I see people making ridiculous financial mistakes almost every day. Some of them really stick out though. At my first job, a 22 year old new hire, right out of college bought a new Corvette in his first month of employment. Buying a car equivalent to one year of your pre-tax salary at the tender age of 22 is a money mistake of epic proportions.
Mr. Corvette’s financial stupidity got me thinking. I have come to the conclusion that the best way to live your life is to flip it upside down. What on earth am I talking about? Read my guest post over on White Collar Freedom to hear the rest of the story.
PS: Mr. White Collar is one dude with the right idea. He’s the opposite of my Corvette Comrade. At 23, White Collar is already plotting his escape from the corporate cage. I wish I would have thought like that when I was 23.
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I bought an expensive car (brand new 4runner) when I was 23 or 24. I love the car and still drive it. I hope to put 200,000 miles on that thing, but I definitely regret the payments and I would have done it differently now.
Adam @ AdamChudy.com recently posted…The Three-Body Problem by Liu Cixin
Hahaha. Buying a Corvette is probably one of the dumbest money mistake that people often make. Well, I feel sorry for them. I tried wake up my coworkers and peers that just started their jobs and they don’t seem to get the idea. A lot of them started realizing how important it is to save and invest for future and not wasting money to those expensive purchases when they actually get married and have more mouth to feed.
Cheers,
BeSmartRich