Topic: "10 Common Mistakes We make with MONEY" - page 4. (Read 2216 times)
You should probably rename this to "Rules" rather than "Mistakes". For me, I would just use these as guidelines. Our world is not perfect and adhering to these does not mean your good to go in life. Better to asses each situation individually.
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 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.
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.
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.
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.
Spending money that is not in your hands yet and overspending, I think, these two are the common mistakes most people are guilty of doing. People often have this kind of thinking that "I work, so I need to reward myself and experience the luxury of life. I deserve it anyway." Yes! It's true. There's nothing wrong about rewarding yourself and wanting to maximize your life, but you need to live within your limits. Don't spend what you haven't earned yet and spend only within your budget. You must realize that at the end of the day, after the short-term happiness that your self-reward has brought you comes the long-term grief of paying off debt. Remember that there is no independent financial decision. When you contain yourself with what you have for now, you are not actually punishing yourself, but rather you are saving yourself from future headache. So do yourself a favor; spend wisely!
Some very common mistakes had been listed by you here. One of the best threads I read here so far in economics section.
Based on rule 1, never lend money to friends. You may loose a valuable friend.
I think the 10 common mistakes that you have mentioned are quite complete, representing some of the problems that are often done by the general public, I myself have lent money to my brother and the money has not returned, assuming the money he has borrowed is gone, You are right. Don't expect your money to return if you lend money
Those suggestions are so good that I have literally read them few times in the row, it is happening with me not that often, so I am highly appreciating you developing those thoughts and they are amazingly wise, and simple at the same time.
You know what I thought about, bro? It would be cool if each of us prints the list of these mistakes or at least make a screenshot and saves it somewhere on the computer. Awesome!
Thanks for this great insight, I would like to comment on MISTAKE 9. Investing for the future is good but we need to operate in a flexible manner. There is a need to ensure that caution is taken so we don't invest all that we have to that the extent that our basic needs are ignored. It is a common mistake most people make.
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.
I am in favor for this mistake which is common for everyone. We should learn how to handle our money for the future. At least, we had already know the common mistake in handling money? Then we should avoid this mistake will happen.
I think this is a mistake that is being made by a lot of people in my country, of the people I know almost no one saves, they spend everything they have and most of the time even more and the worst part is that the additional money comes from credit cards and then they just make the minimum payments which is a terrible idea since you are basically just throwing your money away since it is impossible to pay your debt that way.I am in favor for this mistake which is common for everyone. We should learn how to handle our money for the future. At least, we had already know the common mistake in handling money? Then we should avoid this mistake will happen.
My principle about money is just simple: do not spend more than what you can earn. By doing this, you can prevent getting bankrupt.
I happen to fall victim to the first point. I gave a very good friend of mine $300 and up till ow, i have not gotten it back. It pains sometimes to sacrifice yourself to help the needy when they do not realize your intentions.
When we evaluate potential opportunities, one of the first parameters that we are looking at is this yearly return and we like to see 30%+.
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.
well sometimes we helping others by lend them a money and i do agree to not lend money that you not willing to lose. I would like to add, even though save money is really good for future, dont forget that you only live once so try to fullfill your statisfaction and live to the fullest cause seems like many people are working too hard for money and they never spend it and they end up rich but not knowing what is outside the world, experience is more worth than the number of money you have. So spend your money wisely and use it to get as much as you can to got a lot experience in your life time. as I see so many millionaires are investing only in property by buying a house and renting it for a passive income which won`t have the break even point for more than 30 years, instead of opening new businesses with more jobs and opportunities for everyone.
People do that because they do not want to take risks, the economies of the world are in a very bad shape this means that taking any risk now is a mistake, so everyone is looking for a safe place to park their money until that is over, people like us choose bitcoin while some others choose precious metals and some others like the people you are talking about choose real estate.Every investment has its own corresponding risks. It's only up to a person which one he should choose. Usually high risks investment leads to big returns in a short period of time waiting, while the low risks investments usually takes several years before you can enjoy the investment returns.
This is actually great advise for thise young people who just started earning money. I was also given a sound advise fron a person who has been working for a company for years. He said that spend all you have for the first 2 years of you working. After that, you start being an sdult and save. I think it's more like getting spending out of your system and actually saving money.
as I see so many millionaires are investing only in property by buying a house and renting it for a passive income which won`t have the break even point for more than 30 years, instead of opening new businesses with more jobs and opportunities for everyone.
People do that because they do not want to take risks, the economies of the world are in a very bad shape this means that taking any risk now is a mistake, so everyone is looking for a safe place to park their money until that is over, people like us choose bitcoin while some others choose precious metals and some others like the people you are talking about choose real estate. 
Those suggestions are so good that I have literally read them few times in the row, it is happening with me not that often, so I am highly appreciating you developing those thoughts and they are amazingly wise, and simple at the same time.
The 10 mistakes you have listed here is really good and i think all these points are really good and true and they are must to be followed by everyone who is new to investing field especially who are really high emotional trader. I hope all this points will sure to make your business a highly successfull one and even i will follow it, with discipline.
Create some target for all you need and make you will never exceed it, don't just spent your money to something that just improve appearance, use your money to educate yourself to become more better.
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.
The only wrong thing to do is with using money is to use it wrong and use it in a foolish thing 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.
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.
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.
Mistake 4 is one of my true to life mistake on my life.
I really wanted to buy something when I have money on-hand. It struck me most because honestly I can't save enough after i have my salary. I always spend it with foods, clothings, etc. Instead of having some business.
I think these can work with me, thank you for reminding us.
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