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Pinto

Pinto

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In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
 
Spending money on things they don't NEED or on things that they can't afford. The latter is probably the biggest mistake that you can make. People spend money they don't have and get into a lot of debt.
 
TheAbsoluteBohemian said:
There are simply too many avenues to invest in, each with its own underlying risk. Therefore, it becomes terribly important for a prospective investor to do a thorough comparative analysis of the various investment avenues before investing anything at all anywhere.
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I want to see your management before telling someone to do. P.S show your assets and how far you maintained them.
 

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Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
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Hello,
I completely agree that over spending is the most common mistake among new businesses. As everyone know that money management is key to success, so one should make a proper strategy on where to invest money. It will help in checking over spending and will be beneficial for business to become successful.
 
I'd say that careful research needs to be done - before venturing into a business - and everything needs to be taken into account.
 
Money management is a must if you want to be successful, I think so and believe successful people manage their money very well. Hope everyone share the best money management I've ever tried
 
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Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
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You have said it all... Most person spend more money than they earn... Its is called hustling backwards
 
Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
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I think the most important thing here is changing the mindsets that make you choose to buy things that only the mind could know it s usefullness though on the long run it will stay in your wardrobe or wherever and not being used. Changing the mindsets, working on your self development is the key here.
 
It's not easy to manage money. There are so many distractions and not to mention that we can't always stick to our schedule as well.
It's better to limit our expenditure first. Only then we can try to save up money for our future. Also, it's better to go with a fixed deposit in a reputed bank. Then we can use the extra money for our business purpose. This is just how I do things.
 
Money management is really important for your financial health. The biggest mistake that people make is taking loans for the sake of buying luxury stuff. Then they don't have a plan on how to pay it back. I have made this mistake before and I never want to go back there. It really paralizes your need to be financially stable.
 
Another big mistake is taking avoidable loans. As much as I know that certain projects may make taking loans inevitable, I try to steer clear of loans. Debts and frivolous spending are two things that can put a person in a financial mess.
 
I think the most mistake people do is living beyond there means and carelessly getting into debt, you should live within your means and strive to increase your means..
 
Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
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The biggest mistake people makes in money management is poor planning ability, a well planned financial blueprint lead to great money management.
 
Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
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The biggest and a mistake in money management is to put person in a place to manage Your money and people do mistakes relationship with business but I can tell You it's not working that way. Nobody can manage Your money like You do.
 
Money management will help you to pull in profits over a long period of time irrespective of the economic situation. It'll also help you to scale through in forex trading or crypto trading.
 
Knowing the great difference between NEEDS and WANTS will help in managing our finance
 
Josemendez said:
Knowing the great difference between NEEDS and WANTS will help in managing our finance
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True that, I think this was best when I have learned about wanting to drink sugary drinks or eat snacks or any other sugary food which was a want of a segment of thoughts I was receiving in my mind, which wasn t me, and since I stopped giving attention to that part I stopped eating or drinking anything that has sugar, not sure if you guys/girls know but sugar is the worst drug, it is worse even than heroine and it is sold in most of the products in shops.
 
The major factor in business is the idea first and then the starting capital. Then all other factors towards the success of the business is looked into. Success in business comes with many obstacles.
 
dogmatic_p said:
The major factor in business is the idea first and then the starting capital. Then all other factors towards the success of the business is looked into. Success in business comes with many obstacles.
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Obstacles are the best thing of learning, you find ways to grow. The starting capital in most business is less even than 50euros, again depends of areas but still less, for example in Romania when you do your card for your business you need to pay 200 ron which is $48.71 USD ...
 
According to great Nelson Mandela " it always seems impossible until the job is done" many people have great ideas but capital has pushed them bank but most times easily get discouraged to source for funds
 
Towsyn said:
Being in haste to get loads and loads of profit which makes one take uncalculated risk which will eventually make you loose your money
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It is highly recommended that patience is key in order to succeed in every business you engage on, not every business comes with immediate profit.
 
I think the biggest mistake people make in their financial stuffs is Exaggeration in expenses and lack of balance between income and expenses
 
Pinto said:
in your opinion what is the biggest mistake that people do when managing their financial life?
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In my humble opinion, the biggest mistake that people do regarding their income is not planning about their spending and simply spend on non-essentials too.
 
Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
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Outside over spending, most businesses and owners fail to calculate or map out long term aspirations and projections. Some too, lack the basic knowledge of the chosen business and stuffs like that.
Rey said:
Money Management is the key to success
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There are several factors to put into consideration. Financial prudence, time management and proper book keeping is necessary too
 
I can't agree less with this your assertion. It's good for small business owners and big investors to inculcate money management to help save their business and investment
 

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I think most people neglect their scale of preference when they make money all they just to is get what they want forgetting that needs is more important than wants
 
Scale of prefence is actually very important when it comes to management of business because it brings about financial prudency in any business.
 
Money Management is important for controlling financial conditions in order to survive in the future, you must be more observant in controlling your needs and desires.
 

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Once you are prudent you will find it very easy to manage the little money you have even if it is much because if you can manage little amount you can obviously manage bigger amount.
 
I think you're right. People tend to overspend their money, buy things they don't really need, and for that they forgot that there are more important matters that they need to spend on. You don't have to be a business people to know and learn how to spend your money wisely. Every individual needs to be careful at spending money.
 
Avoid trying to impress people. I have once been in such situation, but I must tell u that you'll go bankrupt trying to to please people by spending extravagantly.
 
1. Not controlling the urge to spend, which leads to overspending on unnecessary things.

2. Not having a plan for money that comes into your hands

3. Having no savings, or saving without purpose.
 
Poor financial money management could lead to serious budget and lifestyle consequences. Whether you're on a low income or earn big, not being able to manage your finances will probably bury you in debt. ... But making the same bad choices over and over again can really lead to a budgeting disaster later.
 
I think its lack of budget and plans because if they have budget and plans on moving the business forward am sure it would be successful
 

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Ehizzy1 said:
I think its lack of budget and plans because if they have budget and plans on moving the business forward am sure it would be successful
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Lack of Plan and financial indisciplined is the challenge most business managers or owners do face that lead to bankruptcy.
 
ahmedo24 said:
Lack of Plan and financial indisciplined is the challenge most business managers or owners do face that lead to bankruptcy.
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So to manage their funds well they need to put things like this in place so that they won't run out of funds or their business been collapsed
 
If you are prudent business manager you will always succeed though not very many people are ok with it because people work in most companies to steal money from leakages or lapses from the company.
 

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Never start spending the little money you have right now because you are expecting another sum of money tomorrow or before the weekends. This is a terrible mistake that a lot of people make. Due to unforeseen circumstances you might be disappointed as the money may never come at when expected
 
Money management is the process of expense tracking, investing, budgeting, banking and evaluating taxes of one's money which is also called investment management. Money management is a strategic technique to make money yield the highest interest-output value for any amount spent.
 
Understand your current financial situation.
Set personal priorities and finance goals.
Create and stick to a budget.
Establish an emergency fund.
Save for retirement.
Pay off debt.
Schedule regular progress reports.
 

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Money management is key to improving or maintaining your financial situation. Each of us has our own particular relationship to money. Some want as much of it as possible and devote significant time and energy to its pursuit. Others prefer to live simply on minimal resources. Perhaps most of us fall somewhere in the middle, wanting to live comfortably without sacrificing the quality or balance of our lives but money is very important in life.
 
Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
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Money management is ultimate for you to grow and maintain a business. This calls for a greater level of discipline and responsibility to be able to manage the flow of money. Many people spend anyhow.
 
Management of funds of a company will lead to the downfall and loss of that company. Management of money is very important in a business. It shows exactly how the business is running either in wins or losess.
 

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Everybody especially business owner should know how to spend wisely and judiciously. Money should not be spent except there is need for it. A business owner should know to differentiate how to differentiate what he needs from what he wants.
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Everybody especially business owner should know how to spend wisely and judiciously. Money should not be spent except there is need for it. A business owner should know to differentiate how to differentiate what he needs from what he wants.
 
It is very important for people to manage money otherwise it will affect their standard of living. An individual who doesn't know how to manage money by planning income will affect a lot of problems.
It is very important to avoid over spending.
 
Money management is the process of expense tracking, investing, budgeting, banking and evaluating taxes of one's money which is also called investment management. Money management is a strategic technique to make money yield the highest interest-output value for any amount spent.
 
Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group. Money management is very essential in today's living, one will be able to know how he or she spend is money
 
Money management is the process of tracking expenses, investing, budgeting, banking and estimating one's money taxes, also called investment management. Money management is a strategic technique that achieves the highest interest rate for any amount of money spent.
 
Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
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Money management is very important in our daily lives, when your money is well managed, you can make something out of it, but if you don't use your money wisely, you will face the consequences. We have to manage our money very well to enable us eat the fruit of our labour.
 

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Money management is a strategic technique to yield profits from any money spent. Money management is a form of investing, budgeting and monitoring ones money for accountability purposes and is a key factor in maintaining a business .
 
I have not spent a dime without my means been considered so in this case I am a good person but come to think of it.
What about the area of investment, I have failed woefully in that area because I tends to invest without looking at the possibility of losing at that has cost me fortune in two occasions
 
Money management is an important task in an business because when you established your business and became successful in business, you earned millions and your spending money depends upon your expenditures and interests, you can manage money according to that tasks. But I prefer you to saving your money for your fruitful future.
 
Money management is a must if you want to be successful, I think so and believe successful people manage their money very well. Hope everyone share the best money management I've ever tried
 
If you want to be successful in your life then you should know about the correct use of money and saving it.if you don't know how to save your money then one day you'll face a large no of loses.
 
Any business that lack of financial management can not stay longer before it will collapse. Financial management is very important and it's a imperative thing that must be considere and take seriously. The unnecessary spending, unbudgeted spending are the causes of unable to save.
 
As for me over spending kills and what you really need is just to save and also invest your money so that you can believe you going to know you getting there
 
Money management is key, we have to be prudent and diligent with how we handle. Not to mismanage our resource to utilize it for the best.
 
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Over spending and excess spending recklessly is one of the biggest most people do. There are a lot of people out there that doesn't know how to control money, instead money is the one controlling them. Its really so pathetic.
 
over 50 when people hear or see or hear people talk about money management they think you just making the money after chicken somewhere probably in the bank no I sent that money management has to do with making the money and information they want to create investment something that can last for a brief period of time not just a long long time but in the long process youth trophy so as such that the money will be kept up above inflation
 
Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group. ... Money management can also refer more narrowly to "investment management" and "portfolio management
 
Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group. The predominant use of the phrase in financial markets is that of an investment professional making investment decisions for large pools of funds, such as mutual funds or pension plans
 
In my opinion the biggest mistake people make in their finances is not overspending but lack of proper planning or budget. when you know this is the particular or specific amount you can use at a particular point in time then you wouldn't spend recklessly.
 
This is quite true , as a business individual money management is key, spend wisely do not spend on wants instead you spend on needs, most people spend higher than they can afford which could lead to making the person broke. another thing is to save some money to be used in the future.
 
Money management alludes to the cycles of planning, saving, contributing, spending, or in any case directing the capital utilization of an individual or gathering. ... Cash the executives can likewise allude all the more barely to "speculation the board" and "portfolio the executives
 
Money management is done by saving money having a saving account or invest it in business. Reduce your expenses. There is different between want and need. Need us very essential but wants can be postponed for future purpose u can manage money by investing in it business.
 
Living on Borrowed Money
Using credit cards to buy essentials has become somewhat normal. But even if an ever-increasing number of consumers are willing to pay double-digit interest rates on gasoline, groceries and a host of other items that are gone long before the bill is paid in full, don't be one of them. Credit card interest rates make the price of the charged items a great deal more expensive. Depending on credit also makes it more likely that you'll spend more than you earn
 
Money management is very vital to everybody in this life. Don't buy what you don't need. Many people are yet to understand the difference between want and need. Go for what you need and leave your don't need. Manage your income to avoid debt
 

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I agree with the OP, people overspend and live far beyond their means. These days a lot people are too concerned with their public image and other people's perception of them. Because they put out a certain image of themselves, they find themselves caught up in a lie they have to maintain, and that calls for a lot of money. And sometimes that means dipping their hands into their business profits. Keeping up with the Joneses is not at all a good idea.
 
