"10 Common Mistakes We make with MONEY"

[ArIMy11]

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.

Yes this is right. You may never get back. The money again. A person is an angel when he / she needs something that you have but he/she turns into a monster, into a devil when it is already the date to return the money. The one you lend is one who is angry.

[Andrej Peiboski]

Money is the emotional topic par excellence, so it is important that there are many opinions on their purpose.
These are elementary conslices, many are obvious, others are just common sense.
On the other hand, it is absolutely true that most have a very bad relationship with money, so even elementary advice helps.

[Andrej Peiboski]

Ah, I forgot a good quote about "advices":

"Advice is something that the wise man doesn't need and that the fool doesn't listen to..."

[KINGCHACHA1]

Anything mistake people make that keep them in poverty is to keep on complaining about their income being inadequate instead of sourcing for plan B source of income to supplement their major salary. Think big and work big.

[liseff3]

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.

If we observe well, I think this review's very interesting to look at and learn, especially in improving all matters related to finance both personally and family.

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.

I think, this's the biggest mistake for anyone who does it. Personally I'm looking for money to help my family's economy, not for myself. What's the meaning of wealth that we have if it doesn't bring benefits to the family and its environment.

For me, my child and my life partner are gifts from God, whose value is never comparable to a material (money).

[nydiacaskey01]

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.

If you are not in the lending business then never lend anyone money at all. My rule of thumb is if someone borrows money, try to find out for what purpose. If purpose is personal like plan to buy something that is non income generating, then no is the answer. If its income generating, I would ask for a collateral so if he can't pay up, I have something to liquidate. If the person borrowing is someone that I cannot reject but cannot offer a collateral and the money will be used in something to buy that is non income generating, then probably i'll just give him money but not the full amount.

[solkinsolali]

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.

Your point is also very valid here. But in such situation between the rich person and the doctor, I think the rich person is almost helpless as he is at that point at the mercy of the doctor, and will medically buy whatever the doctor prescribes and at the place of reference.

[Silberman]

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.

I do not want to use any of my crypto either but if you have to then use it, it is better than to have to pay huge interest fees and to have your peace of mind stolen by those credit cards, after all with a clean and rested mind you could always find the way to get back that crypto that you were forced to sell if you are willing to work hard for it, so next time avoid making that mistake.

[Reality5]

For anyone aspiring to be rich, this are the kind of mistakes you must avoid in life.

[HI KITTY]

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.

definitely all of the above, managing our money effectively is a key success skill. Successful people make the decision to become effective with money, many of them early in life. Like any area of life, it is important to educate yourself about the threats and challenges in the world. Taking the time to master a few key principles will pay off for years to come.

[adpinbr]

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 actually very helpful so in line with mistake 9. I have learned that in saving you should have at least 3 piggy banks:
1) piggy bank for yourself
          This is for your personal expenses. if you want to mingle and go out and have fun and buy something you want.

2) piggy bank for your future
           This is like for your house or a car or if you're a student it is also for your college so you don't have to ask money from your parents If you also want to build a business it would also be great since being an owner gives you more profit than being an employee.

3) piggy bank for emergencies
            This is like what you have said for emergency purposes like going to the hospital, or other unexpected circumstances.


We, as users of bitcoin, should also know how to save money and not just spending it because we are not assured yet if bitcoin will last long in our local countries.

[putrii]

what you mentioned is very true and there are so many new traders who make this mistake, and hopefully this can help new traders to become good traders and get a lot of profits.

[deppil]

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.

you know when our income gets higher. then our needs are getting higher too, why? whereas before my salary getting high I can adjust the cost of living with my small salary. but when my salary gets higher. I spend more and more. this is a problem experienced by everyone isn't it?

[valentine401]

what you mentioned is very true and there are so many new traders who make this mistake, and hopefully this can help new traders to become good traders and get a lot of profits.

Most of the traders are making mistakes by selling their coins at the lowest price when the market is dumping and they lose their coins because of panicking.

[solkinsolali]

Anything mistake people make that keep them in poverty is to keep on complaining about their income being inadequate instead of sourcing for plan B source of income to supplement their major salary. Think big and work big.

Yes. Plan B is very important too. Whatever the income you earn, try to plan your life around it.

[kniheant]

 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.

[richminded]

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.

Yes this is right. You may never get back. The money again. A person is an angel when he / she needs something that you have but he/she turns into a monster, into a devil when it is already the date to return the money. The one you lend is one who is angry.

I experience this thing before though here's my friend but I think this is my lesson. Never ever trust someone without any guarantor or any collateral. This is too risk especially here in the market, don't lend anyone you don't know personally.

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.

Of course we all make mistakes in life and for sure we have done this thing before but its doesn't matter any more as long as we learned from that experience. Money is money, people are greed about it so everyone are guilty about this.

[Silberman]

For anyone aspiring to be rich, this are the kind of mistakes you must avoid in life.

Even if you do not aspire to be rich, you must avoid those mistakes because those mistakes are going to add years that you will have to work in order to fix those mistakes, and what can be better than avoiding those mistakes in the first place and use that time to live your life as you see fit, unfortunately many people make many of those mistakes and ruin their life because of it.

[SunJAB]

what you mentioned is very true and there are so many new traders who make this mistake, and hopefully this can help new traders to become good traders and get a lot of profits.

I think they are usually subjective on every issue. And most of the small details are not worth the attention. When it happens then know how important it is.

[patarfweefwee]

I myself know of alot of people that commit mistake #3 by way of credit cards and loans. I mean i see my officemates swiping their cards left and right only to to drown in debt when the bill comes and begs people to loan them money promising they'll pay it back after the next paycheck or just getting another card to cover up the previous card.