What personal finance mistakes should everyone avoid?

[Psalmseen]

There are lots of financial mistakes that people make. Among these, I'm gonna talk about treating business as yourself. It is wrong. Your business is different from you so you must treat it as a separate entity

 

[Kunkun]

Well taking out too many bad debt is one I would really like to point out, there are good debts which are even encouraged but bad debts like getting debts to acquire a liability should be steered away from

 

[Ub40]

Personally, I think one should be careful how he or she spends his or her money. Money should be invested only on assets which will in turn bring more money. One should not spend above what one earns. That is my little contributions.

 

[Setfragil]

The personal finance mistakes that people should avoid is to learn to avoid spending on things they do not need at a particular time and they should reduce how they spend on frivolities.

 

[Lens]

The costly mistake that could be detrimental is when you invest in the business you knew nothing about. It's always better to have a mentor that will tutor you and get ideas from the people who have already excelled in the business

 

[babdud02]

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.

Just be careful of where you want to put your money before investing.Investing on something doesn’t necessarily means you will gain from it.Ask people with experience and follow the right step

 

[Haveit]

In my opinion, I think that one thing we should avoid in personal finance is avoid having direct access to savings, I for one know that if I save money where I can easily reach it then I would probably spend it so I use finance app to hold it down or crypto.

 

[Chibson]

Do not spend your money recklessly. It is very important that anyone who wants to be financially free wants to be disciplined and also make budget.

 

[GIFTMICHAEL]

I've learned to manage my finance well, this days getting money online and offline is very hard, you'll suffer to earn it. So spending it unwisely will make you go broke in the future without proper plans.

 

[Bousine123]

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.

For me I think it is spending in expectation. It happens to almost everyone and we should do our best to ensure we tame it. It has a lot to do with us achieving our financial goals.

 

[tyrim88]

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.

Does that mean we should not save money,though your reason can be ok if one want to look at it from the stand poin of increase in revenue once invested,but it is still important to save money,because you might need some cash for an emergency and you'll just have to go and withdraw.

 

[Chibson]

There are some personal finance mistakes anyone who really wants to become successful in life must avoid and one of them is reckless spending.

 

[Alexandoy]

There are lots of financial mistakes that people make. Among these, I'm gonna talk about treating business as yourself. It is wrong. Your business is different from you so you must treat it as a separate entity

This reminds me of a previous employer who brought some home appliances to his home from the office. It was a hot summer so he grabbed 2 electric fans and loaded them to his car. In the eyes of the employees that was not a good act.

 

[Chibson]

Budgeting is one thing that I always want to be doing because it will make me not to spend my money recklessly and also be able to save and invest.

 

[Razor1911]

Budgeting is one thing that I always want to be doing because it will make me not to spend my money recklessly and also be able to save and invest.

Without having proper money management, it is very tough to keep an eye on the money outflows. That's why budgeting is important. And it is an integral part of overall market strategy.

 

[Setfragil]

Without having proper money management, it is very tough to keep an eye on the money outflows. That's why budgeting is important. And it is an integral part of overall market strategy.

Budgeting is very good, it helps us to know how to control our spending on things. Without a good budget planing, we will keep spending money on things that does not add values to our finances.

 

[Salimo]

Yes all we need to invest in good businesses and we need to avoid bad partnerships too , we can lose a lot of money if we invest in wrong persons and places .

 

[eLdavis]

The biggest mistake I would make when it comes to Capital, is not having an extra source of income and investing all that I have in a business am not sure about.

 

[Jlife]

We really need to be careful on the type of things we are actually spending most of our money on, there is no need for us to spend so much money on things that doesn't have any positive impact in our life.

 

[Ralphjoe]

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.

The biggest financial measure that anyone can I board is spending their money recklessly without anything to show for it because if they are able to spend your money with something good to say sorry then it wouldn't be that bad compared to spending too much without anything to show for it.