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My Misconception # 1

When I was younger and was making money. I was paying my bills and had extra money. I wanted a life where I was dressed really nice with nice mens jewlery. So, I looked for nice clothing and jewelry. I could not afford it so I decided to put it on credit. I was young and figured I would have it all paid off with a house that was paid off before I got married. That plan depended on certain facts to always be true in order for it to work. That is why it was doomed to fail. 1) I would have to remain single. No significant other prior to me reaching my goals. Even if we did not marry. The priorities changed when I started dating. I was eating out and going on trips. My plan was based on most of my free income going to paying off my stuff. With those extra unplanned expenses I was hurting for cash. 2) I did not understand the real priorities. I believed it was to get stuff first. Most of my stuff was stolen. Some I did not do such a good job taking care of. 3) I did not understand credit so I wound up paying more for the stuff then I should have. 4) I had no money for emergencies, saving, fun or future investments.

If I could do that part over I would have made a plan to get just what I needed. Then put money aside for emergencies, savings, fun, things I wanted, and money that was to be used to get more money for me (invest). With a ratio like this I could save to buy the nice things I wanted. I could go out on dates. Save money for emergencies, investing and saving. Trying to gamble on completing one part of the finances instead of all parts and slowly ramping up doomed me.

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