How to Avoid These 5 Financial Regrets | Phil Town

Do you have any financial regrets? Leave a comment with some financial regrets you've made in the past.

Will you keep making mistakes with your money, or will you have enough to last you through retirement? Find out today with my quiz! http://bit.ly/2lLe996

Can you recommend any books so that I can further educate my Investment skills?

I like money!

Lists of my regrets
1. Getting married young to my ex wife
2. Buying a german car
3. Gyro from lunch truck this morning.

This should have been on the list: having children.

Hello Phil, I have been watching your videos and I really appreciate your work.

What's wrong with "over" diversifying? You think all your viewers are Buffets? I think the majority could be a better Bogle than a Buffet.

Divide your Emergency fund in 2 parts. Stagger in 8 week T-Bill investments so one T-Bill matures every 4 weeks. Takes about 3 minutes to buy one, once your online account is set-up.

Appreciate your teaching. I just bought your book "Rule 1" and utilized the principles you've taught. It was used, on sale at a great price, from Amazon. 😉

Hey, I love your show. Great job in giving us such a unique and fresh outlook. My question is, I have been investing in dividend-paying stocks, I am at the point where I make $7,200 /yr or avg of $600/mo. I want to buy a new/used car for my family. I am preapproved for a payment of $300/mo and a 3.8% interest rate. Should I finance it and pay it monthly with my dividend income or pay the car outright? I think it's similar to investing in property, should I use my property income to pay for the car or should I use my hard-earned money to pay it outright?

Not going to medical school

Great advice as usual!

I love this! Phil you have great advice! I'm working on my investing education currently (degree in finance), but learning new things daily at work and through reading/YouTube. Not buying things to impress others is tough, because I'm pretty sure there's a nice medium. I do plan to get married and get promoted at work so there's 2 parties i will definitely need to impress. The health insurance I think I'm good on because I currently have great health and a High Deductible plan with very minimal monthly premium. Auto savings is definitely a huge factor. I currently don't have that set up due to my income being so low, but i go in and manually transfer from my checking to my savings and investment accounts. Once my income rises more, i plan to do automated savings. And finally for the emergency fund, i currently have 1 years worth of expenses saved up, but want to build it to $100k to have a nice cushion + potential down payment on home/condo, and then go full steam ahead on my investing… started off putting 6% into my 401k to get the full match, but recently raised it to 11%. Pretty excited! I love these videos. Thanks!!

Never be afraid to take risk!

Risk avoidance is the biggest regret for most…

Speculating will lead to regret.

Investing on the other hand will never lead to regret if you’re a long term investor!

Phil, why do you always mention speculating as a bad thing? It isn't bad, you're always speculating with any investment, even value investing can go wrong.

Great share

Definitely regret not learning about investing sooner when I think about how much earlier I could have retired. But I started about 18 months ago, am averaging 20% so far and am on track to retiring at 55, thanks in no small part to your videos and podcast.

Not sure about the health insurance in my 20s.

I am going to start with 10 000 and invest in company with 7% dividend fully franked. So I will end up with $700 more a year.
I earn around $20 000 a year as a student. Half is going to the tuition fees so at the end of the first year I will have around 4k a year after spendings. This 4k is going into the investment 10k. $700 dividend I can use to give myself some luxuries to go around the country attending lectures and seminars and learn more.
In the end, I value the ability to earn than the ability to scrape. I do not restrict myself to budgets, why do it anyway if you can spend the time to learn on how to generate more?

#6 Taking on debt or relying on credit cards

Looks like it's time to add either another job or another source of income.

Wouldn't be a Phil Town video without a burrito reference 😉

Save 6months income or expenses?

#5 spoke to me. I'm just beginning my investment education. I feel the hardest part is knowing where to start putting my money. Suggestions are welcomed. Educational resource suggestions are even more welcomed.

Falling for get rich quick schemes

6) For the average person, who isn’t a skilled financial professional, going into debt. Debt, for most people, is like buying dollars for a dollar and twenty five cents. The interest over time far exceeds the apr, and sets people back years and years.

7) Needing to have the latest and greatest.

I made a mistake not investing in a stock here in the UK back in December . Great company with tremendous growth and market share and was down about 40%, anyway long story short that stock is up 127% from its December lows!!!???

Swear to god, I bought 2 new cars, Never again… check out YouTube channel to buy used car with 50% off- #60MINUTECAR

Pay myself first is not easy, but it's good for motivation

Great advice!! I love the 6 months of income and everything setup on autopay so you don't have to think about it. And direct deposit part of your paycheck into a money market savings account.

Thanks Phil.

You're right I have so many regrets financial I wish I made better decisions I can't change the past but hopefully make better decisions going foward

Great tips! Really valuable.
Some others: Not investing sooner &/or more and not starting a side hustle sooner. 🙂

One big financial regret is not listening to my mom when she suggested I attend Rule #1 training back in 2013! I finally listened in 2018, and am in the TIC course now. It's changing my life. Just wish I'd done it earlier.

Pay yourself first, automate the process – tough to go wrong. Great advice, Phil!

Another incredible video Phil! I love your recommendation of 10% gross income into savings. My husband and I have only been doing 10% of our net. This is going to change on this coming monthly budget! ??

What would u do say your 50 you net 44k yr and have no bills and only cost you 500 month live on how would invest in .thanks

I always make sure that I have an emergency fund that way I never have to sell any of my portfolio stocks in rough economical time.

Great video as always!

+1 – Not setting up a college fund

Why doesnt the USA have a national health service? It seems basic unless there are vested interests.

#6 Not buying Bitcoin

"Splurge a little, go ahead and add the guacamole in your burrito bowl" loved that!!!??
Of course, after the bills are paid and money saved ?

Love the content by the way.. Thanks Phil

Biggest financial regret is being afraid to take the risk. That's why my mindset now is .. Find what you love, master your craft, take the risk and build a business with it.

Great advice

Living in Norway we don’t need the health insurance in the same way you Americans do. As it’s free here..
The rest is very true!..

Greedy little hands.

Great tips Phil! I've found that paying myself first has really helped me achieve my investing goals. Keep the awesome videos coming!