“What’s the dumbest financial mistake you’ve ever made? And how would you suggest others avoid making the same error?”

Sheesh, there’s been more than a handful. But, I’m sad to say, I’ve clearly made fewer than Kerry Francis Bullmore Packer. Yeah, you read right: fewer than Kerry.

Packer reckons he became Australia’s richest man because he made the most mistakes. If his assertion is right, then I’m up for making a few more.

Given that, I’d have to say mine was taking too long to make my first big, dumb, financial error.

My parents used to call me “the great procrastinator”. They were usually talking about putting off doing my homework or chores.

But that also applied to my investing life.

Even though I understood that the wealthiest people in the world get there because they invest, I wasted probably about another five years. I should have adopted the Nike theme, “Just do it” far earlier. I was too cautious for too long. I wish I’d taken on more risk from a younger age.

I should have gone halves in an investment property with my mum when she suggested five years earlier. I should have bought more shares earlier. I should have used the advantage of being young better, to take more calculated risks.

Shoulda, shoulda, shoulda.

If you want to avoid this, get started now. You’re reading this because you know you should be investing. Either start learning and investing and making mistakes yourself, or find a financial adviser you can work with and get cracking.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and a licensed financial adviser.