Topic: "10 Common Mistakes We make with MONEY" - page 11. (Read 2216 times)

Well, there are  common sense rules.
But it is good that someone remember them, since most people do not respect them and then they gets into trouble.
It is incredible that among the many subjects that are studied at school - many of them useless - there is not a minimum of financial education.

What TS said is all true and the problem is that many of us does not know it and we leisurely spend it and take it for granted. Also what we need is learn and teach the future generation is financial education and this is not integrated and taught at schools or households. I think that the government should make it as a standard curriculum for high schools students for then to be financially educated and be ready in the future
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And it doesn't have to come from a loan from banks or anything since you can very well use your savings for your initial investments. And the risks are far more than just simple investing when you trade. Though the return can be pretty quick. You know what they say, the higher the risk, the higher the rewards

Trade is so much more than investing in ICOs so investors need to make the right investment if they do not want to fail in their trading. Trades are usually short-lived and yield very quickly while the first It takes time for the project to prepare and complete the conditions before it can officially trade, which can take from several months to a year.

Good points you got there! I'll point out some of those common mistakes that's really happening in our place although all of it are existing.

With mistake #3, you can also add the idea of most that they are spending most because they have something to expect and that is they have salary so they don't save.

Another mistake is the peer pressure, you are forced to spend and treat them.

In short it's possible to disbelieve everyone or family or close people so often they do not want to know what they are borrowing, to get money just investing or opening a business in the real world, everything you get is meaningless if you can not manage all the money that is in the sewer.

Nice tips OP.  And in applying this to bitcoin or other cryptocurrency trading and investment; investors should know that not all money they have is for investment or trading in cryptocurrency. This investment is a patient and enduring one. And also on the idea of some investors borrowing money to invest in cryptos is the most foolish business idea I have ever come across.

If in terms of financing and managing money, I am very interested in that as I really want to do that way so if given the chance to attend seminars or read books about the right way of handling it I would be very much interested, since I am one of the person who I can say that cannot manage money well as if I want something I am saving money for me to afford it and not thinking of any investment before.

Business is different than the ICO. Many of the ICO we have here would not be even seen in few months from now as those are just for the owners benefit in short term. Well in business as capital is required only people who are serious and want to do it for long  term do require the capital.

Mistakes number 1, 4 and 6 are really common, but the mistake number 6 is the one most people do not see until it is too late, people do not realize that life passes really fast, one day you are a young and healthy 20 year old and the next you are 60 and not so healthy anymore, people waste their youth not working as hard as they could thinking they can aways do it later, they do not understand the limitation of old age and that is why they do not save for their retirement.

Thanks for sharing. These are good notes about making money and spending money. I find some ideas interesting as well. Yeah we should save money, but at the same time we should enjoy life as well. We cannot sacrifice the life qualify just to save more money.

Yes, I understand your point about pity. Being emotional when you lend money to someone is the more reason you should not lend more money than you are willing to loose or better still, forget about.

This is so true because we usually lend money to our family or friends and they will never pay it back.  LOL

In order to start a business and make money you need investment which can be a form of credit or a loan from the bank. It's different from an ICO as the investor is not obliged to get his/her money back

Not everyone is capable enough to borrow from a bank. There are a lot of requirements needed to borrow in a bank and those who don’t have collateral are deprived of the opportunity to borrow money. The sad part is that SMEs are sometimes forced to resort to borrowing from loan sharks even when they can’t afford it because they have no choice. I know that it’s a bad idea to lend money because there’s a huge chance that it won’t be returned but you can’t help but have some pity sometimes.

Why give someone money at all? It's a bankers ' business. They have lost their money many times and have many ways to claim debts. Individuals do not have such opportunities. It seems to me that point one needs to be replaced by the fact that doing their business in which you have experience and do not go to someone else's territory. You will always be defenseless there. Leave loans to bankers.

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.