People tend to make this mistake especially of mismanagement especially In trading forex, cryptocurrency and sport betting, which would definitely lead to a very high and fatal loss on the long run
 
bashmilibash said:
Make the money save most of it and spend wisely then because if you spend the money lavishly you will end up having your save box
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Money management is the process of expense tracking, investing,budgeting,banking and evaluating taxes of one's money which is money investment or money management.is a strategic technique to make money yield the highest interest-output value for any amount spent .
 

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One of the most grevious mistakes made by business owners use the fact that they enjoy a successful business without proper spending. As the money comes in, they kept spending and their spending is not on assets but liability.
 
Money management can be very hard to do but if you are disciplined it's possible. Avoid unnecessary expenses, avoid taking loans you can't pay. Take record of every income and expenses made in the business.
 
This is one of the greatest topic ever posted here. The reason is because man can not survive without money. Life is money and vice versa. Money management requires a matured mind. This includes investment, savings, crowd funding, cooperative society and other ways of maintaining money.
 

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Money management is very pivotal in all that we do in life because when money is mismanaged there is always a time when you will suffer for the wastage of that fund.
It is of a necessity that you make good advantage of money management In other not to go in recession.
 
Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
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Very accurate, overspending is a way to squander money in a very quick way. Most people often overspend just so they can oppress or please people who don't even care about them. Lack of savings too can lead to mismanagement of money.
 
Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
Click to expand...
Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group. ... Money management can also refer more narrowly to "investment management" and "portfolio management."
 
Money management is one of the key factors in business development and strategy. As a strategic person in business, how to manage money is one of the key factors in business development. Because increase and enlargement depends on it. It is also learnable from the experts.
 
The most mistake do by people is spending too much on your house
When it comes to buying a house, bigger is not necessarily better. Unless you have a large family, choosing a 6,000-square-foot home will only mean more expensive taxes, maintenance, and utilities. Do you really want to put such a significant, long-term dent in your monthly budget?
 
Concerning this topic, I would say that a lot of people don't invest their time into getting financial education. You can get financial education by reading financial books, attending financial seminars. Ithink the most mistake people do is living beyond there means and carelessly getting into debt, you should live within your means and strive to increase your means..
 
Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group. Money management can also refer more narrowly to "investment management" and "portfolio management.
 
Money management is really important for your financial health. The biggest mistake that people make is taking loans for the sake of buying luxury stuff. Then they don't have a plan on how to pay it back. I have made this mistake before and I never want to go back there. It really paralizes your need to be financially stable.
 
Well for me I would say being extravagant, trying to live above your means. You should learn the habit of saving, just because you started a business and your making profit does not mean you should just start spending anyhow, you need to have a good saving habit because you must not own everything someone has or because something is trending, wait until you've made enough money and you have what is called careless money then you can tackle all those irrelevant expenses.
 

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One of the most common reasons for a problem in finances is the lack of monitoring the balance - that is either cash on hand or cash in bank - that is the cash flow. When the pocket dries up that means you have neglected the health of your finances that you may have overspent. Excessive purchases can ruin the cash balance.
 
I think the most mistake people do is living beyond there means and carelessly getting into debt, you should live within your means and strive to increase your means. Anything you know fully well you cannot afford should not bother you.
 
Managing money is not that difficult as it seems. It does require a lot of patience but financial fitness is as important as physical fitness. It is the art of utilizing your present money for your future plans. The habit of spending too much will act as a hindrance to money management...
 

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Pinto said:
In order to be a successful individual or a business owner money management is an important factor, in your opinion what is the biggest mistake that people do when managing their financial life? I think its over spending in a short amount of time? what do you think?
Click to expand...
I think money management is very important for living in this world if you and manage your money then you suffer from many peoples in future and it not good if you doing a job or business if you use all money before your pay then it makes you get money as loan for suffering life.
 
Money management is the process of tracking expenses, investing, budgeting, banking and estimating one's money taxes, also called investment management. Money management is a strategic technique that generates the highest interest rate for any amount of money spent
 
If it is true, the individual or company that wishes to become successful must have an excellent money management, and the biggest mistake is to spend it unconsciously. By not knowing or being able to control those impulsive expenses, the option to save is limited and therefore the future of success is unlikely.
 

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The most mistake most new busineses make in the area of finance,is lack of future plan on where finance needs to go into when it comes,personal spending should be curtailed.And when the bulk money(capital +profit) the capital and some part of the profit should be reinvested back.
 
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