Your juiciest financial mistakes!

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Mistakes, we all make them!

Almost 80% of you admitted that you’ve made a financial decision you’ve later regretted.

Here’s some of our favourite reveals:

“Sold out too early! Purchased at $0.29, and sold at $1.09, but the current price is $2.81… So looking to be a 10 bagger!”

“Other than not investing earlier? I bought myself a ticket to the crypto hype train just as it was about to derail. I even thought I was clever as I DCA'd my way to zero. It was a silly few months, but those mistakes won't be repeated any time soon.”

“I regret not becoming financially literate earlier. We never spoke about money at home growing up and while I was always across my bills, I feel like I'm now playing catch up as I wasted a lot of opportunities to save and invest earlier.”

We loved reading these, because mistakes are inevitable. We’re all human and make hundreds of decisions every single day. A couple are bound to be the wrong ones! The real test is how you recover and move forward.

So, while we acknowledge you can’t always put every single foot right, you do need to look at the next step. Once you’ve made an error…

What can you do?

1. Be brave and admit it to yourself. We know it’s super tempting to ignore a problem and put your head in the sand. But being honest can reduce pressure and help you get back on track quickly. It's a sentiment echoed in our interview with Rachel Cruze on financial traps, who emphasises the importance of recognising and addressing financial missteps.

2. Assess the damage. Understanding the extent of the damage is crucial. You can only move forward once you’ve a clear picture of the situation, and then developed a plan to address it. In our summer series we talked about some of the most common money mistakes, and we talked about how assessing the damage is a key step in recovery.

3. Cut down on spending: If you’ve really overdone it, have a look at your budget and see if there’s some non-essential spending you can eliminate to get back on track. This might not be possible, but it could help alleviate things!

4. Chalk it up to learning. We’ve all done stupid things, and no one is perfect. Embrace the mistake as a learning opportunity. Many of the greatest success stories - investors, entrepreneurs, moguls - include moments of failure that refine methods and strategies. It’ll be a great chapter in your book one day.

5. Don’t hesitate to reach out for help if you need it. In Australia, there are a number of excellent resources if you’re finding yourself in financial difficulty. The first is Financial Counselling Australia (1800 007 007) and another is the website National Debt Helpline. They can provide valuable insights on the next steps to take, and have resources available on the website.

Cost Of Living Series: How much should you pay for insurance?

On Get Started Investing this week, we continue our series looking at the rising cost of living - and the key components contributing to inflation.
Today’s topic is insurance. Here’s our key takeaways we think you should be across, and also a couple of tips for getting those premiums down:

1. Navigating Waiting Periods: Make sure you understand the waiting periods associated with different insurance policies - especially if you’re changing providers. You can get caught out being uninsured if you don’t read the small print!

2. Bundle Insurance Policies: Many insurance providers offer discounts if you bundle multiple types of insurance, such as home, auto, and life insurance, with the same company. Have a look if you’re with different providers and do the maths.

3. Take Advantage of Discounts: Many insurers offer discounts for various reasons, such as being a good student, having a safe driving record, or installing security systems in your home. You won’t know unless you ask, so pick up the phone and follow up about any discounts you might qualify for.

4. Consider Usage-Based or Pay-As-You-Go Policies: Some insurers offer policies that are based on how much you use the insured item, like a car. If you don't use it often, this could save you money. Be careful though - you want to be across the small print in this example!

5. Avoid Over-Insuring: Make sure your coverage matches your actual needs. Over-insuring can lead to unnecessary costs, while under-insuring can leave you vulnerable. Regularly assess your needs to ensure you have the right level of coverage.

6. Make sure you understand the impact of Lifetime health cover leading if you’re closing in on 31: LHC is a loading added to your hospital premium if you didn't have private hospital cover from the year you turn 31. If you need more information, visit the government page here.

7. Shopping for Insurance: You can shop around through different comparison providers, but be careful - they can be super agressive! You need to find a policy that fits your individual needs and budget.

Is there money in? Ed Kavalee joins Bryce and Ren!

Usually in this slot we share some great articles and tips we’ve rounded up from the interwebs, but we couldn’t resist telling you about our latest series on Equity Mates Investing. Ed Kavalee from Have you been paying attention? has been joining the guys to look at the dollars that drive some unexpected industries. We know we’re biased, but they are pretty funny listens…

• Is there money in… movies?

• Is there money in… horse racing?

• Is there money in... books? 

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