"10 Common Mistakes We make with MONEY"

[Damn3d]

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.

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[South Park]

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.

[spongegar]

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.

[Oasisman]

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.

[v3liana]

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.

[gratamor]

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%+.

[Kapee]

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.

[shiki3226]

My principle about money is just simple: do not spend more than what you can earn. By doing this, you can prevent getting bankrupt.

[Silberman]

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.

Saving money is also not a good idea, because there are some market processes like inflation rate, which will "eat" your savings each year. So, you can invest this money in low-risk asset,for example, a bank deposit.

Saving is just a means to an end, you need to decide what to do with your savings, most people save only to buy something later, but we need to invest and bank deposits are a terrible idea, not only the interest rates are very low you run the risk of the bank closing and never giving your money back so it is way better to invest in bitcoin instead.

[swaggerkeme]

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.

[sakokinak]

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!

[osmo]

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

[galkinado]

Based on rule 1, never lend money to friends. You may loose a valuable friend.

[gaidarpop]

Some very common mistakes had been listed by you here. One of the best threads I read here so far in economics section.

[rachellee]

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.

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!

[RudeeTam]

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.

[Silberman]

This sounds like the 10 commandments to me. I believe anyone that keeps these 10 commandments may be on his way to financial freedom.

Correct, life it is easier than many people imagine, instead of looking to make a lot of money it is easier to avoid making mistakes, I am not saying that you should not aspire to big things but if you concentrate on avoiding making mistakes then your life will be easier, I am not the smartest person or anything but by just investing in bitcoin and saving a portion of my monthly income I am in a better position than most people of my generation.

[Nucular]

I'm very anti using credit card, but I committed the mistake of using credit the past few months because I didn't want to cash out any of my crytos. Incredible to hear me say that I will never do such a mistake again, because I was so anti using credit cards in the first place.

[aso118]

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.

Ha ha.. Now you are out of $300 as well as a good friend. It is very difficult to behave professionally with money if you are lending to a friend.
Just be thankful that you didn't lend your friend bitcoins, or money to buy bitcoins. They would have lost your money as well as blamed you for it.

[PEDROMAP]

Really great pointers, but sometimes, you have to enjoy life aswell and spend some money on stuff you like and worry later, as you only have one life to live, but never going over the top with it, of course, but in the end if you stick by avoiding this mistakes you will most surely tend to be a happy and balanced person.