"It's not how we make mistakes, but how we correct them that defines us."~ Rachel Wolchin
Greetings To All Readers!
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Hello Leofinance Community!!!
I hope you all are doing well and enjoying in the hive realm. I write off and on but I'm sure my hive family still recognize me. Making mistakes is humanly but they can teaches us valuable lessons. In this blog I am going to discuss financial mistakes I made this year and lessons I learn. Without much ado let's discuss it.
Image generated on Gencraft and edited on Adobe Express
Joining a Job Over Starting Business :
I have share earlier I am pursuing Post Graduation in Business Administration. I started a small business in affliation with a fabric designing brand but the business suffered in September, 2023. I was out of funds to reinvest and restart the business that's why I have to take a break.
I don't have much financial liabilities as the eldest boy of the family but I don't wanna be idol. In May, 2024 I started a job as History Teacher in private school. The pay was about $100/month. It's said that to have something is better than nothing.
"Chase the vision, not the money; the money will end up following you." ~Tony Hsieh
But this job snatched my freedom and limited my growth. This was the decision I regretted. I quit the job in October and restarting my business once again with more enthusiasm. I never want to join any job but I want to create job/work opportunities for others.
"You don’t build a business. You build people, and people build the business." ~Zig Ziglar
Building Emergency Fund :
Life is unpredictable and unexpected expenses can rise any time. My business collapsed and I don't have emergency fund in my account to restart it. I have to suffer because I haven't any backup plan or savings.
It's not about business only We may need emergency funds for our health, education, wedding or anyone's death. We must save something for rainy days.
My aim is to save 15-20% amount of total income of business. To build emergency fund starting small is helpful and I will add consist as they business stabilize and earn more profit.
Failing to Create a Budget and Stick to It :
I'm ashamed to admit that I am careless about spending and expenses. I don't plan my expenses and budget. I have faced the consequences for it.
"A budget is telling your money where to go instead of wondering where it went." ~John C. Maxwell
I keep track of my earnings and income but I don't make budget for my expenses. On 1st December, 2024, I have decided to keep track of all my expenses. I'm savings the details of all transactions I am making. I hope it will help me to balance spending between needs and wants.
Conclusion :
This year was full of learning and experience for me. I make many financial mistakes and learn some valuable lessons. It's actually an year of learning and growth for me. My financial mistake taught me accountability, planning and adaptability are pivotal to attain success.
Have you made any financial mistake this year?
What did you learn from it?
Let me know comments!
That's all for today's blog!
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This is 100% Original Content.
Images used in this picture are designed by author otherwise source and credited.
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