The Car

One of the biggest financial mistakes I made in my life was purchasing a big car before investing in a house. At the time, I had just moved to Gurgaon and was eager to buy a new car. I ended up buying a car that cost me approximately 7L, and I was convinced that it was worth every penny. Although my mom advised me to invest in a house before buying a car, I ignored her advice because I believed that I could not afford a house with that amount.

Buying a big car not only drained my finances, but it also caused a lot of stress in my life. Gurgaon is infamous for its traffic, and navigating through it in a big car was nothing short of a nightmare. I found myself stuck in traffic for hours on end, wasting precious time and money on fuel. Additionally, the car's high maintenance costs were a constant source of worry for me, and I found myself constantly having to pay for repairs and replacements.

As a result, I paid around 20K per month for rent for 7 years, spent more money on petrol for my big car, and incurred high maintenance costs due to the rough terrain of Gurgaon. Despite all these expenses, I still didn't own a house.

While I enjoyed the time spent in my car with family and friends, looking back, I realize that I could have enjoyed those moments just as much without the car. My true passion was and still is programming, and buying a car was just a temporary desire that many young people have at that age. In hindsight, I regret prioritizing my temporary passion over my long-term financial goal.

As the years went by, the realization that I was still renting a house while also paying for a big car started to weigh on me. I began to feel a sense of regret and frustration that I had not listened to my mother's advice to invest in a house first. The opportunity cost of not investing in a house at that time was significant, and it was only when I started to explore the real estate market that I realized the extent of my mistake.

Looking back, I now understand that buying a big car was a temporary pleasure that was not worth sacrificing my long-term financial stability for. If I had listened to my mother's advice and invested in a house first, I would have been able to save a significant amount of money in rent and also have an asset that appreciates in value over time.

In conclusion, my experience has taught me that it is essential to prioritize long-term financial goals over short-term pleasures. While buying a big car may seem like a good idea at the time, it is important to consider the opportunity cost of that decision and weigh it against other investments that could provide a more stable and secure financial future.