I've made many mistakes with money, but still figured out how to become a millionaire.
Avoid these 7 mistakes and you'll be far ahead of me:
Avoid these 7 mistakes and you'll be far ahead of me:
1. Chose debt over scholarships
I could have:
- received academic scholarships
- received athletic scholarships
- chose less expensive schools
- worked through school
But no, I attended my dream schools.
I ended up with $160K in student loans.
I could have:
- received academic scholarships
- received athletic scholarships
- chose less expensive schools
- worked through school
But no, I attended my dream schools.
I ended up with $160K in student loans.
2. Maxed out my credit cards twice
At age 28, I moved into a new apartment and used every credit limit I had to buy furniture and other things.
At age 31, I renovated a fixer upper, again, maxing out every credit limit I had.
At age 28, I moved into a new apartment and used every credit limit I had to buy furniture and other things.
At age 31, I renovated a fixer upper, again, maxing out every credit limit I had.
3. Let my ego drive my money decisions
I was driven by my career, and you have to have a great image to do well, right?
That's what I thought... but, that's not completely true.
I was driven by my career, and you have to have a great image to do well, right?
That's what I thought... but, that's not completely true.
4. Focused only on increasing income
I believed my income would grow to the point of covering my out-of-control spending.
Lifestyle creep is real.
I believed my income would grow to the point of covering my out-of-control spending.
Lifestyle creep is real.
5. Never questioned my beliefs
I thought...
- More stuff makes you more important.
- Buying things makes you happy.
- Monthly debt payments are my motivation.
These are just a few beliefs I was trapped by.
I thought...
- More stuff makes you more important.
- Buying things makes you happy.
- Monthly debt payments are my motivation.
These are just a few beliefs I was trapped by.
6. Withdrew from my 401k early
I got to the point where I wanted to pay off my debt quickly.
Instead of sticking to a plan, I took a short-cut and closed my prior employer's 401k.
This $28K balance would be well over $100K today if I hadn't touched it.
I got to the point where I wanted to pay off my debt quickly.
Instead of sticking to a plan, I took a short-cut and closed my prior employer's 401k.
This $28K balance would be well over $100K today if I hadn't touched it.
7. Fell for instant gratification
After I moved into my first apartment in LA, I wanted a bookshelf.
Instead of waiting until I had the money, I borrowed it from my sister.
Why couldn't I have waited??
After I moved into my first apartment in LA, I wanted a bookshelf.
Instead of waiting until I had the money, I borrowed it from my sister.
Why couldn't I have waited??
If you enjoyed this thread:
1. Follow me @iamcoriarnold for more of these
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1. Follow me @iamcoriarnold for more of these
2. Share or RT the first tweet to share this thread with your audience
Imagine:
- being debt-free
- accumulating real wealth
Win With Your Money 101 provides:
- Excel templates for tracking & budgeting
- debt payoff hacks and strategies
- step-by-step action plan
For a limited time, get this course for $19.99
udemy.com
- being debt-free
- accumulating real wealth
Win With Your Money 101 provides:
- Excel templates for tracking & budgeting
- debt payoff hacks and strategies
- step-by-step action plan
For a limited time, get this course for $19.99
udemy.com
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