Welcome back for another installment of “Money Mistakes”. Everyone makes money mistakes, even us financial gurus. The important part is to learn from mistakes made by yourself or others, no matter how big or small.
Tell us a little about yourself
I am Cindy, the blogger of The Money Dreamer, and I started this blog after college. I became interested in personal finance as I was transitioning to independence and needed to take control of my money. I found out that I couldn’t live the traditional 9-5 job any longer, so I decided to venture out, take control of my finance, and explore other possibilities. Then my blog was born.
What was your money mistake and when did you make it?
I’m usually on top of my money game, but to me, it was a huge waste. A year or so ago, I bought a course about Facebook Ads because I want to learn a little bit about digital marketing and thought I can grow my wealth. I was intrigued about this field, so I decided to dive into it.
What led you to making the mistake?
I wanted to invest in myself so I thought buying this course was beneficial. Yes, there are a lot of courses out there that look spammy, and I should’ve done a little bit more research on it. The way they market it made it sound so believable like any other courses out there.
Not only did I waste money on the course, but I also wasted a lot of money on running Facebook ads as I was trying to master it. The course taught me how to run ads, and I do know how to run them. However, it took a lot of testing and money.
The mentors in the course also partner up with a company that helped you form an LLC. I also wasted a lot of money on forming an LLC and paying double when I could’ve done it myself. The company peer pressure me into doing it, so I felt like I was being forced into forming one when I didn’t need to yet. Yeah, not a good thing for me, and to this day, I regret doing it still.
How did you recover from it?
I had to use my savings account to pay for it so that I don’t have to deal with the interest rates. I didn’t have a lot of responsibility at that time, so I had a lot saved up to pay for everything.
What would you have done differently?
Research more on the course and see if there are reviews from people to see if they are legit or not.
How can others avoid the same money mistake?
Do your due diligence!!! I cannot tell you how much people don’t do it. If you want to know or understand something, you have to research it. This is why Google is your best friend! Don’t buy things if you don’t know what it is. People get spam by others, and it is not fun! I sometimes regret my decision to this day.
Most importantly, what did you learn from your money mistake?
When it comes to money, you want to think twice before making a purchase. I didn’t think much at that time and just purchase things in a heartbeat. Money is hard to earn, but it is easy to spend it all. Take a step back and reevaluate everything.
Also, don’t give in to peer pressure. People can play on your emotions so that you will make a purchase. Be logical and check where you stand financially.
Investing in yourself is important to be on top of your money game. The more you read, learn, and experiment, the better off you are at making decisions. Finance can be hard to understand, but you want to take control of your money and not let money control you.
Anything else you want to say?
Mistakes happen, and you learn from them. It’s not the end of the world, right? The more mistakes you make the better off you are because then you can become a better problem solver when you are in a similar situation. You can never stop learning and growing until the day you die.
Jeff is a fan of all things finance. When he’s not out there changing the world with his blog, you can find him on a run, a Mets game, playing video games, or just playing around with his kids.