During a teenager, my family’s income was affected by my teenager mistakes. The mindset was zero. After completed high school, I was searching for some works. Every youngster always fascinated by select items like bikes, mobiles, branded clothes, and shoes. Same wishes I had. That day mind does not know what I am doing is right? I did not pay attention to cash flow habits.
But my two biggest teenager mistakes forced me to change my practices from spending to investing. My eyes opened about finances when my account closed due to zero amount. I could not eat good food and not sleep. An e-commerce platform searched for ordered some motivation books and bought Z-factor. Finally, I realized where is the main problem.
What were my two teenager mistakes that emphasis to learn about finances?
iPhone – I purchased my 2nd iPhone by equated monthly installments
(EMI). The total cost was around $730 & an entire period of 15 months. I paid $50 every month. The EMI had entered in mind & aware. Moreover, 2nd gadget was a laptop that ordered by EMI. As a result, the monthly installment was $55. In total, I had to pay $65. My habits had entered in EMI trap.
“NO SHORTCUT OF BECOMING RICH BUT MANY SHORTCUT TO BECOME POOR”
Debt – During the age of 16, I did not any knowledge about digital investing. I was listening to a song on youtube & the advertisement appeared on the Olymp trade. Digital earning allured my brain and compelled me to open a live account in this app. After some days, I put $10 and got $19. I took the risk to take a loan from my credit card that amount was $1500.
The repay time duration was one year. My debt converted into EMI, which was $110. 2-3 months later, I lost all money in binary trading. Bad days came & sleep was stressful & angry mind. I had nothing income source of repaying all EMI. My parents assisted in completing of EMI. In that case, my father’s income affected by my mistakes.
What did I learn a lesson from these teenager mistakes?
- Never buy gadgets on EMI
- Do not take debt for investment or any work.
- Never use of short cut to becoming wealthy.
- Sacrifice spending habits & prepare the mindset for investing first.
- Learning before earning
- Learning from mistakes
- The problem in our thinking, not the work.
What is the situation of mine?
Some people afraid of mistakes and avert. But failure teaches what more is required to be a success. Poor mindset makes mistakes again and again and never realized where is the problem, how to solve it. On the other hand, the identification of my faults was perfect and learning from errors. Now I am a professional forex trader and living a dreamful life.
Final words are if I don’t want aware mistakes, you are not here on this website. My life changed by learning the principles of financial education. If you are facing the heat waves of errors, take action to identify mistakes.
” CHANGE YOUR THINKING CHANGE YOUR LIFE”