What are the 7 Greatest financial mistakes to avoid? In the financial world, everyone wants to get rich. Getting rich is inversely proportional to the number of blunders you make. It means that less number of mistakes more the amount of money you make and vice versa. I am into the financial world for a couple of years, and here are the seven mistakes you should avoid -
- Not generating income at a young ageI was not able to earn any income in my college days. I tried different things like network marketing, affiliate marketing, blogging, game designing, etc. But I failed to generate money from these areas. I would advise young people that having financial freedom is the best thing you must have in your college days.
“Saving money is for fools. The wise achieve the very same or even better result by simply not wasting money.” ― Mokokoma Mokhonoana
- Not investing as soon as possibleI started investing in the year 2021. But I wasted two years(2019 and 2020) in thinking. Investment is a practical thing, and you learn as you invest. I had no idea of investment at an early age. I would advise the young generation to start their investment journey as soon as possible irrespective of the amount of money they have.
- Lack of emergency fundYou must always have extra money for tough times. Life is unpredictable. If anything unfortunate happens, it can help you out. You should always have some additional amount of money in every circumstance.
- Not planning your savingYou should always plan your savings. The more money you save, the more freely you live. It can help you out in your tough times when you don't have enough cash with you. Proper planning plays a crucial role in the amount of money you could save for the future. You must be aware of your weekly and monthly expenses and plan your savings accordingly.
- Require a reason for saving moneyHave you ever saved money for some specific items you wanted? It is a promising technique to save money but not a great technique. Once you fulfil your goal, you most probably stop saving money. Do not try to save money for some specific items. Make it a habit to save money regularly without any precise goal. And guess what, you would have enough money to buy any desired item in the future.
“Money is a very dangerous thing, you have to get know how to look after it or else you will loose it with ease and remember how you would've it in hard times.” ― Auliq Ice
- Not having patienceToday, everyone wishes for quick results. I have seen people saying that you could earn more than 40% on your investment in a few days. It might happen occasionally, but not every time. Patience is the greatest weapon when it comes to the financial world. Control over your emotions is a prerequisite if you want to rule this sector.
- Not learning from a young ageLeaning plays an essential role in all sectors, including this. Every day, try to learn something new. Learn from everyone, including your parents, teachers, and books. It would bring a tremendous change in the long term.
- crd owner
