Wednesday, November 28, 2007

my $ mistake & how to avoid it

For those of you who have yet to put your name in over at Canadian Capitalist you should; Ram is giving away some great prizes on marking the third anniversary of his great blog. Congratulations to him, as Canadian Capitalist is probably the gold standard personal finance blog in Canada, and he should be commended on his dedication.

In order for me to garner an extra entry into his draw, I want to write about My Money Mistake & How to Avoid It.

I'm fortunate that I actually don't have much to report in the way of money mistakes as I've always been a pretty conservative person when it comes to spending. One mistake that I would like to report though is a habit that I had in my teenage years as well as through University and a little beyond. The mistake is with respect to not minding the little things, when it comes to money. Once I learned what I do now about investing and how to compound money the little things started clearly becoming more important in financial life.

For example, I've gone through periods where I have:
  • played lotteries like Pro-Line excessively ($20 / week or more)

  • habitually spent money on small items, when I didn't need to (ie CDs, coffee)

  • ignored other small, repetitive expenditures

The little, repeating things matter!

While it is no iPOD, I am giving away a great investing book in the moneygardener's book giveaway. Enter here if you have not yet done so.

2 comments:

Dividends4Life said...

MG: If those are your worse money mistakes, I am quite envious! Here's hoping you win one of those great prizes!

Mest Wishes,
D4L

Canadian Dollars said...

hey mg: how did you go about getting a sponsor for your blog? Did you have to email the company or did they come looking for you? I'm looking to monetize my blog a bit.. Just a little something on the side, if you could give me some advice, I'd appreciate it.