8 self-made millionaires reveal the worst money mistakes they made when they were younger

Even the world's richest people weren't born with financially savvy skills. That's why, if you aspire to be wealthy, it's important to learn from the mistakes they made

on their journey to wealth. We asked eight self-made millionaires and Advisors in The Oracles to share the worst money mistakes they regret making when they were younger — and how it's

changed their financial beliefs today: 1. 'I SPENT $71,000 ON A BAD MARKETING CAMPAIGN.' "I believe money is meant to be spent, so I've never been good at saving. But I

wish I hadn't spent The Corcoran Group's first big profit on a marketing campaign that flopped. When I put all our real estate listings on videotapes with their respective agents,

I didn't anticipate that none of my agents would want to hand out tapes with competitor agents on them. I was so sure of the idea that I didn't stop to think of the consequences

before spending $71,000. Luckily, I saved face by uploading the videos onto the Internet. All of my best successes happen on the heels of failure." _—__Barbara Corcoran__, founder of

The Corcoran Group; podcast host of __"Business Unusual"__; investor on __"Shark Tank."_ 2. 'I SPENT TOO MUCH TIME AND MONEY TRYING TO HIRE THE WRONG PEOPLE.'

"When I was younger, I hesitated to invest in myself and thought I needed the security of a paycheck. When I finally took the leap to start my own beverage company, I spent a lot of

time trying to hire people with more experience. But the 'experts' wanted to compromise on what made our beverages successful: We don't use sweeteners. The lesson? I had to do

it myself. Ultimately, Hint thrived because we defied industry standards and stayed true to our mission — helping people lead healthier lives without compromising on enjoyment." 

_—Kara Goldin, founder and CEO of __Hint Inc.__; creator of __The Kara Network__, a digital resource for entrepreneurs; host of the __"Unstoppable"__ podcast. Follow her on

__Twitter__ and __Instagram__._ 3. 'I MAXED OUT MY CREDIT CARDS LIVING ABOVE MY MEANS.' "My first job after college was in commission sales. When I crushed my quota, I spent

like a king. When sales were sluggish, I tried to maintain that lifestyle using credit cards. As sales slowed with the recession, I maxed out all my cards and was down to my last $3.73. When

I had to ask my father to give me a loan, I felt like a failure. But he helped me out and ultimately taught me to live beneath my means. That spark helped me get debt-free and showed me the

freedom of financial wellness." _—__Michael O'Brien__, executive business coach; author of __"Shift: Creating Better Tomorrows"__; founder of __Peloton Coaching and

Consulting__ and __The Pace Line Leadership Academy__. Follow him on __Facebook__ and __LinkedIn__._ 4. 'I DIDN'T INVEST IN MY PHYSICAL AND MENTAL HEALTH.' "My mistake

was thinking short-term instead of planning for the future. For example, I didn't hire a personal trainer because it seemed expensive — but that investment would have paid dividends,

and the opportunity costs were huge. Now I know that when I'm not physically fit and spiritually and emotionally calm, my mind is sluggish. So I judge every decision against whether it

will matter in 12 months and double down on what adds value in my life to generate overall wealth instead of immediate income." _—James Mansfield, founder and CEO of __JGMansfield__ and

__West Village General Contracting__. Follow him on __LinkedIn__ and __Instagram__._ 5. 'I OVERSPENT WITHOUT HAVING A FINANCIAL BUFFER.' "When I started making money, I spent

it on my passions and helping friends and family before I saved enough, rather than invest it to generate more revenue. I thought the money would keep flowing and didn't prepare for

challenges. When they came, I lost 85% of my income and found myself struggling. Create a financial buffer before anything else — or have a solid plan to generate a return on your

passion." _— __Craig Handley__, co-founder of __ListenTrust__; author of __"Hired to Quit, Inspired to Stay."__ Follow him on __LinkedIn__._ 6. 'I FELL VICTIM TO

LIFESTYLE INFLATION.' "When I started making six figures, I shifted my spending to match my income, rather than save the difference. Living a lavish life was a bad idea because I

always had a lingering fear that my money would one day disappear.  So I set up automatic deposits to invest when money was deposited into my account. Over time, I became more disciplined,

and now I invest and save much more than I spend." _—__Sarah Chrisp__, founder of__ Wholesale Ted__, one of the largest online educational resources; started her first online store at

16 years old. Follow her on__ YouTube__._ 7. 'I DIDN'T LEARN THE BASICS OF ACCOUNTING.' "If someone had told me how important accounting is, my first two businesses

wouldn't have failed. I just saw sales and money in the bank, so I thought I was doing great. But when I suddenly saw the real numbers, the reality of the situation was quite different.

I wish I had learned sooner that while you don't have to become an accountant yourself, the basic principles of accounting are critical to success." _—Bill Gerber, co-founder of

__AccountingDepartment.com__, a virtual accounting service for small businesses. Follow him on __LinkedIn__._ 8. 'I TOOK OUT STUDENT LOANS FOR THE WRONG REASONS.' "When I

started day trading, I was working for minimum wage and needed money. So I took out $25,000 in student loans to trade with — and I lost it in a month. I wish someone had told me not to try

to move so quickly, but we live in a society that wants immediate results. Sometimes you need to be patient, and other times you should move fast. The key is learning to tell the

difference." _—Marcello Arrambide, founder of__ Day Trading Academy__; co-founder of__ SpeedUpTrader__, a funding company for aspiring day traders. Follow him on __Instagram__ and__

LinkedIn__._ _THE ORACLES__ is a mastermind group of the world's leading entrepreneurs who share their success strategies to help others grow their businesses and build better lives.

Follow The Oracles on __Facebook__, __Twitter__, and __LinkedIn__._ _DON'T MISS:_ _CHECK OUT: __THE BEST CREDIT CARDS OF 2020 COULD EARN YOU OVER $1,000 IN 5 YEARS_