5 Financial Mistakes I Have Made

Don’t let the title deceive you; I’ve made more than five financial mistakes! 

These are mistakes that started me out on a very precarious financial footing as a young(er) adult.  If I had not made these mistakes, it is entirely possible that I would have started out with a more solid financial footing.

As it is, I started working as a nurse at the age of 38, complete with a very large student loan debt load.  By this time I had raised two children into young adulthood on minimal income and five years of depending on student loans.

Mistake #1.  Not finishing high school and going directly into the University of Manitoba for my Bachelor of Nursing was my very first mistake.  As a child I thought of nothing else but being a nurse.  Throughout Junior High, and my first few year in High School I had nursing in my sights and remained on course.  Even during my third attempt at completing a full year of high school, being a nurse was my goal despite strong evidence that school attendance was at the bottom of my priority list.

Mistake #2.  Choosing to begin my family before establishing a career was my second mistake.  At the age of 19 I became a mother for the first time and was currently employed by McDonalds of Canada, working part time and earning minimum wage.  Let’s be clear here; having a child was not the mistake, but having a child before establishing a career was the mistake.  After my son’s birth my meager earnings were augmented by social assistance (welfare) for several years.  I set aside nothing for my future, nor did I make very smart choices with my limited income.

Mistake #3.  When my son was six months old, I felt that in order to provide a better future for us, I needed to pursue my education, ie. finish Grade Twelve and then attend University.  However, I was strongly discouraged from doing so by every member of my family.  After all, I had a child to think of now and he needed me to be there to love and care for him.  Not trusting my judgment and my instincts in this case was a mistake.

Mistake #4.  Immediately following my divorce in 1998, I enrolled at Robertson Career College as a “quick fix.”  I chose a ten month program in Computerized Office Administration which set me back approximately $15,000 in student loans. These loans are currently with a collection agency and I still owe $10,000 despite it being 12 years ago.  What I should have done is pursue my goal of nursing immediately following the divorce.  Choosing the “quick fix” was the mistake in this case.

Mistake #5.  Not asking for spousal support in the divorce settlement certainly compounded my financial woes.  I wanted nothing from my ex-husband except child support as it was my opinion at the time that if I accepted alimony, my desire to succeed on my own would be diminished. Alimony could have decreased my need for large student loans.

Since then I have continued and still continue to make financial errors in judgment.  It’s time to stop being irresponsible and waiting to be rescued.  Rescue from my financial hell is not going to be forthcoming; it is my responsibility to fix this mess.

Join me on my financial journey of recovery and learning.