Decisions. Hiccups. Hindsight. Meghan and Lindsay reflect on their biggest money mistakes and what they would have done instead. We ALL make money mistakes. Here's just some of) theirs.

LINKS:

Andrew Hallum "The Millionaire Teacher" https://themillionaireteacher.com/

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred

SHOUTOUT:

What was your number one money mistake, or money regret??

HOMEWORK: What can you TAKE ACTION on TODAY? Is there a decision that you need to make? Make it! And if you can't… find someone to talk to about it so that you CAN

• HOW TO GET IN TOUCH:Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
• DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
• DM Meghan @ https://www.facebook.com/porterougeco

TL:DR Version

00:00:52 What is your number one money mistake?

00:01:30 If you look at the experts in any industry… they always talk more about the decisions that they DIDN'T make. Successful people make decisions. They make them with confidence, and they make them quickly.

00:02:00 So when I think about money regrets, it's almost always about the decisions that I didn't make, because I didn't have the confidence, or I didn't move fast enough, or I didn't seize the opportunity.

00:02:56 My biggest money mistake was co-signing on a loan for a boyfriend. I should have taken the bank's lead when they decided that he was not a person to lend money to.

00:05:00 But he was a used car salesman, and those types of people are hard to say no to. I should have said no, and not given an explanation as to why my answer was no… because the more information you give these types of people, the more fuel they have to spin their stories. And it's hard when you are navigating relationships and when you are a person that just wants to help other people.

00:07:34 The other thing is that hindsight is 20/20. You make the best decisions that you can with the information that you have at the time. It's easy to look backward and see how you could have done things differently, but when you're in that moment, making the decisions, the decision you made was the best one at the time.

00:09:31 If you choose NOT to make a decision, against your gut instinct, you will probably find yourself wondering why you didn't decide sooner, when you finally decide. I could have progressed further in my career if I had listened to my gut.

00:11:55 I was listening to a really interesting video the other day by an incredible author named Andrew Hallum (his book is a best seller called The Millionaire Teacher) and he said that even the big wigs on Wall Street don't always make the right decisions. The difference between the rich and average is that the rich make MORE decisions.

00:13:10 People think there is some magic recipe or secret wand that all the experts have, and they don't… but the truth is that experts make a LOT of wrong decisions… and they learn from those wrong decisions, so that they can keep making more decisions.

00:15:19 When I am faced with a very difficult decision, it's helpful to me to think about the advice that I would give my kids if they were facing the same decision. Like… I'm super bossy and really good at telling OTHER people what to do. So when I pretend that I'm giving advice to someone else instead of deciding for myself, it becomes a lot easier. Option A, or Option B. That's it. Make a choice.