What personal finance mistakes should everyone avoid?

[WhiteHouse]

For me it will be not Investing Appropriately - If you simply keep your cash in reserve/savings bank account, you are not investing you are doing the opposite. Your saved Money will lose its value and become worthless due to rise in inflation.
It's better you invest your Money into Profitable and low Risk Businesses and keep your money flowing beating inflation and making your money more worthy.

 

[Eren Jaeger]

Taking on too much bad debt - Debt/Liability is not always a bad thing. A new start-up company has to borrow money (via debt or equity, see Shark Tank) in order to acquire the necessary assets to run the business. The same logic applies to student loans – you are incurring liability with a student loan in order to acquire an asset, which is your education. However, if that education doesn’t yield a job that pays enough to cover your living expenses and the student loan payments (interest expenses), you’re unlikely to pay down the loan, which becomes a permanent liability on your balance sheet. In other words, the company will never be profitable.

 

[Shayo]

For me, it is not having a backup plan. People should endeavor to plan ahead, proper planing prevents poor performance. Having a backup plan ensures that a business can survive any trying time. A backup plan could be savings, investments or insurance.

 

[sam386150]

Personal financial mistakes someone need to avoid is to be very careful where he or she investing their money especially online, that is why I prefer offline business because if you are doing offline business you should be able to monitor it in daily basis.

 

[Richard92]

One personal mistakes a business owner should not make is coming to work late or allow his workers to be so neglect their work while on duty, this may really kill the business and so reduce the growth of the business.

 

[Khezo]

One mistake one should be very careful about is where you invest your money online. The platform you invest in and what type of business is the platform talking about. Is it legit? Or is it a scam. Make sure to know all this before dropping down your money

Post automatically merged: Feb 2, 2021

One mistake one should be very careful about is where you invest your money online. The platform you invest in and what type of business is the platform talking about. Is it legit? Or is it a scam. Make sure to know all this before dropping down your money

Post automatically merged: Feb 2, 2021

One mistake one should be very careful about is where you invest your money online. The platform you invest in and what type of business is the platform talking about. Is it legit? Or is it a scam. Make sure to know all this before dropping down your money

 

[Ridorz]

It's a good Idea to be invest a money on a business that will be generating a profits. To save on Bank is not a good idea because the will not increase in value and instead to save without any profits then you should invest it. But you have becareful of the kind of business to invest money on so that you won't be fraud.

 

[joy101]

Personal mistake someone need to avoid in finance it is good to invest your money in a potential business that Will generate more profit, one need to avoid banking of money without making use of it, is not good idea.

 

[Profuk57]

I think one of the financial mistake 1 have to do is investing in unscrupulous investment that has no legal backing if you invest in such
scheme that promise you almost 900% return on investment initial period of time and believe me you have many financial mistake.

 

[EMMANUEL]

Frivolous Spending
This is more a series of mistakes more than a single egregious one, spending too much on fun is the leading money management mistake with regretting frivolous spending.

 

[Abibatabosede]

Personal financial mistakes someone needs to avoid are much especially investing in business both online and offline without making research on the business you want to go into but if one makes financial mistakes from a business will make someone learn more before going to a business.

 

[Olamide wealth]

Frivolous Spending. ...
Letting Your Spouse or Partner Monopolize Household Finances. ...
Not Saving Enough for Retirement. ...
Abusing Credit Cards. ...
Not Having an Emergency Fund. ...
Overspending on a New Home. ...
Not Stashing Enough Cash for Children's College Cost.

 

[Kamon c4]

Financial accountability is a very important quality every business owner shouldn’t be negligent about. Accountability is keeping records and being responsible for each penny spent and received. You should be able to account for the cash influx in your business. This is very important for adequate financial management.

 

[Trexxxy]

Well, I agree with your point. I think it is better to have your accrued money invested in something that would bring money regardless. Saving money does not help anybody, the money is basically figure sitting in your account.

 

[mayreeh38]

Having a budget and sticking to it will help eradicate lots of personal financial mistakes. Do not exceed your budget. Do not buy things on credit,or get things you do not plan for. Also have some savings in your accounts. Do not use money for that which is of no worth.

 

[Ibrahim]

Yes you right but as for me I think it's better you invest your money into one business that will bring you more money that will.put smiles in your face and make you really happy and please make sure you have savings in your account also because you can't use Al your money to invest all

 

[Donkiz]

We all have so much expenses that usually takes large chunk of our income and ensures that nothing is left for savings and investments. This is because we don't know how to differentiate our needs from wants, once we streamline our expenses and start spending only on our needs, we will have enough money for other things.

 

[Ibrahim]

Yes you right but as for me I think it's better you invest your money into one business that will bring you more money that will.put smiles in your face and make you really happy and please make sure you have savings in your account also because you can't use Al your money to invest all

 

[Seun4luv]

Getting into Debt and Overleveraging Getting in debt due to bad spending habits such as the uncontrolled use of Atm card.Using Credit Rather than Cash. Always Buying Brand New Cars. Not Paying Attention.

 

[chicnthin]

Avoid excessively spending on things that don't really matter. Instead, the money should be saved or at least invested. But be sure that you have knowledge before you pursue an investment. It can be really risky.