What are some personal finance mistake(s) your parents made in their younger selves which you would like to avoid?

Didn't retire plan or have any insurance, only reach enuf to pay 100/mth for cpf. So since my 20+, I plan to help them earn passive income (rent) (for their spending/medical) when I'm older and really thank God, my plan worked.

SS

Making minimum payment for credit card and letting the amount roll

Overspending

I completely agree with this question. Our parents' financial experiences can teach us a lot and help us choose wiser paths in our own finances. Many parents face unexpected expenses because they have not saved for emergencies.

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1. Emergency fund: that can cover your living expenses for 3 to 6 months. This will give you financial security and help you avoid falling into debt in unexpected situations.
2. Not having enough insurance: can lead to serious money problems if you get sick, have an accident, or something unexpected happens. Think carefully about your insurance and make sure you have enough protection for you and your family.
3. Delaying retirement planning: Many parents underestimate the importance of starting retirement planning early. Start saving for retirement early to benefit from compound interest. Also, be sure to update your retirement strategy regularly so it aligns with your changing goals and circumstances.
4. Financial Ignorance: Knowledge is power when it comes to personal finances. Continue to educate yourself about financial ideas, investing, and money management. This helps you make smart choices and avoid typical mistakes. Remember that learning from the financial mistakes our parents made isn't about thinking about what happened before, it's about taking those lessons as a starting point to make changes for the better. If you address these issues early, you can establish a solid foundation for your finances and ensure that financial stability awaits you and your successors.

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