Here are my 5 dumbest financial purchases (so far) in my 20’s, exactly what happened, and how you can avoid making a similar mistake - Enjoy! Add me on Instagram: GPStephan
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#1: SPENDING $5000 ON A WEBSITE
I didn’t need a website or a custom marketing plan - but I felt pressured into buying one, anyway. I was left with a half finished, template website that was never fully functional…designs for business cards and letterheads I never actually used, because I wasn’t entirely happy with them…and a $5000 lesson that I should NEVER be pressured into buying something I didn’t entirely need.
#2: A $1200 Tailored Suit
This happened when I was 20 years old and I felt like I needed to buy myself an “ADULT” suit for important meetings and formal occasions…I just went to the first “High End” suit place I could find and I trusted the salesman to give me the BEST suit he possible could for the price. But, instead…I got suit that looked like my Grandpa owned it. I tried to take it to ANOTHER tailor to fix it, but because the entire shape of the suit was so off-proportioned, it would cost more money than what it was worth - so I never wore it.
#3 HIRING A CHEAP LANDSCAPER
I hired the cheapest bid for the job because it seemed like I was getting a great deal. However, the landscaper had no idea what he was doing - wasn’t showing up on time - left early - and left the job half completed. It was in such disrepair that I had to have it re done correctly by someone else. I should’ve been supervising the job much more closely from the very beginning instead of trusting the CHEAPEST person to do the work. Second, I should’ve been WAY more specific of my expectations, the work that needed to be done, and then outline deadline to make sure it was done on time. And third, as soon as I noticed something was wrong - I should’ve cut my losses and moved on to someone else.
#4: GETTING CAUGHT IN HYPE
I can’t mention this word specifically because, for some reason, it impacts the algorithm - but it starts with a b and ends in coin. And that type of digital currency. I bought into a specific coin that went up in value a LOT within the first week, and I didn’t sell because I got greedy. In hindsight, I don’t regret buying into the hype…to me, it was the same as spending money with friends at a casino in terms of what I expected from it. BUT, I DO regret being so care-free about it - and I DO regret the greed that took over when I felt like I could inch out a little more profit.
#5 BUYING TOO CHEAP
That’s just being too cheap where it matters the most. When that happens, it just costs me WAY more money than than had I just spent more upfront on something that WASN’T so cheap. Here’s what I’m getting at…I could’ve saved a LOT of money doing things the RIGHT way, the FIRST time…instead of being too cheap upfront, and then spending MORE money in the long run. This can apply to just about ANYTHING out there, and even now..I still find myself making the same mistake here and there. I’m doing BETTER…but there’s something way too appealing about saving as much money as possible, that I get caught in the excitement of saving pennies…while walking over dollars.
So there you have it…my dumbest financial purchases in my 20’s….SO FAR. I’m definitely not proud of some of this, but at the very least…if you can learn something from it, and not do what I did…then it was all worth it. Because everything I mentioned could’ve easily been avoided with a little upfront research, a little more planning, and realizing that spending more money UPFRONT - can often SAVE you MORE money, long term. And that’s something that’s taken me WAY too long to realize.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com