What personal finance mistakes should everyone avoid?

[Stnicholaz]

Try as much not use loan to start a business, use only your personal savings or borrow from friends and family. Also try as much possible to reduce your spendings.

 

[Grant]

I always tell people, if they decide to apply for any type of credit card, that you should never spend a lot. If I ever use a credit card, I use it for small things, and when I do, I tend to pay that bill off as soon as possible. I only use a credit card in case of emergency.

 

[Sotherefore]

Well I'll say that people should not be addicted to something that is not profitable in their life. This will make you lose most of your money especially if you cannot control yourself in them.

 

[Senator]

Financial mistakes you should avoid include not spending your money on things that are not really Worth it most times. You should ensure you're not buying things that are irrelevant to you

 

[Ella1003]

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.

One financial mistake we should all avoid like leprosy is borrowing from any financial organisation or persons, as difficult as things are we should all try to live within our means as loans does nothing but cripple us more.

 

[Solutionav]

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.

I agree with you, saving money I see as money not really working for you, because the money is just there but when you invest the money grows and you gain profit

 

[Abigael]

Financial mistakes you should avoid include not spending your money on things that are not really Worth it most times. You should ensure you're not buying things that are irrelevant to you

Yeah, that is called impulse or emotional shopping. Which many people suffer from. I think one should budget well and only buy things that are necessary. It takes so much self discipline to stop engaging in impulse shopping.

 

[Sotherefore]

Sometimes I always advise people who are really serious in life to stop spending their money on things that do not add value to their success . And we all understand things that do not add value to our life.

 

[Kubiat-Abasi]

Individuals should try to avoid reckless spending. Things that are of 'need' should be spent on and not 'want'. Also, try to avoid excessive spending to avoid incurrence of debt.

 

[Ezekiel]

Most person feel that saving money is the best financial planning strategy,this is the financial mistake that I advice every one to do away with

 

[07Trinity]

I would not advise people to save their money in a low end currency incase of inflation,I would advise people to use their money to get more money.

 

[Ghost]

Everyone must avoid borrowing. Sometimes we want to go above our strength because we are driven by greed but we should learn to cut our coat

 

[Maayong]

Personal financial mistakes that one should avoid is to be careful where you invest your your money in and to spend money wisely

 

[Toyoabasi]

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.

We all make mistakes when it comes to our personal finances.
Mistakes we should avoid are:
Incurring debts
Lending to someone who is bad at repayment.
Not investing your funds in profitable businesses.

 

[Tislad]

Going bankrupt is the biggest mistake a company can ever made. There is no bigger mistake in this world than going back to square one.

 

[Stylex]

yes that's true ,but you also need to avoid excess spendings and also avoid spendings on unnecessary things ,they are the major things that one need to avoid in terms of finance

 

[eLdavis]

Try as much not use loan to start a business, use only your personal savings or borrow from friends and family. Also try as much possible to reduce your spendings.

Good advice, many people tend to make this mistake. They feel using loan is easier and faster so they prefer going for loan. Personally I do not like using loans for a business startup because it could make me work under pressure.

 

[Stnicholaz]

Good advice, many people tend to make this mistake. They feel using loan is easier and faster so they prefer going for loan. Personally I do not like using loans for a business startup because it could make me work under pressure.

You can said again... working under pressure especially with new business that is still trying to gain stability is not a good thing. It will greatly after the running of the business and paying of loan and interest at the same time.

 

[eLdavis]

You can said again... working under pressure especially with new business that is still trying to gain stability is not a good thing. It will greatly after the running of the business and paying of loan and interest at the same time.

Exactly, all you mind would be on how to make back the money so you can pay back before the dead line. This would make you overlook certain things or fail to see certain things that might need correction in the business.

 

[Ghost]

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.

Lol. In a nutshell people should avoid greed. In a way human beings are moved by things they probably can't get, the best thing to do is to be contented