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Also seewhat you might learn from these money mistakes wealthy people have made.
He noted that while his intuition was telling him to sell, his overconfidence led him to ignore it.
Now he makes sure to have a realistic understanding of risk tolerance and not let emotions drive his decisions.
This has helped me develop a more disciplined approach towards investing.
I never thought it would be a problem, but after months of hearingall the excuses…
I began to think that this was affecting my peace of mind.
He eventually had to ask for repayment over 18 months in little payments, which damaged the friendship.
And trust me, this mindset is good for your money and your relationships!
It was as if money was falling out of the gaps, and it soon accumulated.
To resolve this, he said he adopted a thorough expense tracking system and monthly reviews.
It helped me appreciate every cost, no matter how trivial, he said.
During one holiday season, he found himself paying over $5,000 much more than he wanted.
Now I record every purchase in a spreadsheet, so Im accountable.
Two months later, he said the market bounced back and he missed out on the recovery.
It made me realize that emotional decisions always prove to be themore expensive ones, he said.
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