How to Avoid Crucial Money Mistakes | Phil Town

My mistakes:
I started investing too late.
I learned about assets&liabilities too late
I got myself the wrong type of mortgage
I used to think money is evil
By the way I wouldnt use a credit card unless I can&will pay off the amount charged as soon as Im home, or unless Im booking a hotel and have the money ready in my savings account.

I have brought your books as an investment. I also bought SECURITY ANALYSIS.

I tried to take bigger jobs, get more people to do the job, then I run out of money to pay this people so I had to go in debt. By the time job was completed I was already in deep s#t but I thought the company would give me another big contract and I'll be sweet but company turn to ass and offered to sue them if I have enough money for it… Big mistake, like $30k big…
Lesson I learned – don't play with bank's money! When you earned it hard – you'll count every penny

For me as an yong man, the worst money mistake is spending money to unless parties. Sometime it costs thousands a night for shots that people end up throws up in the washroom later. Some guys got ulcer and end up in hospital. Crazy. That's the 2nd worst. I think the worst worst mistake that people think go to Casino to get rich quick. Casino can make the dealers get rich quick, not the players.

I m such a big fan of yours.. Great great fantabulous job sir

You're awesome!! Started watching your videos for about a month. I'm 23 and last week I purchased my first stock using your rules I have learned watching YouTube. Never would have done it without you. Thank you!!

I made a big mistake by spending too much on my marriage after that I was trapped in a huge debt, I finally finished it last month. But many things I learned from this
1) Now I pay myself first at least 20% , sometimes Even 60%,70%
2) Now I keep track of my every single expense. I daily review it
3) I set a 2018 goal of 25% more income.
4) I study at least 1 hour about my fianancial education
Hope you get some help from this…..

Check if your local library has the book or biography you are after. Borrow it and read it. Borrow it again in 6 months and read it again. If you still think it's worthwhile, then buy it.

A book collection can be addictive (and adds up, loses value and still has to be dusted just like everything we own), so make sure you are only buying the ones that you love.

Buy shit you don really need. Stopped buying that shit and tottaly revised my spending.

Money mistake: Attended a 4 year college program and graduated debt free. It was a mistake because I did not visit the industry, job shadow etc prior to school. After graduation I learned that the day to day was nothing like what my professors led me and my peers to believe. I trudged on but eventually got out and back to my small college business. Thankfully things are going well enough financially to not rely on the degree and not having a student loan payment is awesome!

Due diligence is a must prior to any and all investments.

Great video! I once listened to a friend who would not shut up about crypto currency and kept hounding me to get in. Eventually I caved and bought $4000 worth when it was at $20,000. Haha…. I think we all know that went! Moral of the story – don’t invest in things you don’t understand.

10 years ago I built a business which I funded with a credit card. The ship inevitably sank leaving me with an outstanding tax debt which compounded over 7 years to become four times the original amount! Tough lesson, but it did motivate me to begin learning about investing to take advantage of compound interest. Thanks so much for these videos, Phil. I'm reading your book at the moment and everything you have to say helping me so much.

Money mistakes: buying useless stuff that I don’t use.

haha the Buffet story lol, good video tho !!!

Not keeping Cash when opportunities come. Being 100% Invested.

I think your advice about credit cards needs a little tweaking! Credit cards are a great way to make money/rewards back on money you're going to spend anyway. I put almost everything on my credit card, I just pay it off in full each month.
I get hundreds of dollars of returns!

Biggest mistake and bad debt is buying a timeshare I didn't need or is very hard to use given the conditions of timeshare. I hope to sell it someday or return it if they will let me

This channel is awesome I watch all your videos thank you for your help.

Financial mistake, not knowing I could have put money into a Roth IRA too.

Private student loans, ….. Biggest Mistake ever…. …now I'll sell the house and settle them and follow your teachings, I'm 30 hope it's not too late to generate wealth

The most serious mistake I made with money was getting married. #2 was having kids.

The credit card tip so true. Used it to fund an investment account on an app, made 100$ profit in a week then reimbursed the credit payment. Bam

I have made several money mistakes. I took out a student loan for only half of my college education. The rest I paid in cash. Looking back I regret going to college so quickly because it was expected of me by my family and they wanted me to work and go to school at the same time. It always seemed as though I stressed more about money then my grades. If I had wonderful grades then I would worry about getting kicked out of my class for not being able to make my deferred payments or I would have the money from working crazy overtime hours. Often I would miss class because I wasn't relieved at work or working several 12 to 16 hour shifts had me falling asleep snoring in class. There were times when I was lucky to get home and only scrap the bush with my car. My thoughts were to save and then when I have enough to go to college, that I would go. I made another mistake when I first invested in stocks, by buying one stock of Berkshire Hathaway, Google, and AT&T. I didn't know a lot about investing but I read a lot about the companies' mergers, goals, and there products. My boyfriend had to explain to me that I had to buy more than one stock. Overall my biggest mistake is taking advice from people that are terrible money managers within my own family. Growing up I hated the idea of some one telling me "this is the way it's done and this is how we've been handling money for years." Keep in mind I recently went shopping with a relative that said they were gaining points on their credit card by shopping, but it sounded more like they were racking up debt and overpaying for stuff. I even tried to explain why they should not max out their credit. After watching your videos, Dave Ramsey, and Sugar Mamma (Canna Campbell) videos I have learned more from those videos than I did in my Economics class in high school. I also read the book called, The Intelligent Investor. In a few years I hope to increase my knowledge of Accounting.