Mistakes made over past few years:
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Invested around 8k in cryptocurrency in Dec 2017 (that too altcoins) and got devastated. The total value of those coins would be around 600$ now. It's correct what they say - "When everyone is talking about a stock, from the barista to the shoe shiner, it's time to back out".
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Got a new high paying job in tech at 29. Time to buy shiny new pieces of gadget. Bought myself a high end gaming PC, a Nintendo switch. Although I had fun initially, soon realized gaming is not for me anymore. I was just trying to recapture some childhood nostalgia which doesn't exist anymore. Sold both at a loss.
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Unnecessary household equipments. Bought some automatic chopper, coffee maker etc. Realized that it's faster to simply chop using a knife and not having to clear yet another machine. Also realized not a huge fan of coffee at all as I only drink coffee during work to stay sharp
Lessons Learned:
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Have become more conservative in savings. Have most of my money in high interest savings accounts and looking to diversify into ETFs and stocks.
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Thinking a thousand times before purchasing any shiny new gadget, whether it will really add value to my life. I haven't upgraded my phone in 3 years and am ok with it.
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Realizing how mind numbing technology really is. Just scrolling through reddit and facebook mindlessly is what we have achieved with all the new tech. I am planning to sell off my laptop now because it makes me lazy and I tend to go back to mindless browsing. Planning to have a proper desktop where I can sit upright and do 'conscious browsing' when needed. Also, planning to change to a no frills phone (like Palm or Lightphone 2 for just the basics).
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I just love the process of saving money. Every month, money comes into my account and it grows and it gives me great financial independence satisfaction and moves me more and more towards r/leanfire :)
January 03, 2020 at 02:40PM
