We all make mistakes, some are less costly whereas some are more costly. Yeaterday I talked about 5 Mistakes I have done in my 20s where I talked about some of the mistakes I have done in my 20s. Some of these mistakes is actually not great for my financial health but again it didn't proved costly for me.
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But there are some of the mistakes done by a lot of people which actually proves costly sometimes. Like one of my collegue was investing in FnO and thus he has lost 75% of his money. This is because the FnO market is quite risky and 95% people lose money. And even if he knows about losing, he thought he might win the game. And that's why this mistake has proved costly to him.
And about another friend, who has invested his life savings in an apartment from a good builder. Now the builder was supposed to give the apartment in 5 years but it's been 8 years and he has not got the apartment till now. So now he has been paying the rent as well as the EMI from last 8 years. This is again a costly financial mistake because now he don't have any savings till now and all his money is been spent in the EMI itself.
It's not about the mistakes we make, it's about how fast we can rectify those mistakes. If we don't rectify it will be actually bad for our financial future. Like the FnO guy should have stopped as soon as he started going in loss. The apartment guy should have come out of the investment by selling it in little loss and buying the constructed apartment. In my case since the mistakes I have done is not repeated after the initial years and that's why I am actually in a good position now financially speaking.
