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Episode 3672:
Mark Dennis, a financial planner, walks through the two worst money decisions of his own life: a timeshare bought on emotion during his honeymoon, and student loans taken out for an MBA he ultimately abandoned. He shows how both traced back to committing before thinking it through, and he adds a short list of common blunders, from carrying credit card debt to lending money to family, that quietly work against good money management. The takeaway is that expensive mistakes do not have to be permanent ones.
Read along with the original article(s) here: https://www.financialfinesse.com/2018/04/26/the-worst-money-mistakes-ive-made/
Quotes to ponder:
"Ultimately, we learned never to make a major financial commitment driven primarily by emotion."
"Just as positive compounding helps us become wealthy by earning interest on interest, the reverse is true of debt."
"Money decisions driven by emotion rarely turn out well, and what gets more emotional than a plea for money from a family member?"
Optimal Finance Daily is a daily personal finance podcast where we narrate the best articles on financial independence, investing, saving money, and money management, read to you by a professional narrator so you can grow your wealth a little more every day.
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