Money Mistake most people make

[Dave20]

At the start of a new year, millions make resolutions goals they want to reach throughout the upcoming months. Getting a handle on money issues is usually near the top of many such lists.

The most financial popular goals are paying down debt, saving for emergencies, budgeting better and saving more for retirement.

The problem is that most people fail to keep their New Year's resolutions.

"It is so easy to get off track," said financial expert Steve Siebold,

"Everyone wants to make more money, save more money, invest more," he added. "But when it comes down to it, we tend to react emotionally instead of logically and that is the downfall."

Getting into a new year is also getting to learn from your past and make good use of the future. You may be worrying and asking yourself, why I’m not still wealthy and you are so discipline and hard working still you are not getting it right. There must be a money mistake that’s Sabotage Your way to financial freedom, that’s why I took out time to come up with this article to help you get off that part this new year.

Financial freedom is possible for anyone irrelevant of their income. It is not that hard as people think it to be. It takes patience and discipline to build wealth.

Broke people stay broke by spending all their income. Middle-class people stay middle-class by saving all their income. Rich people stay rich by investing their income.

Most mistakes include :
* Not having a budget

*Not investing sooner

*Not improving your financial intelligence

*Buying things to impress others

*Buying liabilities instead of assets

 

[Jasz]

Rich people get richer. I wouldn't say it is because they are rich already as rich people get poor too, moreover it is not that easy to stay on top. Poor people find it difficult to invest the little they have, well it' actually difficult to save that only salary that do nothing but put food on your table. Some earn less that they cant even feed comfortably not to talk of having budgets.

I wouldn't say they should save because they have enough or something to safe. But I will ask them to sacrifice. Sacrifice comes with a lot of intentions , not really pain. But it's just like giving out the only mobile phone you have without hope of getting another one soon. That is sacrifice . you can skip a meal, eat twice and save the third. It might be small but if you do it consistently like a year. You will be motivated. There is something sweet about building on existing project. Let's say your savings amounted to 500,000 as an average guy, seeing that money. you got from mere savings in your account will motivate you to sacrifice more. It always the beginning that is very difficult , when you start with full determination, you will be shocked how far you have come.

 

[GQchan]

Totally agree with paying down debts!

stop all investment until debt is pay finished

 

[sincerem]

σnє thíng í'vє lєαrnєd ín mч lífє íѕ tσ ѕtαч pσѕítívє, plαn вєfσrє єхєcutíng. αnd nσ σvєr ѕpєndíng σf mσnєч whєn í gσt nσthíng much tσ ѕpєnd ít fσr. mσnєч íѕ hαrd tσ gєt, íf чσu dσn't plαn, ít cαn gσ ѕcαrcє fσr чσu lσng tímє, αnd чσu ѕuffєr thє cαuѕє íf nσt plαnníng αhєαd σf tímє. ѕαvíng αnd ínvєѕtíng wíѕєlч αrє gσσd σptíσnѕ whích kєєpѕ mσnєч ѕαfє, αnd nσt ѕpєndíng fσr juѕt fσr pєrѕσnαl nєєdѕ вut tσ ѕαvє fσr thє futurє tσσ.

 

[ugorita]

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[eldavis]

Resolutions is one of the most easiest thing to make, at that moment we are full with lots of emotions, and we just just want to be a better version of ourselves this new year, but as the year kicks off, it's more like we become clear from these emotions and we tend to forget easily all we have said we would do cause of the many distractions and events that comes our way. Personally I feel instead of setting resolutions, make habits.i might forget the resolution I made at the beginning of the year but an habit I have been doing for months and probably years, I can't forget that.

 

[Sotherefore]

Anyone who have a proper plan of the future will not always try to buy things for the main purpose of impressing others because it does not really make sense .

personally I have a lot of things to do with my money and no matter how impressive in material is if I do not see a potential in it I cannot buy it for any reason , i rather use that money to sort out important things in my life..

Concerning the Investment a lot of people may not really have the money to invest in things they are interested now because some people are just trying to establish their self in the online space to make money and this they don't have the extra fund to invest in asset , but anyone that have the ability to invest their money in something they believe will be profitable should go ahead to do it ,we should always try to be careful with some online investment since they are not reliable

It is very important for us to always consider to buy things that we only need and not to buy a liability, for me personally I only buy things which I believe i am really I needs of it. Probably urgently.

 

[Mataracy]

I believe that all these have to do with self sacrifice. If one can not control his or her emotion it will be very difficult to over come and make that goal come to reality.
Though it can also happen to any body even to those who are hard working and well focused because know body knows what tomorrow will bring forth. And so some circumstances may just comes up and then scatter all those plan if care is not taking.

 

[Mellorando]

To be successful as a young enterpreneur you have to stay positive and know how to spend money only on positive things and all things that will bring positive effects to your business. Ask yourself if you really need items that keep you paying every month, year after year. Things like cable television, music services, or high-end gym memberships can force you to pay unceasingly but leave you owning nothing. When money is tight, or you just want to save more, creating a leaner lifestyle can go a long way to fattening your savings and cushioning yourself from financial hardship. Using credit cards to buy essentials has become somewhat commonplace. But even if an ever-increasing number of consumers are willing to pay double-digit interest rates on gasoline, groceries, and a host of other items that are gone long before the bill is paid in full, it's not wise financial advice to do so.

