The Biggest Money Mistakes You Can Make
Posted by siteadmin on Wednesday 3rd July 2019.
We’ve all spent too much on something that turned out to be overpriced rubbish. Or letting a screaming bargain pass us by, only to be snapped up by someone else.
But these following two examples of mistakes involving money might make you feel a little better about buying those shoes you never wore.
Back in 1961, Dick Rowe of Decca Records turned down the chance to sign a band from Liverpool called The Beatles. His rationale was that ‘guitar groups are going out of fashion.’ The rest as they say is history. In this case, the cost to Decca was hundreds of millions of pounds.
And spare a thought (and possibly some change) for Ronald Wayne. Ronald was given ten per cent of the shares in a start-up tech business in the early 1970s. The company was called Apple. Yes, that Apple. He sold his shares quickly for $800. But if he’d kept hold of them, they would be now worth billions. He’s living out his days in a trailer park in Nevada, so I believe.
There’s one common denominator here and that is that a decision was made. Obviously and with the benefit of hindsight, they were very much the wrong decision. But for me, the worst decision someone can make about planning their financial future is to make NO decision at all.
Being indecisive and sitting on the fence can be dangerous. At the very least, you tend to get splinters.
I meet many people who have been putting off planning for their financial future. They may feel it’s too complicated (it isn’t), that they lack expertise (that’s what I’m here for) or they’ve left it too late (unless they’re 100 then they probably haven’t).
Deciding to take control of your financial future through lifestyle financial planning is one of the best decisions you’ll ever make. That way of life you’ve always craved may be a lot closer to becoming reality than you ever thought with a little expert planning.