It’s time to move from the light and face the dark. Let’s turn to the dark side. No, I’m not squawking about Pink Floyd’s Dark Side of the Moon or turning to Star Wars for The Force. (Although both would make exceptional Halloween costumes, snicker).
Since last week we boasted about our Best Financial Decisions, let’s go deep this week and squawk about the dark stuff many never mention. Let’s look at our money mistakes and consider the lessons learned from our financial folly. Your comment may just spare someone some grief.
Question: What were your worst financial decisions?
- Years ago, I did not take responsibility for my own finances and deferred investment choices to a “Financial Planner” (sales person).
- I did not understand the funds the “Financial Planner” sold me.
- I did not understand the massive impact that mutual fund fees, called management expense ratios (MERs), would have on my returns.
Fox’s Lessons Learned:
- Since no one cares more about my money than me, it is my responsibilitiy to learn about how to invest and understand the costs of investing. I have also found that learning about personal finance and investing is neither scary nor hard. It’s just takes some time and effort.
Your turn! Share your financial mistakes by Squawking Back!