"10 Common Mistakes We make with MONEY"

[Ranly123]

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.

Number one is so like me. I usually lend someone money without even thinking of taking back my money. That is if the money is not so big and I can afford to lose it. That is a mistake I usually done with my money.

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[AleSergio]

I wouldnt agree with everything. For example even the first mistake to lend money. You really need to know to whom to lend it, sometimes you will get back much more maybe not the money, but some possobilities for example. So you never know, maybe you shouldnt lend big amount, but small amounts why not.

[Bumblecoin]

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 post is really a good one to remember. It is a reminder for all of us. While reading this, I do realize some of my mistakes in handling finances.

[talenah kotang]

Mistake at number 10, because money should be developed. Imagine if used in business it will be more profitable for you.

[Janation]

Mistake at number 10, because money should be developed. Imagine if used in business it will be more profitable for you.

Why should a money need to be developed? I don't think that is your decision to made and there is nothing wrong with money right now. You are also, misunderstanding the post of the OP for number 10, he is using a metaphorical statement to his post and you just repeat what he had said, but in a different words. The reason he used the statement, " planting a seed or grain".

[Harribel03]

Commonly, we are mistaken in terms of spending our money in a non sense thing. We always buy a dead investment just like luxury materials, cars, gadgets and etc. If we can budget our own income adn we utilize our expenses, then there is a chance that it will grow. If we divide our income in a good manner, we can save a lot. Spend our money in our necessities and not with our preferences, invest and don't waste money for cool stuff.

[Ethreyes]

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.

You are really correct there a lots of people who doesn't understand the true uses of money...  The make always it as a center of their life...  Well really lots of people think that money is stepping stone for development... Yes indeed it is... but we should learn how to save it and and spend it wisely as well...  Because to be honest it is really true...

[brotherwood12]

want add something , i get it from somewhere and forget who says it
- we are often buying "new" stuff  whose prices will continue to decline year by year , and never buy something that the price grown like apartment or land

[1Referee]

Common mistakes that have been there for decades and people still haven't learned anything.

We just have to accept that people inherently cause more harm than good to themselves and their environment. It all comes down to the situation and the event that makes people end up doing something they otherwise wouldn't do. If you have to make a split second decision, the majority of the people will drop all their initial values and just go with what they at that point consider to be the best option to go for.

It's either a good or bad decision. It can't always be a good one, so one way or another, they will end up making the common rookie mistake anyway.

Just let it happen. People learn from mistakes, not from lists.

[ghermghuda]

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 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.

I really love this point. We mostly make mistakes sometimes regarding this. Someone may say oh I'll get this money soon and so start spending it even before it arrives, and sometimes those monies never arrive. One bad aspect is that some people take loans depending on an incoming money to pay back- a very bad and dangerous habit we should all put a stop to.

[solkinsolali]

Nice lecture. Everything you have mentioned above is true and there are many people who are like that. I do not save, but I want to. The problem is everyone is in need of money. Some want to establish a business, so they have to save money, and some want to save money just for entertainment. People differ from one to another. The good thing is to save money for necessary purposes, not just save it to waste it later on on drinks or cigarettes.  

Some people are also guilty of this you have said. They save money over several years, instead of utilizing it on something meaningful, they end up blowing the savings away in something that might not really worth their spending.

[goldade]

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.

You have highlighted most of the mistakes people make concerning money spending. I am personally guilty of about three to four of those mistakes and I especially thank you for this beautiful piece.
I have, in time last,  borrowed people money with the hope of getting it back but I have always regretted it and funny enough, this happened for a number of times. I however learnt mistakes through this piece and such won't ever repeat itself.

[udonmez]

mistake 6 is really important. These days everyone has credit card. They are really useful if you know how to use it. But with credit card it is really easy to spent more than you earn.

[Samaaliu]

Truly, most of these mistakes are very common. I have been a victim of Mistake 1 several times in the past but have learnt from my mistakes. A lot of people have borrowed money from me which they never paid back and I had no option other than to just forget about it. I am also the type of person that does not like reminding my debtor of his debt. So now, is either I give you and crossing my mind about the money, or I simply DON'T.

[Nahl]

those mistakes were true and i have been experience such as number 8 that i was want to starting bussines but i don't have initial of money so i decide to borrow money through bank with high monthly of interest and everytime i was get profit from my bussines those money only can enough to pay my debts with eventually i was bankrupt because i spend too much money to pay interest for a long period of time

[Akpuv]

Let's hope people learn from this. Most people are guilty of so many mistakes highlighted here. People should know effective money saving strategies or practices.

[Kambal2000]

those mistakes were true and i have been experience such as number 8 that i was want to starting bussines but i don't have initial of money so i decide to borrow money through bank with high monthly of interest and everytime i was get profit from my bussines those money only can enough to pay my debts with eventually i was bankrupt because i spend too much money to pay interest for a long period of time

Well, what would matter in the end is how we are going to build our own strategy, since a lot of techniques out there but we can for sure come up with our own strategy, but for sure it took time before we can finally do our own strategy, it will take more time and more loses until such time that we will become expert with what we are doing.

[Gabali126]

I am fond of some of this mistakes. I have now learnt my lessons. Most times, I spend money which I don't even intend to spend at that particular time most especially when I have a lot of it in my wallet or pocket. This is something many other people do commonly too they need to be mindful of.

[Kidmat]

I am fond of some of this mistakes. I have now learnt my lessons. Most times, I spend money which I don't even intend to spend at that particular time most especially when I have a lot of it in my wallet or pocket. This is something many other people do commonly too they need to be mindful of.

Those above lists are very helpful these are truly common mistakes of the users we tends to spend money without saving. Let's think of to save money first this is important that in a latter end we will not regret on our decisions. Always save for the future this is the wiseful decision.

[squog]

I think more and more people upgrade their lifestyle as they have s bigger pay. I'm not saying that we shouldn't do this but if we upgrade our lifestyles too much then no matter how much pay you would have, you won't get satisfied. I suggest living simply and living within your means plus savings for yourself and family.