Experience is the Best Teacher - You should learn and improvise from other people's past mistakes

I was given an interesting link regarding personal financial planning. The summary is people made mistakes by not learning the art of personal financial planning as early as possible. The author categorized the mistakes in these areas:

1. Saving and Spending Mistakes

2. Debt Mistakes

3. Lifestyle Mistakes

4. Income and Career Mistakes

5. Financial Planning Mistakes

6. Other Mistakes

You can read about it from the link below:

http://fitzvillafuerte.com/20-financial-mistakes-that-30-year-olds-regret-the-most.html

My favourite mistakes people always did was number:
#13 I regret not learning about investments early.
Money is not the problem. It is the mentality of disbelieve that investments for the future are important is the main problem. In order to do that you need to evaluate your lifestyle objectively. This is one of the fundamental technique I teach in my investment seminar.

#8 I wish I didn’t ignore the reality of inflation.
Many people ignore this reality in their early life. By the time they realize their life didn't get any better even though they get salary increment, it is almost too late for them. They can recover from their mistakes provided they are willing to learn new tricks.

#16 I regret going into debt for a wedding.
You have to watch Seniman Bujang Lapok to understand this if you have not married yet. It is still not too late. There are so many stupid people spending for their wedding beyond their means. The sad part is there are many young people getting married using their parents' money. They should have their own funds to get married if they are really good children.


My main concern as a self taught financial trainer is why those mistakes happened? The scary part is the mistakes also happen to educated people regardless they are engineers, administrators, accountants, religious people and many more. I don't have the statistic but I have seen many cases in front of my eyes the mistakes done by these people. Even I have done some of the mistakes.

The main conclusion I can made was ARROGANT. Many people with higher education will always taught they have a lot of knowledge. Hence, they can do whatever they want. When we were young, we are too ARROGANT to ask successful people how they achieved it. We taught we want to achieve it based on our own merits.

Some people may not be arrogant. But, they are simply too shy to ask where the old Malay people always said "Malu bertanya Sesat Jalan"!

You, your friends and relatives should come to our personal financial planning and property investment to be held at UTM KL on 21 June 2014 before it is too late.