What personal finance mistakes should everyone avoid?

[kinqzbitz]

Tgey are so many financial mistakes people make in their every day Life like investing wrongly or blindly and inability to save, unecessary spending and so on

 

[YERUS]

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 think people should avoid just saving.
Savings do nothing but just remain the same way.
Investments will help multiply your money. So, i will advice that people go into investments.

 

[kinqzbitz]

The mistakes people make financially is going into debts and not having the habit of saving and not being disciplined when it comes to money and spending unecessarily

 

[Emmy]

Personal financial mistakes that most youths nowadays make is gambling. Gambling has turned many of them not to have savings and do the rightful things. They need to look into it and avoid it.

 

[Syldan]

Investment in project that will not generate to you income. there are alot of people who deposited alot of their resources into projects that is not of relevance or aimed at generating Income. such kind of mistakes should be avoided at all cost.

 

[Thinker009]

I think before investing ,you should have idea about the investment decision you are making , because it's part of what could determine The amount of money you would be making and the risk attached to your savings

 

[Good-Person]

I think a person should not invest money into a business until or unless they have some knowledge and idea about what they are doing. Even after possessing knowledge, you must make business predictions. For example, let's say if you want to invest in stocks, you must study the market in a proper way and make predictions based on your knowledge and see how well you perform.

 

[Toyoabasi]

I think people should avoid just saving.
Savings do nothing but just remain the same way.
Investments will help multiply your money. So, i will advice that people go into investments.

People should avoid spending beyond their means. People should also refrain from borrowing amounts they know they're unable to repay. Investment should be encouraged.

 

[greenie]

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.

 

[Good-Person]

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.

Excessive spending is one of the main reasons why many people fail to save money and I agree with you regarding that. Apart from that, I think many other things such as wrong investment strategy is also responsible for financial losses.

 

[Sotherefore]

Lack of proper money management is one of the financial mistake every individual should try to avoid because if you cannot manage the little resources you have to make the best use of it then obviously you may be at risk of losing everything..

 

[Bousine123]

The personal finance mistakes that people should avoid includes borrowing money with out managing it well, buying of properties and not using them, not saving money for emergencies and many more.

 

[Godspower]

The personal finance mistakes that people should avoid includes borrowing money with out managing it well, buying of properties and not using them, not saving money for emergencies and many more.

Borrowing money from financial institutions should always be discouraged in strong terms. It may leave you in debts or bankruptcy if you're unable to pay back on time.

 

[kayode10]

People spend more money to acquire liabilities instead of assets. They buy things that will continue to take money out of their pockets when they don't have multiple sources to cater for those expenses. it is good to spend money on various investments that will bring them more profit and residual income.

 

[Bousine123]

Borrowing money from financial institutions should always be discouraged in strong terms. It may leave you in debts or bankruptcy if you're unable to pay back on time.

Truly you are right, I discover that their interest rate is very high, if I pay high interest rate what will I gain? That is why I don't like borrowing money to start a business.

 

[kayode10]

Another financial mistakes people make is to borrow money to to acquire liability. It is like putting yourselves into double trouble. First you are going to pay back interest on the loan you are acquire. Check on The liability you bought with loan will also take money out of your pocket.

 

[GoldenLady]

It's very detrimental to live a lifestyle wherein your expenditures are unnecessarily always more than your income. This leads to a cycle of debt that can cripple one financially.

 

[Heatman]

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.

When you get into wrong investment it is always going to be very critical for your finances because you will definitely be in a position whereby you are going to lose the money we have already invested.

 

[CeeJase]

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.

Personally I believe that getting a financial loan is a very big mistake in my opinion because if you are not able to pay back the money you will always find yourself being in a serious challenge of loan debt.

 

[Shigobad2020]

Saving is just important if you dont want to spend your money and you have a good use for it very soon , apart from that saving doesn't add to your money , it makes it stagnant.

I think people should avoid just saving.
Savings do nothing but just remain the same way.
Investments will help multiply your money. So, i will advice that people go into investments.