In my earlier days, I made every financial mistake imaginable, but it has ultimately provided me with a deeper understanding of my clients’ psychology.
- I purchased a ULIP when the charges were 30-35% in ULIPs.
- My spouse purchased a money-back policy, and it took me some time to convince her to come out of the policy with a loss.
- I left my corporate job and did not purchase health insurance for my family, and my son was admitted to the hospital during the time gap between when I joined the next job.
- I started buying stocks on the advice of so-called media gurus and had a substantial loss
- I traded in options and derivatives, losing my first 2 months’ salary. 1st month was to double my investments, and 2nd month was to cover the losses for 1st month.
- I purchased a flat under parental pressure while I kept shifting to different cities.
- Delayed payments for my credit card bills and a stage came where I was paying the minimum amount.
- Withdraw from mutual funds just to purchase unnecessary things.
- Giving loans to my friends and investing in a business I did not know. I never got the money back.
- Did not start investing during the early days of my career.
What are your financial mistakes?
