What personal finance mistakes should everyone avoid?

[Senator]

When you're just starting a new business, if your profits starts coming in in this new business, you shouldn't be in a hurry to start spending your profits bit rather try to put them back into the business to sure it up

 

[Sotherefore]

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 invest in so many things to keep the value of my assets such as cryptocurrency and in non fungible token which all fail under the categories of cryptocurrency. The main purpose is just to maintain the value of your assets.

 

[Skysaint]

I actually do agree with you. We should learn how to invest our money into profitable businesses that are capable of yielding us nice return than leaving it in banks where it's prone to lose value

 

[Abigael]

When you're just starting a new business, if your profits starts coming in in this new business, you shouldn't be in a hurry to start spending your profits bit rather try to put them back into the business to sure it up

That is a great financial advice there. Indeed, it is really best to plough back profits when the business is still pretty new and small. That way, you can keep expanding the business to the point where you feel it is okay to start using your profits.

 

[Justin]

Investing without knowing about the company where you are investing is one of the greatest financial mistakes that I see everybody committing. When you are investing, you should know everything about the company.

 

[Godspower]

Avoid spending without a budget. This will prevent you from impulse buying or investing in things that are not really necessary.

 

[Sotherefore]

It is always advisable that we should put into consideration everything we are spending our money on. it is also the best that we do not spend our money on things that will not benefit us on long-term purposes, with this you might be able to make a good decision to limit certain extravagant habit.

 

[Abigael]

It is always advisable that we should put into consideration everything we are spending our money on. it is also the best that we do not spend our money on things that will not benefit us on long-term purposes, with this you might be able to make a good decision to limit certain extravagant habit.

This is some very good financial advice to follow. It is indeed so much better to budget your money instead of spending it without a proper plan. Budgeting allows you make the right decision about what you spend your money on.

 

[Ezekiel]

As a business personnel it is advisable for one to allow his need to over cover it's want and not allowing the want to supercede it's needs,and avoiding bad debt as well

 

[Kaffyfolla]

As for me it is also wise not to put all egg in one basket what I mean is that not invest all your resources in only one business, when invest part whilenitn is also wise to save some

 

[Sotherefore]

This is some very good financial advice to follow. It is indeed so much better to budget your money instead of spending it without a proper plan. Budgeting allows you make the right decision about what you spend your money on.

A lot of us do it, and we take proper steps and plans before we invest our money or use it for anything, most especially people who do not have an opportunity to get a lot of money , planning is absolutely necessary in everyone's life..

 

[Ezekiel]

To me financial mistakes that shows let be avoided is to run aways from inveting into Ponzi scheme,not making reasearch beforehand investing on any platform

 

[CeeJase]

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.

Saving your money in the bank account is never really an option as a way of investing because it will only make the bank to make use of your money and pay you a little interest.

 

[Kaffyfolla]

• Lack of a personal financial plan.
• Spending more than you earn.
• Poor debt management.
• Buying new items.
• Ignoring discounts.
• Having one or few income sources.
• Financial illiteracy.
• Taking financial short-cuts.

 

[CeeJase]

• Lack of a personal financial plan.
• Spending more than you earn.
• Poor debt management.
• Buying new items.
• Ignoring discounts.
• Having one or few income sources.
• Financial illiteracy.
• Taking financial short-cuts.

A lot of people have this problem of excessive spending when they are not supposed to be spending too much from their business and their finances which makes them to become bankrupt easily.

 

[Sotherefore]

It might be difficult to say but personally I do not have a business now, I might decide to start a business in the future but for now I believe everyone including me are looking for an opportunity to raise some money.

 

[Skysaint]

Investing without knowing about the company where you are investing is one of the greatest financial mistakes that I see everybody committing. When you are investing, you should know everything about the company.

Yeah, I actually learnt that from experience although not a personal one. My uncle literally went bankrupt after the company he invested his money in crashed and grew insolvent, that was the period I vowed not to invest money in any Nigerian company atleast until the country gets better than what it is now

 

[Abigael]

As for me it is also wise not to put all egg in one basket what I mean is that not invest all your resources in only one business, when invest part whilenitn is also wise to save some

That is true. Diversification is very important in business. That way, you never loose all your money whenever anything happens in one of your investment methods.

 

[Laurentta]

For me personal finance should avoid investing without doing a background check. These days people are desperate to earn and they invest their money unwisely without doing a background check. They don't even ask around to know if anyone has invested and gotten profit.

 

[Seno inyang]

The financial mistake most people or business owners get involved in is debt. Being indebted to other financial bodies is quite an embarrassing one and might tarnish your reputation or bring down the quality of your business. Others who invest where they are not sure of in the end are being scammed and makes them begin to borrow where they are not able to settle their debts on the due date.