"10 Common Mistakes We make with MONEY"

[erominer]

limit yourself from buying thing classified as wants

[ti4c]

Mistake 6 is very common among salary earners and low income earners. But if one can avoid these mistakes, a lot of problems will be avoided as well. But mistake 1 is very hard to avoid especially to family and friends.

[voztata]

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.

I never lend money to people and I don’t give what I will be expecting back, once I give money to people I forget about and I also don’t give much to them. I have so many problems with lending money to people, I lend the money and they promise to pay in so and so time and when that time comes they will start coming up with fake stories just to avoid paying me back my money. One thing I have learnt is that when people ask you for money that’s because they have a problem, so you should help them with what you can afford to lose.

[carlisle1]

I like the number 2 advice,about not to ask for money instead ask for learnings,seek for ideas about how to earn rightfully and truthfully this is one of the best thing i have read here in forum very friendly advice and reliability

Thanks for this thread dude i will many of this kind will be spread here than nonsense thread that has nothing to do in reality

[JohnUser]

Buying what we dont need to impress others who give no fuck about us.

Spending more than our net income.
Buying on credit.
Living a life that is fake to impress others.

Define real life so ?

[boyptc]

Buying what we dont need to impress others who give no fuck about us.

Spending more than our net income.
Buying on credit.
Living a life that is fake to impress others.

Define real life so ?

Means that you are social climber, you are buying things that you don't need just to increase your lifestyle. You are pleasing others with what you are doing and not yourself.

And when you're done, you'll like the feedback of people whom sees you on how you are living through that lifestyle which is unnecessary that makes you spend much.

[Ziskinberg]

Mistake 6 is very common among salary earners and low income earners. But if one can avoid these mistakes, a lot of problems will be avoided as well. But mistake 1 is very hard to avoid especially to family and friends.

I think saving from your little budget is really a hard thing to do so but as most people said,learn to save even a little amount because you will not know what will happen in your retirement age.So much better to be prepared as early time as now because in your old age,your body cannot do things anymore like what you did at the present times.

[JohnUser]

Buying what we dont need to impress others who give no fuck about us.

Spending more than our net income.
Buying on credit.
Living a life that is fake to impress others.

Define real life so ?

Means that you are social climber, you are buying things that you don't need just to increase your lifestyle. You are pleasing others with what you are doing and not yourself.

And when you're done, you'll like the feedback of people whom sees you on how you are living through that lifestyle which is unnecessary that makes you spend much.

In no case money is real life, that was my answer. Of course I get what he mean but real life should be something else, or us, humans, won't stay a long time on earth.

[pandoraaktor]

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.

In this case, I think there are still many people doing it
Because, sometimes I do it myself  I think we have to change these bad habits for a better future

[ricardobs]

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.

That doesn’t really have to do with what we are discussing here, but still I don’t see anything wrong with people buying houses and renting them for a passive income.

It’s your money man, and you got to invest it wisely, any way you believe its gonna benefit you more then you can go for that, nobody tells you what to do with your money. Though I wouldn’t go for that, I would prefer to open industries and create job opportunities for people.

[Cryptoworld4]

This is a very interesting piece written by the author. Thank you very much for pointing this out. I wish I have merit to give you on this.

[Jlimao28]

In short, most of the people are not responsible in handling their assets. Even I, when I have much money, I always treat my friends and family specially if I got it here. Afterwards, the only money left in my wallet is coin. Though I expend much, I made it for my own happiness. In my opinion, saving of money is not good at all time, as long as you are happy with it then you use it with full kf enjoyment.

[Apple Mac]

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.

This is such a wonderful compilation of tips and I am pretty sure it will be applied by the people who read this thread and personally I am guilty in whatever is written above and I usually commit mistakes by having such wrong idea towards savings, whenever what or how much we get always put what ypu should put in your savings when emergency time comes you will be grateful for saving.

[manfredmann]

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.

Yeah definitely true and it has been ruled out on some individual who had been in those mistake including myself wherein i do usually commit mistake very often when it comes to handling money or getting it on hand. I never thought that someone could pin down those words that are exactly happening as to what i had been experienced. i better keep this thread to remind me on my mistakes.

[Scavagers]

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.

Thank you for this, it is very helpful and you have very good and clear points. Well, in number 1 there are some cases that you lend money to someone. In my case, I only lend money to people that I know that he can pay me back or else I will not let him borrow money. If a person asks for money and he will use it for example, a business,sure I will lend him some because we can help each other once he has a stable status on his business.

[21BTC100ETH]

These are very common mistakes people should be wary of otherwise you may find it difficult to be financially free.

[Astermony]

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 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.

[gurang]

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

[artichandra]

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.

[Nisharawal]

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.