Thread by @AbhishekPonia

6 money mistakes I made in my 20s which resulted in huge loss of time, opportunity & wealth:
A THREAD

#threadsbyAP

1. NOT INVESTING: From childhood I was taught the importance of saving! My parents came from humble beginnings, this is all they knew about personal finance!
So I saved a decent %, but I had no idea about investing. The money was just sitting in savings ac / deposits for years

2. LIFE INSURANCE: I believed Life Insurance is a lucrative form of investment. An entire generation has grown up thinking this is right... many still do.

3. FIXED DEPOSITS: Probably the most common mistake, many are happy with FD returns not realising how detrimental it is to wealth building.

4. INFLATION: I did not know or understand the concept Inflation.
Money not growing more than Inflation every year is basically losing its value.
A disaster!

5. NOT COMPOUNDING: Had heard of compounding but didn’t understand its importance & value. By the time I understood it, I had lost precious years of wealth building.

6. ADVICE FROM THE WRONG PEOPLE: In my mid & late 20s is when I got proper access to social media. And suddenly there was so much information overflow.
Taking advice from the so-called online “experts” made me take some bad decisions!

I never splurged or spent unnecessarily, never got into debt, never lived beyond my means.. but I also didn’t do enough with the savings I had! This resulted in loss of years of compounding!

I was too late in understanding personal finance & concepts of wealth building. Learnt things the hard way only after making lots of mistakes.
Hope you don’t make these mistakes.

I have earlier compiled my learnings which I think are useful for youngsters starting off their Personal Finance journey... have a read
👇🏻

https://twitter.com/AbhishekPonia/status/1374676072046862344