Top 10 mistakes in my net income $100,000 US dollars from 1999 to 2001

Dec. 9, 2018

Introduction

It is hard for me to push myself to learn personal finance, marketing and sales. I need to learn something from my own mistakes first. I like to write something to help myself to get ideas what to study and how to fix those bad habits and bring up good mindsets.

Top 10 mistakes 

I like to do some case studies first, and then I like to write top 10 mistakes I made. I did some study why those net income over $110,000 dollars were gone in 2010.

1. Brand new Ford Explorer 1999 which costed me more than $22,000 US dollars. I could not handle the biggest purchase, if I learn to purchase a $5,000 dollars reliable car, gas efficient car, then I should try to control all expenses. Low the overall cost expenses from 1999 to 2010, car purchase, gas and maintenance.

2. One travel to Shanghai, over $5,000 US dollars

Entertainment should be reasonable. Stay emotional healthy. Always stay connected to friends or church community. Never feel isolated and need those companions. Relatives just are relatives. Do not spend money on adult even they are relatives.

3. Spent over $5,000 us dollars for my mom's trips to USA.

Consider the cost compared to local area employee's salary. Be a normal person with compassion. Respect hard working people and be one of them. Be a good role model.

Treat your mom as a normal person. A person with expense is the same age with other people in her age, place where she lived, and learn all costs from medical and social activities etc. Do not get too close to relatives, affecting my own business decision.

4. Build a good habit to do annual expense report, audit monthly, annually. Do more research.

I found out the laptop I purchased in 2002 with cost more than $1800. Even the laptop was top quality, but I ended up to purchase second one and third laptop for myself with cheap prices in less than 10 years. The laptop still works and I need to learn from my work place. A computer can run more than 10 years, that is the reason business succeed.

Review my purchase decision and catch up learning if I follow behind.

5. I need to learn how to make purchase decision. What to purchase, price range. If I can not resell the product in 50% of price, I should not make the purchase.

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