I love talking finances. It’s kind of weird, and it drives my mom crazy because she usually is the one who has to talk about it with me. I’m always looking at how to earn more, save more, spend smart, etc.
I certainly don’t think I’m any kind of expert, but I love to learn about how to make money work best for me. I’ve also made some really dumb decisions with money, but I’ve learned from those mistakes as well.
Here are a few of the best and worst financial decisions that I’ve made.
Best Financial Decisions I’ve Made
Moving back in with my parents after Edmonton
No shame at all. When I moved back to Kelowna after a short self-discovery year in Edmonton, I moved back in with my parents. I knew that I had goals to buy my own place as soon as possible, so it didn’t make sense for me to rent. I did pay my parents a small amount of rent so that I stayed in the habit of making payments for housing and to thank them for having me back.
I lived with my parents for just under two years before I bought my house and moved in, and those two years allowed me to save up my down payment and become financially ready to own a home by myself.
Buying the right house
Finding my first home was certainly not easy, but the process did put me in the position to make a good purchase decision. I searched for over a year and made offers on houses that I’m so glad didn’t work out because the house that I ended up buying was the best option financially and for my lifestyle.
https://www.instagram.com/p/BZmviDzHXi9/?utm_source=ig_embed
This is a house that won’t be my forever home, but I was able to get it for an amazing price as it was an estate sale. We’ve put a lot into fixing up this old home and we put an income generating suite in the basement, and I know that when we sell, we will make money on this home.
Buying a vehicle that I loved
I purchased my first new vehicle when I was 20-year-old, and luckily, I chose a vehicle that I knew I would love for years to come. My brand new Jeep Wrangler was a HUGE purchase for me at the time, and kind of terrifying to be 20 and see all of those payments ahead of me. I’ve now had my Jeep for over seven years and I still love it and don’t see myself in any other vehicle. I’m a few months away from having my Jeep completely paid off and it’s still in great shape, plus, Jeeps hold their value really well so if I do want to sell it one day, I’ll be in a good position. Good thinking 20-year-old Sam!
Worst Financial Decisions I’ve Made
Moving to another city on a whim
The summer after I graduated from college, I quit my job that I’d been working at for three years and two weeks later I moved to Edmonton. I literally decided in those two weeks after quitting my job that I was going to move to a new city, that it would be Edmonton and then I was on my way.
This move was a great learning experience for me and I wouldn’t trade it, but financially, it didn’t make sense for me. I spent all of the savings that I had built up living on my own and being unemployed while searching for a job in my field. I lived in a brand new townhouse that was $1,800 a month, and I lived there alone for three months, paying the total rent by myself. And then, I decided to move back to Kelowna and start all over again.
It was a great life experience, but a pricey one!
Not investing sooner
I started investing my savings once I started making money in Kelowna again after my move. This is definitely something that I should have done sooner, as I had a lot more savings before I moved away. I let that money sit in a normal savings account when I could have been earning more by investing it properly.
These financial decisions might not make sense for everyone, but this is what has made sense for me. Now that I’m self-employed, everything is changing and I am thinking about my finances more than ever before. I’m focused on earning, figuring out how to manage my money and taxes!
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