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Anonymous
What is your biggest personal finance fail thus far?
Mine: 26F - spent over budget and emptied ~80% of my savings within a span of about 5 months :(
Trying to get back into disciplined budgeting and savings this year.
IMO, personal finance is highly emotional and it's extremely tough to stay rational throughout the journey.
Other examples: 30M - got into 15k credit card debt
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Justin
07 Feb 2024
Content Strategist at Seedly
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During my mid-30s, credit card and personal loan debts from unbudget spending and thought my salary would increase to catch up the my bad spending habit. When spiral which took me 10yrs to clear.
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Overly pushing the limits for budget. 50% needs, 50% investing. Ended up with low savings and burnout after a few years, wondering why the investments didn't grow as quickly as I wanted.
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Chin Guo Qiang (ITIL4 / CSPO / CSM)
24 Jan 2024
Assistant Vice President, IT Operations at Bank of China Limited
Not realizing on the aspect of "safe investment tools" such as bonds and fixed deposits, then use the generated funds for further investments (without touching on principal sum of monies).
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Thinking I'm smart enough to handle option day trading... 😂...
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If you find it tough to not overspend, I recommend "locking up" your savings in things like fixed deposits or T-bills. That way you will think twice before taking out the money.