A Reddit discussion is going viral after an investor shared a list of “worst” financial mistakes. The discussion, posted last month, continues to gain traction as more people added their mistakes to the list and urged others to learn from them.
The initial post shared several "mistakes", including buying an life insurance cover, ignoring gold, opting for lower-quality hospitals to save money, purchasing year-long gym and swimming subscriptions, among other things.
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The original poster spoke about spending Rs 1.3 lakh on an LIC policy. The investor only realised later that one should be more rational with money before making major decisions. The investor also admitted to dismissing gold as an “unproductive” investment.
“I considered Warren Buffet views of gold as a poor, unproductive investment. I personally never invested in gold and also stopped my parents from buying more. Learning : Allocate some into gold. People bought gold for a reason,” the post read.
What are your worse financial mistakes we can learn from?
by u/Jagadekaverudu in personalfinanceindia
The Redditor also shared a key lesson they learnt after their mother faced hospitalisation: saving money should never come at the cost of healthcare quality. “Saving money should never be a priority when it comes to health. Have the best hospital, doctors etc. Save for the unexpected,” the post read.
The poster also highlighted the habit of sacrificing valuable time to save small amounts of money. “Trying to save Rs 100 on a Rs 1,000 item by finding it in Zepto, Swiggy, Amazon..etc, then searching for Card discounts for an hour. Learning : I set a rate around which I never think twice. Thinking only goes in big ticket times,” the post read.
Since being published, the post has garnered nearly 600 upvotes and nearly 500 shares. Many people added to the discussion, noting their own personal mistakes that cost them financially.
One user highlighted that they regret “giving out loans” to their friends, while another said that they regret starting investments very late.
Similar comments echoed on the discussion thread, with people noting that some other wiser financial habits would have been to start tracking expenses sooner, “avoiding investing in businesses” of relatives, ignoring health and term insurance, getting into EMI trap, among other things.
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