[MISTAKES] What I Learned From The First Big Financial Mistake I Made & How You Can Benefit

[MISTAKES]

I've made plenty of mistakes over the years and I will be the first to admit it. My first and most memorable mistake was when I was looking to buy my first property at 19.

I had been saving hard and had my eye set on buying an investment as early as possible. At the time I was looking to buy a 2 bedroom unit in South West Sydney for around $200,000 (crazy right?).

My parents were always really supportive and did their best to help me achieve my goals. With the little financial knowledge they had, they reached out to the bank directly to arrange for someone to speak to me about my borrowing options. They knew that I needed a loan to get my property and hoped that their bank would provide the expertise I needed.

A mobile banker from CBA came out one evening to our house. We sat down at the kitchen table and the enthusiastic fellow was adamant he was going to help me.

"Don't worry, Jackson. I will do everything I can to help you achieve your goal!"

We were all excited. It all seemed like it was going to plan.

I completed the paperwork, submitted the application and waited for an outcome...

I waited and waited, the mobile banker continued to lead me down the garden path.

"Your approval is coming any day now. I know you will get the result so you can start making offers on a property"

This was almost one of the worst pieces of advice I ever received.

Young and naive, I followed his instructions. Found a property, made an offer and went to exchange contracts.

A few days later I got a phone call from the banker while I was walking through Central station coming home from work.

"...I have bad news... your approval is lower than what you were looking for"

I was in shock

"But you told me I could go forward. What am I going to do now I have purchased a property?"

"Sorry...the computer says no... I can't help you"

Long story short, I was able to get out of the contract and unfortunately I wasn't able to buy my first property until a few years later.

The moral to this story is that it pays to get good advice. From that point onward I only worked with independent professionals who had a proven track record, that could give me the right advice and hold me accountable to achieving the outcomes I was working towards.

My parents didn't know better, at the time I didn't know better.

In hindsight I should have worked with a mortgage broker or lending specialist who could have got me the outcome I wanted by researching the various lending options available, a property buyer who could have educated me around the process before diving in feet first or a wealth coach who could have helped me put together a solid plan and liaise with a team of professionals to maximize my wealth and manage the heavy lifting.

This story reinforces my motto of 'stick to what you know, outsource everything else'. It pays to get the right advice and education as one decision could be the difference between achieving your goals or not.

So whether you are a first home buyer starting on your journey, an experienced investor who doesn't have the time to keep pace on your journey alone or a business owner looking to turn your business into wealth, jump into our FREE community 'The Wealth Mentor Community' and get access to our expert insights to help you maximize your path to financial freedom.

www.wealth-mentor.com.au/group