 

[btaliat]

That's really the mistake. Many people especially the low earners are still in the same place because they refuse to invest what they have. But have we really studied the reason for this?

Low earners earn as low as the money that's only sufficient for them to feed themselves. They don't really have much left after buying the necessary things that they need. It is not a gainsaying that low earners don't really have the purchasing power especially in this type of inflation.

Middle earners are afraid to invest not because they don't have what it takes to invest but most of them fail woefully to invest in the right scheme. There are some that have chosen to invest blindly and lost their money. This has always been a reason why most of them dont want to invest again for the fear of not losing the ones they have.

The rich always remain rich because even when they Lose their investment to a bad investment, they always see where to fall back on. Some depends on friends to help them again, some depends on another money they have to reinvest until they get it right.

In conclusion, I don't really judge people for being poor , I study the reason. No one wishes to go poor. All those motivators are only saying what are easy to say nut difficult to do.

 

[Sherman198]

If only people can invest in viable things, their status in life might change.....Just like the way the rich people make reasonable investment with their money. But some people just don't have the knowledge of investment, and what they kept doing, is stacking their money in the bank, which inflation would eventually eat dip.

 

[Deleted member 13140]

Hahaha I've always thought that those new year resolution were just a waste of time, I don't even do it, I just tell myself I'll do something, instead of writing it down and all, it's just rubbish.

I don't think planning for retirement should be a new year resolution except if you've not been doing it, I find that financial planning is much more difficult than planning to start a business.

Anyways for those who are planning for retirement, I think the best route for them is to start with saving money monthly and cutting their expenses and tracking where their expenses is going and all that

 

[Chibson]

There are a lot of mistakes people make when it comes to making their financial decisions and I have been there . Last year I regretted why I didn't invest in some cryptocurrencies, but I only focused on saving some amount of money. I have already set out my financial plans and one of them is to invest as much as possible in many cryptocurrencies this year that have a lot of potentials with low market caps. If you really want to become rich then you have no business of saving money because you cannot really save money to become rich.
Imagine someone who invested $5 in cryptocurrencies like Shiba Inu last year January, by now the person would have been a millionaire. This is one of the things that investment does and savings cannot really do it no matter how hard you try. Investing in stocks or some kind of businesses can also give you a whole lot of money instead of saving. I am not discouraging people from saving money but it is much more important that you invest significant amount of your income on things that will set you financially free than to save them with no return of investment.

 

[Caramelle]

Not having a budget is one of the major mistakes that many people make. A budget is a tool that you can use to plan your spending and savings based on your earnings. It tells you where you stand financially and how you can allocate your earnings to cover your expenditures and avoid dipping into your savings funds. It lets you identify areas of expenditures that require your quick attention. You can arrange payments and expenses in the order of importance and direct your earnings accordingly. You can use it to stay motivated in your financial plans. It's quite useful whether you are earning a fixed salary offline, a flexible salary online, or a combination of both.

A one-year budget has been especially useful to me because it tells me ahead of time how much I need to earn in order to cope with my payments and expenses. I'm using a spreadsheet for this purpose because it's flexible and can be formatted easily to produce reports. Some dislike preparing budgets because they're too nitty-gritty. It may take a little time to do on your first month or year but they'll be easier to do on the next budgeting period. You can also use some help with budgeting apps that can be easily downloaded on your smartphone. These are simple ways to ensure that you are on track with it comes to your financial future.​

 

[kayode10]

I think everything begins with the mindset and the same thing goes for making money online. If you develop a wrong mindset you will always make mistakes on the journey to make money online.

I am going to highlight some of the common mistakes people make when they are trying to make money online

Lack of basic knowledge
The majority of people I have come across don't want to learn about the basic knowledge of the money making model the choose.

Some people are not ready to sit down and read first or watch videos before they start making money online.

They simply look for what other people are doing and start doing the same thing without knowing the reason behind those actions.

Not taking action
There are some people who are not ready to take action on the things they learn about a money making model. They might think that the process is too simple and it may not fetch the money.

Not ready to spend money
If you want to make money online you must be ready to acquire some tools that you make the whole process pretty much easier for you.

Instant gratification
some people want to start making money online from the first day. This set of people lack patience needed to succeed in any money making model.

Giving up too soon
There is no way you are going to make enough money online if you give up too soon at the face of difficulty.

 

[moonchild]

Great contribution from everyone here, I really enjoyed reading your entries, as individuals we are prone to make money mistakes, especially when we're just growing up, our parents mostly don't teach us financial literacy, our conventional schools too, don't really care, most schools are just business ventures for the owners.

Therefore, it's on us to learn how to make money and how to use the money we make to make more, recently I learned that it'll be very difficult to get rich off salary, with many tasks that comes with working, the best thing we should do or aspire to do is to understand ourselves and the things that excites, then create a business around that, the reason for that is, if we are doing something we love, we wouldn't run out of passion.

Also there are free books that one can read to increase your financial literacy.