals for your self. Living alone & independent in a faraway country is such a challenge & for me learning to manage my own finances is such an achievement & I’m very proud of my self for that.
Kumar - 13.03.2018 - 06:39:03
My biggest financial mistake is currently I bought a smart phone which was around 1500 DHM , Now I have my eyes Surgery next week for that doctor says takes 5k dhm .I have only around 1200 dhm salary in a month hardly I bought this phone but now I'm thinking why I bought ,it's better if I had saved that money so for now would be more help now I'm taking loan with friends for my surgery,
From this mistake I learned we have to think about the future . Don't spend so much money to unnecessary things.
Big big big big hope to win.Thank you team and pray for my surgery..
Zohair - 13.03.2018 - 13:12:58
I made several mistakes but try and learn from them. The one i kept repeating until 3 years back was buying brand new cars in UAE. Learnt from past experiences and advise from friends and my last car purchase was from a pre-approved delaership! cracking deal, great value and didnt leave a hole in my pocket!
pklim - 13.03.2018 - 18:42:03
I think mine was getting into mortgage and not calculating how it was going to mess up my financials. That was really silly. I had a beautiful new home but almost no money left to fill up the fridge.
I learned that just because the bank approves it it does not mean it is a smart decision and one should know his budget and how new finance can complicate it. And also - being an optimist is great but does not help in budgeting. For budgeting you have to a realist or a slight pessimist :)
Kamran - 13.03.2018 - 20:51:02
My biggest financial mistake was, I do not get my money working for me in the markets or through other income-producing investments, i cannot stop working - ever. Making monthly contributions to designated retirement accounts is essential for a comfortable retirement. Understand the time my investments will have to grow and how much risk I can tolerate, then consulting a qualified financial advisor to match this with my goals.
Jeff - 13.03.2018 - 22:46:52
Buying your very first car.
Although exciting as it seems on owning your very first vehicle, you will need to look back and check whether it really is a necessity or just for the sake of luxury living. So, here I am, still stuck with a 5-year installment plan with 3 years remaining. At the least, it's a good learning lesson to look forward to and start anew once everything will be paid off.
Nas - 14.03.2018 - 00:30:43
Even not spending our money for own(luxury,day to day needs) sending money to home country to keep them safe and some of treatment.sending these money with happy minded ...but,in my side of situation getting very bad .....I don't think this is a financial mistakes and poor budget planning ,these r all our rights to do .......all we only need Allah's grace to solve our problems and financial issues.but still I'm hoping these situations will change ....patience and hardworkship will help........
Malu - 14.03.2018 - 09:02:50
In my point of view we should not take loans . We are struggling to finish the loan . We are paying monthly 6000 for one loan .so this is my opinion.
Joyce - 14.03.2018 - 11:35:11
My worst financial mistakes are not investing my money in the right kind and form of investment. Indeed time and experience is really the best teacher in life. Spending most of my money and earnings, to things that I really don't need and less values. Now as years goes by I realized a lot of things in my financial status. That I should not just rely in one income. I should not just save for something that will not benefit my future. That quality is better than quantity. Sales and Offers really don't help you to save money but spend more and waste more. Saying "NO" to friends and family when they barrow or ask for money. It's true that sharing is caring but if you don't have spare or extra then its not good also. Working within your Budget is the best thing I've done. If I wanted something that is not in my budget then I have to find another way to generate an income so I will not use the savings that have. And most of all don't envy others whenever you see them with things you don't have or lack. Because everyone has it's own perfect timing for that, just continue on working hard and stop wasting time and money on things will not benefit your future. Keep on going learn from your mistakes and start investing properly.