What’s the biggest money mistake you’ve ever made?
If you’ve ever made a money mistake and felt ashamed or fearful of the consequences, you’re not alone. Believe it or not, even financial planners like me have made some massive financial blunders that have cost us dearly.
In fact, I’ve made a few big mistakes over the years, and I can confidently say they’ve cost me thousands.
Here are some of my biggest money mistakes:
In my 20s, I invested in something I didn’t fully understand. I was excited to start investing, like many young people are when they begin earning and think they should get their money working for them. But here’s the thing—while enthusiasm is great, understanding where your money is going is even more important. Back then, I was eager to grow my wealth but didn’t fully grasp the details of the investment. I trusted someone else’s advice without doing my own research, and that decision cost me a lot in the end. It was a painful lesson, but one that taught me the importance of not just jumping into financial decisions blindly.
I entered a business partnership without seeking legal advice. Yes, you read that right. Even as a financial planner, I made this mistake. I went into a business partnership with someone I trusted and thought I knew well. I was confident we’d be on the same page, but things took an unexpected turn. Looking back, I should have sought legal advice to ensure everything was clear from the start. Instead, I found myself in a messy situation that could have been avoided if I’d done things the right way from the beginning. It was a tough learning experience, but now, I wouldn’t dream of entering any financial agreement without consulting the right professionals first.
I was way too trusting of others. Trust is an important quality, especially in relationships and partnerships, but when it comes to your finances, blind trust can be dangerous. I’ve been in situations where I trusted others to manage things, whether it was investments or business decisions, without checking in or staying informed. I thought everything was in good hands—until it wasn’t. And that’s when I realised that I needed to take control of my own financial journey, instead of leaving important decisions in the hands of others.
So, what’s the common thread in all these mistakes?
It was me!
It’s easy to look at external factors—market conditions, poor advice, bad timing—and blame them for financial missteps. But in my case, and in the case of so many people I’ve worked with, the common denominator is often ourselves. It’s our decisions, our lack of understanding, or sometimes our overconfidence that leads to these mistakes.
But here’s the thing: mistakes are part of life. They’re inevitable. But instead of letting them hold me back, I chose to embrace them, learn from them, and move forward. And that’s the key—learning from your mistakes rather than letting them paralyze you.
How I moved on from my mistakes:
After making these financial blunders, I could have easily fallen into the trap of self-doubt and fear. It’s natural to want to avoid taking action after making a costly mistake. Fear of making another mistake can keep us frozen, too scared to move forward. But I knew I couldn’t stay stuck.
Here’s what I did to turn things around:
I sought out professional advice. One of the first things I did after realising I had made a mistake was to seek out advice from trusted professionals. Whether it was legal advice, financial planning advice, or business guidance, I knew I needed to build a solid support network around me. I couldn’t do it alone. By surrounding myself with experts, I was able to make better, more informed decisions moving forward.
I sought therapy and emotional support. Sometimes, financial mistakes aren’t just about money—they can trigger deeper emotional responses like guilt, shame, or fear. I realized that I needed to work on my mindset as well as my finances. Therapy helped me process my feelings around my mistakes and allowed me to move forward without letting fear or shame dictate my future actions.
I created a clear financial and business plan. I learned that having a clear, well-thought-out plan is crucial. In the past, I had been reactive rather than proactive, which led to some of my mistakes. By creating a detailed financial and business plan, I was able to avoid the pitfalls I’d faced in the past. I had a roadmap that kept me on track and gave me confidence in my decisions.
I stopped letting fear guide my decisions.Fear can be one of the biggest barriers to financial success. After making mistakes, it’s easy to let fear take over—fear of losing money, fear of making the wrong choice, fear of not being good enough. But I realized that letting fear guide my financial decisions was holding me back. Instead, I started taking action with confidence, knowing that I had learned from my past mistakes and was better equipped to make smarter choices moving forward.
How fear holds us back after making mistakes:
The natural reaction to making mistakes is fear—fear of making more mistakes, which can lead to avoiding action altogether. It’s completely understandable. Once you’ve been burned, you don’t want to feel that pain again. But this fear can hold you back from achieving your financial goals and building the future you deserve.
This shows up in several ways:
Holding too tightly to your money out of uncertainty.When you’ve made mistakes, it’s easy to become overly cautious, holding onto your money out of fear that you’ll lose it again. While it’s important to be prudent, holding too tightly can stop you from taking opportunities that could grow your wealth.
Letting cash sit in a savings account instead of exploring better options.Many people play it safe by keeping their money in a low-interest savings account. But in reality, this can be a mistake in itself. You’re not making your money work for you, and in the long run, inflation can erode the value of your savings. Exploring other options, such as investments, could offer better returns.
Avoiding financial changes or investments because you’re scared of getting it wrong.If you’ve made investment mistakes in the past, it’s easy to shy away from investing altogether. But not making a decision is still a decision—and it can cost you in terms of missed opportunities for growth.
Handing over financial decisions to your partner.Sometimes, after making a mistake, people feel like they’re not “good” with money and let someone else—usually a partner—take over all the financial decisions. But this can lead to a lack of financial independence and leave you disconnected from your own financial goals.
And more…Fear can manifest in countless ways, often stopping us from taking control of our own financial lives.
Breaking free from fear and taking control:
When you’ve made mistakes, it’s easy to become risk-averse, bury your head in the sand, and stay stuck. But fear of making another mistake can leave you paralyzed, holding you back from progress and a better financial future.
The key is to break free from that fear and start taking action again—informed action. Mistakes can be some of the best teachers if you’re willing to learn from them.
That’s where The Lush Life Foundations Program comes in.
If you’re feeling frozen or unsure where to start, The Lush Life Foundations Program is designed for you. We’ll work together to create a financial plan and long-term strategy that fits you. Financial planning doesn’t have to be risky or outside your comfort zone. In fact, it can be the tool that helps you regain control and build confidence in your financial decisions.
In this program, you’ll:
Get clear on your financial goals and values
Build a step-by-step plan to achieve those goals
Receive ongoing support and guidance
Gain confidence in your financial decision-making process
You don’t have to go it alone. We’ll walk this path together, ensuring you feel supported every step of the way.
Ready to take the first step?
If you’re ready to break free from the fear of making financial mistakes and start building the future you want, book a 15-Minute Clarity Call. In just 15 minutes, we’ll discuss your current situation and how The Lush Life Foundations Program can help you get started on your long-term financial strategy.
Let’s make 2025 the year you take control of your finances and start creating the life you’ve always wanted.
What you need to know
This information is provided and produced by Lush Wealth. The advice provided is general advice only, as we did not consider your investment objectives, financial situation or particular needs in preparing it. Before making an investment decision based on this advice, you should consider how appropriate the advice is to your particular investment needs and objectives. You should also consider the relevant Product Disclosure Statement before deciding on a financial product.