I’m excited—and honestly, a little nervous—to share this. This is a topic I’ve been thinking about for years and now feels like the right time to put it out there.

I’ve been in the financial industry for nearly 16 years. Straight out of college, I became a financial advisor, and this has been my career ever since. Because of that, I think a lot of people assume I’ve always had my finances in perfect order—that I knew exactly how to save, invest, and build wealth from day one.

Spoiler alert: I didn’t.

Just like anyone else, I made mistakes along the way. Some of them were small learning experiences. Others set me back financially and forced me to reevaluate my approach to money. These are my confessions—the four biggest financial mistakes I made early in my career and what I’ve learned from them.

Mistake #1: Saving in the Wrong Places

When I first started out, I had no idea how much I should be saving. So, I did what a lot of young people do—I asked my mom. She was a banker, and she told me to save at least 10% of my income. It sounded reasonable, so I did it.

I put 100% of that 10% into my retirement account. And for a while, it felt great. I looked at my 401(k) balance and saw it growing. Except there was one problem:

I had zero money saved for anything else.

• No emergency fund
• No brokerage account for non-retirement investing
• No cash for major purchases like a house or even a vacation

At 24, making very little money, I was scraping by. I had nothing to fall back on if I needed money outside of my paycheck. There’s a joke in the financial advisor community, “what’s the difference between a large pizza and a first-year financial advisor? The pizza can feed your family.” So, while I had some early success, I was struggling to get my financial life in order. That meant eating ramen noodles, drinking the cheap beer, skipping opportunities, and feeling stuck financially.

What I Learned

Saving for retirement is important, but not at the expense of your short-term financial stability. If I could go back, I’d structure my savings like this:

1. Build an emergency fund first. Start with $1,000—just enough to cover a car repair or unexpected bill. Then work toward 3-6 months’ worth of living expenses.
   
2. Take advantage of the 401(k) match. If your employer offers a match (e.g., 3% or 5%), contribute just enough to get that free money. Don’t leave it on the table.
   
3. Start a taxable investment account. A brokerage account allows you to invest without locking your money away until retirement.

If you’re in your 20s, saving is like a muscle—it gets stronger the more you use it. But knowing where to save is just as important as saving itself.

Mistake #2: Chasing Trends & Investing Without Discipline

I get it—when a stock is skyrocketing, it’s tempting to jump in. When a new investment trend is all over the news, it feels like an opportunity you don’t want to miss.

I fell into this trap more than once.

During the COVID market boom, everyone was throwing money into meme stocks, crypto, and high-flying tech companies. Before that, it was the oil boom, real estate speculation, and IPO frenzies.

And yeah, I played that game too.

One of my worst mistakes? Buying an electric vehicle stock stock right after the IPO. The stock shot up initially, and I felt like a genius. Then the reality hit—every vehicle they sold was at a massive loss. That’s not exactly a strong business model. The stock tanked, and I took a hit.

What I Learned

1. Timing the market is nearly impossible. It’s not about predicting when to buy and sell—it’s about staying in the market long-term.
   
2. Investing should be systematic, not emotional. I started setting up automatic contributions to my investment accounts, removing the temptation to time the market.
   
3. Stick to a core investment strategy. I created a well-diversified growth portfolio in my late 20s and let it ride. No constant changes, no trend-chasing. After 10+ years, it’s been one of the best financial decisions I’ve made.

If you want to dabble in trends, do it with a small percentage of your portfolio. Keep 80-90% of your investments in a steady, disciplined strategy and use the rest for higher-risk opportunities.

Mistake #3: The Yo-Yo Relationship with Credit Cards

I hate admitting this, but I had a toxic relationship with credit cards early in my career.

I wasn’t maxing them out or getting buried in debt, but I was constantly carrying a balance—racking up charges, paying them down, then running them up again.

The problem?

• My income was lumpy—I didn’t have a stable salary, so I’d go through cycles of spending and saving.
  
• I was living outside my means, trying to keep up with friends who made more money.
  
• I felt guilty and stressed every time I saw my credit card balance climb.

Eventually, I realized credit cards weren’t the problem—my spending habits were.

What I Learned

1. I stopped using credit cards to cover lifestyle inflation. Just because I could put something on a card didn’t mean I could afford it.
   
2. I automated savings first. Paying myself first meant I had less temptation to spend what wasn’t there.
   
3. I focused on my credit score & financial health. Keeping balances low and paying on time made a huge impact on my creditworthiness.

Now, I use credit cards strategically—to earn rewards, build credit, and take advantage of perks—without getting caught in the spending trap.

Mistake #4: Not Using a Budget

For years, I didn’t track my spending. I had zero awareness of where my money was going.

It wasn’t until I got engaged that I realized, “Wait… maybe I should figure this out.”

When my wife and I combined finances, suddenly, I had to be accountable—not just to myself, but to our shared financial future. So, I sat down, pulled three months of bank statements, and built a budget from scratch.

It was eye-opening.

I saw money wasted on random purchases, extra guacamole at Chipotle, and unnecessary subscriptions. Meanwhile, I was driving across town to save 10 cents on gas. That didn’t make sense.

What I Learned

1. A budget isn’t about restrictions—it’s about awareness. You don’t have to micromanage every dollar, but you should know where your money is going.
   
2. Budgeting tools make it easy. Today, apps like Mint, YNAB, or Simplifi, among many others, automate tracking, so you don’t have to do it manually.
   

The goal is intentional spending. Once you know your spending habits, you can align them with your goals—whether that’s saving for a house, investing, or cutting back on things that don’t add value to your life.

Learning from Financial Mistakes

I’ve made my share of money mistakes, but each one taught me something valuable:

• Save with a plan—build an emergency fund, take advantage of 401(k) matching, and invest beyond retirement.
  
• Invest with discipline—ignore market noise, automate contributions, and avoid trend-chasing.
  
• Use credit wisely—avoid lifestyle creep and be intentional with debt.
  
• Budget for awareness—know where your money goes so you can make better decisions.

At Four Points Wealth, I help clients avoid these same mistakes. If you’re looking for guidance to build a strong financial foundation, let’s talk. Learning from experience is great—but learning from someone else’s experience is even better.

Four Points Wealth Management

About the Author: Taylor Leary is a Certified Financial Planner in Denver (CFP®), specializing in guiding professionals through the complexities of wealth-building and financial planning. With his dynamic, relatable approach, Taylor provides tailored strategies to help his clients achieve their personal and professional goals. Whether it’s navigating real estate investments, retirement planning, or cash flow management, Taylor brings clarity and confidence to every financial journey.

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Taylor

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