"10 Common Mistakes We make with MONEY"

[reliable]

I believe that people lose money not because they invest money in a wrong way but they don't invest their time in a right way. I still follow the principle of investing time before investing money and understanding something deeply. I have seen newbies doing the same mistake again and again and getting the same results. Knowledge and experience definitely help to avoid many mistakes not only in crypto but every other sector out there.

Most of the big holders are actually being hacked through phishing sites that reveal their selves unintentionally and most of this scam sites are on air drop campaigns.

One of the mistakes we do is that keep money ideal. If you let it happen then you cannot make more money with that money. So you need to keep investing in different places and try to make the best return available on the platform to make money.
 

[Phil315]

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 is very important to avoid. A lot of young people are fund of this mistake. They are most times interested in just collecting money from their wealthy uncles instead of seeking business ideas.

[AllCryptoplus]

These are all food for thought. One really need to be careful in handling money.

[Dread Pirate Roberts]

good refference so far. so overall be about wise in managing finances. and focus on financial management and focus on main planning.
maybe i can also add some tip from my experience. realistic to the market and wise in determining the financial options in terms of saving. and option of investment.

[Silberman]

These are all food for thought. One really need to be careful in handling money.

Many people are going to spend most of their time earning money and the rest of the time they are going to keep thinking about how to earn even more money and yet they never take the time to learn how to manage it in a more effective way, which is why it does not matter how hard they work they never seem to get ahead and why most people in the US have almost no savings.

[Gdra467]

Mistake 8 catches my eye because most investors make similar mistakes in starting up their businesses. Unless you are starting a business that has ready customers or a ready market, you don't have to borrow too much amount of money. Debts that come as a results of borrowing banks have made many startups fade out of business.

[Vaculin]

These are all food for thought. One really need to be careful in handling money.

Yes.Be wise in managing your finances if you really want to save.Self-discipline is a must.Buy those things that are mostly needed and ignore all those unnecessary stuffs.And lastly,have your own weekly or monthly budget plan so you will have guidelines what to buy and how much money allocated for it.

[btcrut2017]

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 common mistakes with money  is that we don't we don't religiously pay attention to saving money. The current income is not enough for a large family and we enter in debts with higher interest rate. Health is compromised because of lack of planning and budgeting of earnings. Education is not prioritise that is why most of the children are uneducated can cannot get a good job. We must manage our money and spend in the right things.

[jetjet]

Yes, these 10 mistakes should be put on investors head to avoid such thing to happen to them. I really love crypto currency because it give me idea on how to dealt with trading and on the market condition ss well.

[Twentyonepaylots]

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.

This is just true, most of family usually are being asked by a lot of people when they are in need, my family usually are one of the most kind family you will ever know and that is being taken advantage of. I need to send these quotations to my family.

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.

I am from a third world country and this is really accurate. Usually, when someone just came back from other country because of work, they usually borrow money, even ask money to start drinking, it is not bad to give but most of the time, you must really know how to say "No" since you are going abroad to work and earn money for your family, that is not to be lent or to be borrowed unless you have money to be lent.

 We have different orientation on the above Topic, some are maybe true  but some also doesn't apply with all of us here in crypto world. Its already posted the idea you have in mind about the attitude of some person but let not generalized as if this apply to everyone. Anyway, that's good pointer to think off if does someone or your immediate family ask you for help or either friends, someone special, How do you react and handle the situation.

[MiXxe]

I know everyone here wants to be rich before we joined bitcoin. And I know that the ultimate reason why most of us here joined bitcoin is to earn many money and become rich. But no matter how mucj we earn nor no matter have industrious we are to earn strive to become rich, nothing will ever happen of we continue to spend money unrightfully. We need to be well disciplined.

[Elexsis]

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.

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.

Well, you have some point, when you are trying to spend more than you earn it could possibly lead you to a bad situation for example, when you want to retire already, but you don't have enough savings for yourself, because you actually think your earnings in working will long last but it's totally not.

[kenziefried]

Very interesting write up. I wish people can actually avoid all the mistakes listed here. But it is almost impossible as one may be guilty of breaking at least one. But this would act as a voice of caution.

First of all, humans are made to make mistakes and they are always becoming expert in this field. So don’t just worry nothing is there to harm them. Money is always a trouble and whenever it sticks to anyone, he becomes involuntarily jumped in trouble hub. Better is to learn how to stop making big mistakes and how to tackle if you have made one mistakenly.

[Phil315]

I know everyone here wants to be rich before we joined bitcoin. And I know that the ultimate reason why most of us here joined bitcoin is to earn many money and become rich. But no matter how mucj we earn nor no matter have industrious we are to earn strive to become rich, nothing will ever happen of we continue to spend money unrightfully. We need to be well disciplined.

Yes you are right. People need financial discipline. You can't continue to just squander money because it is available who you have it at hand. Also, you must spend money on wise things not foolishly.

[maculeth]

saving money in the bank is also a mistake. whereas the bank will take interest for the money saved, why do we do that? should save money on better investment assets; such as gold or bitcoin.

[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.

spending money on nonsense things you use it for the things you just want and the things that are worthless that you should use more correctly

[deppil]

I believe that people lose money not because they invest money in a wrong way but they don't invest their time in a right way. I still follow the principle of investing time before investing money and understanding something deeply. I have seen newbies doing the same mistake again and again and getting the same results. Knowledge and experience definitely help to avoid many mistakes not only in crypto but every other sector out there.

Most of the big holders are actually being hacked through phishing sites that reveal their selves unintentionally and most of this scam sites are on air drop campaigns.

First and second problems are very different. first yeah your knowledge and skills will help you in avoiding losses because you will know when is the right time to buy. and for the second problem. yeah there are many ico scam. then your knowledge and skills in choosing the right ico will be helpful

[Sled]

I believe that people lose money not because they invest money in a wrong way but they don't invest their time in a right way. I still follow the principle of investing time before investing money and understanding something deeply. I have seen newbies doing the same mistake again and again and getting the same results. Knowledge and experience definitely help to avoid many mistakes not only in crypto but every other sector out there.

Most of the big holders are actually being hacked through phishing sites that reveal their selves unintentionally and most of this scam sites are on air drop campaigns.

First and second problems are very different. first yeah your knowledge and skills will help you in avoiding losses because you will know when is the right time to buy. and for the second problem. yeah there are many ico scam. then your knowledge and skills in choosing the right ico will be helpful

In short, it is best to invest in knowledge and look for the best source of knowledge so you will be loaded with great knowledge and information that you may know that it is the best type of investment that every people can do and don't forget to invest in yourself also because it is great to have a healthy body and a healthy mind for your work so you can live longer and you can earn more money.

[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.

[rippar]

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.