10 Common Mistakes We make with MONEY

[bosshyip]

Mistake 1: Never lend someone money you are not willing to loose. When you lend someone money, always assume you may never get it back. If you feel that after lending the money out you may not be able to survive with what is left with you, then simply don’t lend the person.

Mistake 2: Whenever you have the opportunity to meet a wealthy or an influential person, never you ask for money, but rather ask for ideas or ways which you can grow your own business. That will make you a more purposeful person.

Mistake 3: Never you spend money you haven’t received or expecting. In other words, do not buy anything on credit because Mr. A has promised you certain money, or that Mr. B will pay you the debt he owes you. It might make you to run into debts should the source fails to pay. I hope you understand this point.

Mistake 4: For proper saving, do not attempt to save what is left after spending, but rather spend what is left after saving. Like you already know, human wants are insatiable, as long as you have the money, you will always have something to buy. Also, never you keep any money you are not going to spend on short term handy or within easy reach. It is best to keep it safe away.

Mistake 5: Do not sign as a guarantor to anyone on financial matters unless you have enough or are willing to pay any misappropriation or money that may arise from the person’s misdeed. THIS IS VERY IMPORTANT. It can cause you problems.

Mistake 6: Do not consistently spend more than you earn or spend all that you earn. You may not have anything for the rainy days or at retirement.

Mistake 7: Do not spend more money on an item you can purchase same for less within the same neighborhood. It is not a wise spending.

Mistake 8: Never you borrow money that accrues interest to start a business. That will put you undue pressure as you will be working to service the debt and the accrued interest for a long period of time. It could be frustrating especially if things are not as perfect as you would have predicted.

Mistake 9: Do not starve your family or fail to take your child to the hospital SIMPLY because you want to save the money you have for the future. It might leave you in regrets.

Mistake 10: While it is good to save, it does not necessarily means you should save all the money you have. Learn to reinvest some so that it will yield more. It is like planting a seed or grain, nurturing and watering it to yield more fruits. This should be self-explanatory I think.

Which of these mistakes do you think people are guiltier of? Do you think there are other mistakes not included here? Please share your thoughts.

[HossamHafez]

Very useful topic thank you
Mistake 3 I liked it

[sugarchrisp]

Yeah, I don't really understand the idea of credit in general.  People want stuff before they can pay for it and they end up paying 10-20% more for it too.  What's the point of that?  Just save your money up and then buy it, or save your money so you can actually have the ability to buy things you want right away without worrying about interest.  People pay so much money in interest over the years and they never really understand how big it becomes over time.  Those small payments add up to A LOT.

[altcoingamer]

Yeah, I don't really understand the idea of credit in general.  People want stuff before they can pay for it and they end up paying 10-20% more for it too.  What's the point of that?  Just save your money up and then buy it, or save your money so you can actually have the ability to buy things you want right away without worrying about interest.  People pay so much money in interest over the years and they never really understand how big it becomes over time.  Those small payments add up to A LOT.

The only exceptions are things like houses or cars.. the buy-in price is so high that lots of people have no choice but to take on the debt eventually or in essence lease and rent forever.. but buying crypto on credit is dumb.. however.. I can see some viewing it as tempting after borrowing on 20% in January of 2017, would have lead to about 2000% gains if you sold in December, lol.   Still, not advisable.

[sharecel]

Very informative. Thank you for sharing this one.