Topic: Habits that can lead to your financial failure in 2024 - page 7. (Read 836 times)

---Being desperate
---Repeating a bad process and expecting different results

Some people get too desperate to hit the jackpot that they forget to follow guidelines or even make their research, making them easy targets of scammers and instead of learning their lesson, they still go ahead and make drastic decisions that lead them to fall again, its just like a cycle.

The above mentioned points go hand in hand because if you look at it, people tend to make decisions that aren't healthy and when they get burned, instead of learning, they repeat the process, only difference is they come from a different angle. Some of them do not learn until their finances are badly affected.

That is actually a good list that leads to financial failures but I think one of the most common things that everyone has experienced is the lack of knowledge in budgeting or managing their finances which leads to not important use of money. It might sound easy to handle finances but some have other interpretations about it, like they include having money for unnecessary things but not having spare money to invest. They focus on short-term convenience and satisfaction but don't have the mindset for the long term. Just like for example, keeping up with the trend by buying a new iPhone which costs a lot despite having a decent cellphone, with that amount of money you can already accumulate a lot of Bitcoin or invest it in other investments where it could give you a great return in the future.

Very smart of you OP, definitely there are lot of mischievous behaviors which we inhibited in the past year (2023) that shouldn't be part of us in this new year. This year has a lot of nice package starting from the Bitcoin halving and may include the Bitcoin exchange traded fund, all this will benefit us so we need to be in the right track as to enjoy this benefits.

Another habit that can lead to financial failure in 2024 is Poor decision making. This unwise decisions can lead to extreme suffering and regret before making any decisions think twice, everything has an advantage and disadvantage consider both before taking up any action.

Impatience. Not being able to hold for long or changing the boats often spending more on fees than earning from them.
Not diversifying. Something might seem too good and an easy way to get rich but putting all your balance on single basket is risky.
Not being able to classify priorities. You could be spending more time on things that are less important and giving less time to things that are important.
Automation. You can't be agile and active 24/7. You need to automate as much task as you can. If you have less options, just place the orders beforehand, so they'd be initiated once reached the price point.

That is right OP but we can make it right and gain success if we change our behavior and keep aggressive rather than gaining fear.

Some people say failure is normal but for me, it only just happens if we invest or get into a business that we never know. In fact, we have to do research, study the business, and create strategies but if we keep on rushing, that may cause failure and market rejections.
we can make a change by doing,
 - carry a positive mindset
 - don't stop learning
 - willing to listen to advice

The most experienced in my opinion is in unnecessary expenses, where many of them spend a lot of budget on things that should not be done, just like most young people, they prioritize style so they will strive for what they want, even though it is not very important but they strive for it because it is a requirement to meet current socialization, such as gadgets, vehicles, or clothes. This is sometimes not very important but is always prioritized over basic needs that clearly must be needed, also young people today many of them are reluctant to move from a zone that already makes them comfortable, some say they are afraid of failure and in that zone they already feel enough, even so I think everyone wants progress so they should not be afraid of failure to leave their comfort zone.

I think they should keep track of their expenses, maybe then they will realize that there are expenses that they shouldn't be doing. Sometimes there are also some of them who have gotten the opportunity but are still procrastinating.

Life with failure is meaningful, but the fear of failure should not miss the meaningfulness.  To make money you have to adapt yourself both in the comfort zone and outside the comfort zone.  We must keep in mind that it is never possible to achieve success in an easy way.  Success always comes after hard work.  Success is not possible without hard work.  Self indiscipline people can never do anything good in life.  To do something good, people must be responsible and disciplined in everything they do.  Lazy people procrastinate.  To be successful and make money you have to separate yourself from laziness.  Everyone should make this pledge to start fresh and clean in the new year.

Waste of financial and other resources: Some people earn so much but they end up wasting in things that will not generate financial returns. Waste of financial resources has made people poorer than lack of employment. Some people spend money on new gadgets not because they need them but because they just want to be in a social class of people who have the latest gadgets. I don't see any reason why an average citizen who is struggling to make ends meet will be spending money on the latest phone, clothing or other accessories. Some people also waste money on cars or big houses when it is clear that they don't need them. In my country, it's common to see young boys buying flashy cars when they don't even require them because public transport is economical. What will a bachelor be doing in a two-bedroom flat apartment, this behaviour is popular in my location. Many of these youths prefer to waste their resources on liabilities, rather than investing.  

Addictions: There is a need to engage in all activities moderately. Addiction to any behaviour could hinder financial prosperity. People who are addicted to drugs, gambling, food, s3x, etc, might find it difficult to plan and make sound financial decisions. Many of them will end this year poorer because of credits and debt. With the high rate of drug addiction in my location, many people spend most of their income on hard drugs. The popularity of online and offline gambling has caused some gamblers to develop some disorders.      
      

    

 You have conquer 2023 with it's many challenges to to your financial status.

Here comes 2024, a year with a lot of excellent promises.
Your financial success this year is of outmost important particularly since we a re approaching the bull period in the crypto space.

The habit listed below may hider your financial  growth this year
,👉Fear of leaving your comfort zone
👉Fear of failure
👉Looking for easy means to gather wealth
👉Wasting your precious time on things that are not necessary
👉Self indiscipline
👉Procrastination


You can add your point so that others can learn