MyMoney Online

5 big money mistakes young people make

Arabile Gumede (in for Bruce Whitfield on The Money Show) interviewed Gerald Mwandiambira, Personal Finance Expert at Sugar Creek Wealth.

Mwandiambira discussed the five big mistakes young people tend to make:

  • “Borrow” (i.e. lend) me some money ‘till month end (Savings and Investments).

  • I dress like where I want to be. I drive a luxury car.

  • Big Car, No House Syndrome (Home Loans).

  • I am fit, healthy and will never die (Healthcare and Life Insurance).

  • My children will look after me when I am old (Retirement Annuity).

Any of these ring a bell?

For more detail; listen to the interview in the audio below.

Falling in love with debt! It’s so easy… debt is like Jezebel… but once it reveals its true colours it’s like Medusa!

Gerald Mwandiambira

Debt is like a beautiful woman! It has consequences!

Gerald Mwandiambira

I had a body like yours once! Solid and firm… You need to plan ahead… I regret not knowing myself 20 years ago… Life is uncertain.

Gerald Mwandiambira

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