"10 Common Mistakes We make with MONEY"

[Andrej Peiboski]

Some points are just common sense, but others are really interesting.
Thank you for sharing these reflections. We look forward to new ones!

[Myown55]

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.


[/quote

HHHMMMM! Wonderful post. I am guilty of the 3rd mistake. I usually budget for monies i had not received and somethimes squander the money before it reaches my account. Lessons learnt now...

[jcarlo]

Investment terms is we using money to invest that we can afford to lose. In any investment, there is risk and there is profits potential. If we can prepare on profits, we should prepare on losing too because market is unpredictable. Most peoples think investment is like gambling and the dont divide their investment and put all money in one basket

[Brunus]

They are excellent advice; I unfortunately have committed many mistakes in the past and if I had respected these tips now I would certainly be better.
But you continue to learn, the important thing is not to keep repeating the same mistakes.

[BaraxLo]

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

That is a good principal but that limits your abilities to earn big money. There have been people like the owner of JacksonVille who took loan of $50000 and invested it with the $28000 he had save during his five years job and invested it to build a company.

Today the company gets orders from all the states in US. However if you do not want to take the risk in investment, you can just invest the money you are willing to invest and that will give you the profit accordingly.

[Kimi80]

I can't remember of any other right now but you said it right man. Mistake no.1 is something that I felt on my skin. Now I know who I can trust and who I can not. Very few of the people in my life can expect money loan from me in full requested amount, others can get as much as I,as you said, am ready to lose. It's sad but it's just the way it is. I never had much to save but I agree in generally with you on that. And I am never gonna guaranty for someone, it can ruined my life but it's just the environment that I am living in, people don't have enough money and are ready to do tricky s..t to get more, not thinking about who they might hurt.

[Agnusdei12]

This is one of the common mistakes we make with money, yet it brings so much bad things to us. When we get to spend more than what we earn. People are into CONSUMERISM, where they buy things and consume things that is not even necessary at the moment which causing us with so much trouble with money.

[Semosuchi Tesongrato]

It is easy to give good advice to the cold mind: we all agree with what has been said.
But when we let ourselves be overcome by emotion and panic, we forget good advice and very often we behave absolutely stupidly.

[airdropwwani]

This 10 mistaken is well organized.
However, as a premise, please do not think that you already have money. You should pay attention to earning money. If you pay attention to using it you will encounter any of the 10 mistaken.

[Vaculin]

It is easy to give good advice to the cold mind: we all agree with what has been said.
But when we let ourselves be overcome by emotion and panic, we forget good advice and very often we behave absolutely stupidly.

Yes.So as much as possible we should not be driven with emotions because it will only lead to making more mistakes and probably become a loser.If you really want to make more money,start to make a discipline in yourself,for sure all good things will follow.

[yusupjatigumilar]

I think people make mistakes number 7, many people buy expensive things, but the function of the form and type of goods is the same as goods that have cheap prices, this happens because people are more lazy to find out where they are. others are cheaper

[Abolaji11]

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.

You are absolutely right. You should indeed be thankful you didn't borrow ur friend money to buy crypto or trade it. Because if he or she lose,  u will be blame and he or she will even felt reluctant to pay u back. This happen to me during the days of MMM(mavrodi mundia moneybox).. I introduce my friend to it , I clearly told him of the risk involved and even lend him part of my money to give it a trial. After his second investment,  MMM crash,  my friend was blaming me for his loss and till date,  he didn't pay back the money he lend from me.

[Betwrong]

The most common mistakes especially made by people who suddenly became wealthy is excessive spending. I know a number of rich people and they all say the same thing: make sure that things you buy will be working for you. Like if you really want to buy an expensive car, make sure it's a rare, vintage model. Something that won't lose value over time. The worst thing you can do is buy a Ferrari that will cost a fortune to maintain and every paint scratch will make a dent in your wallet.

I agree that excessive spending is one of the most common mistakes being made by wealthy people, only I want to add that it extends beyond buying expensive things. I too know some rich people and what I hear from them is that they spend tremendous amounts on health services. I don't mean to offend all the doctors, but some of them are real crooks.  They have contracts with health care providers, pharmaceutical companies and drug-stores such as that they are paid if their patient buys a particular medication or pays for this or that service. Seeing a rich person they prescribe very expensive medicines and services that person doesn't need at all just to receive the commissions. Again, I'm not saying that all doctors are the same, but try to avoid this type by all means.

[maksimukr1989]

I think mistake #6 is the most common mistake.It's my fault.With money, it is desirable not to make any of the 10 mistakes.

[Toraokun]

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.

I agree with this, don't save all your money for emergency. Its more better to use some of your money to increasing your income. But I think this more like advise not a mistake.

[ZeroBTC1]

This mistakes are just food for thought. Thanks for the post anyway.

[Andrew S]

It's certainly all right, but it's not all the mistakes that we make.

[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.

Sometimes when we have much we also spend too much. We forget to save and don't look on the future. It is very hard to differentiate our wants and needs. We do not want to be left behind with the updated on new gadgets. I think we should learn the value of savings and think twice before you buy something.

[SacriFries11]

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 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 Number 4
It is very true "Spend what is left after saving" because the important formula I learned in my life is " saving - needs = wants " . in that case we are sure that we already have savings. No money wasted because money is not easy to earn right now.

Mistake Number 6
So many people are doing this thing. After they received their money they want to just kept buying something. They do not even think of saving

[thunderbitz2717]

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.

Thanks for info! Probably, it will become the guide of those who cannot budget their money like me. I am also an ignorant in budgeting my money specially if I have a lot. But I spend my money to the things that will be benefited in the future and for my family. However, until now I don't have enough money to invest because it always run off to my hands.