What personal finance mistakes should everyone avoid?

[Heatman]

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.

It is very important that when you are trying to make profits from your business you should try as much as you can not to get into irresponsible business deal that is going to cost you your money.

 

[CeeJase]

Gone are the days when I used to be too careless when it comes to the kind of investment that I put my money into blindly. It's never going to happen again on my watch.

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.

 

[Shigobad2020]

Gone are the days when I used to be too careless when it comes to the kind of investment that I put my money into blindly. It's never going to happen again on my watch.

Getting careless and also having a non challant attitudes towards works always have a negative effect on the business and most of the time ruins the business without you making any profit.

 

[Heatman]

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.

I personally call it a contingency plan because it is the only thing that is going to bail you out of a very serious challenge when your initial plan have already failed or backfired on you.

 

[Grandeur]

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.

This is a very vital information that we should take note of. It's financially unwise to keep money that would yield interest lower than the inflation rate as that would ati make the value of that investment lower.

 

[Shigobad2020]

In my own opinion , the personal financial mistakes that needed to be avoided as an entrepreneur is joining your personal money with the business fund which should have been separated.

 

[CeeJase]

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.

It is very important that you don't get into too many expenses that is going to cause your business to have a financial breakdown because when that happens it means that you have killed your business by yourself.

 

[Shigobad2020]

It is very important that you don't get into too many expenses that is going to cause your business to have a financial breakdown because when that happens it means that you have killed your business by yourself.

Talking on the business organisation that started their business with loan , they must be very careful with their expenses in order to be able to repay their loan back soon.

 

[tyrim88]

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

That is true,because most mistakes some busineses owners make is that they tend to follow the issue of business in a fixed patern,that should not be so,because the business environment is dynamic and constantly changing,so is the customers behaviour.Investment should be put aside to improve on customers prefrence.

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

That is true,because most mistakes some busineses owners make is that they tend to follow the issue of business in a fixed patern,that should not be so,because the business environment is dynamic and constantly changing,so is the customers behaviour.Investment should be put aside to improve on customers prefrence.

 

[Sotherefore]

Unnecessary borrowing of money is not needed in any one's life. I got my experience when I mistakenly borrowed 1000 Naira airtime from network provider. I know what I went through before I paid back the money then , talkless of borrowing thousands of naira.

 

[Sincerem]

For me , the worst financial mistake everyone should try to avoid it being addicted and engaging in betting . It is one of the things so many people are losing their money and still at the same time find it difficult to stop . This will drains you financially and at the end you will be like someone that have never been able to earn a single penny before.

 

[Shigobad2020]

Borrowing money that you know its huge than you financially and you can't return on time is one of the financial mistakes you must avoid and also avoid spending unecesarily from your business fund.

 

[jordans]

Don't contribute some time recently time:. You ought to to begin with spare cash at that point utilize it for other things such as investing cash day to day. Impulsive advance shopping: Individual Back Botches. You ought to spare more cash to dodge the Advance for shopping and On the off chance that you're persevering monetary hardship, dodging this botch truly matters—after all, if you're only a number of dollars absent from dispossession or insolvency, each dollar will number more than ever.

 

[Shigobad2020]

Unnecessary borrowing of money is not needed in any one's life. I got my experience when I mistakenly borrowed 1000 Naira airtime from network provider. I know what I went through before I paid back the money then , talkless of borrowing thousands of naira.

Most business likes borrowing money from money lender and loan sharks when they feels like going into a business without making a proper research on the deal they have which leads to problem .

 

[tyrim88]

It is very important that you don't get into too many expenses that is going to cause your business to have a financial breakdown because when that happens it means that you have killed your business by yourself.

That is true,because any business person should be able to learn how to manage his finances very well,and know how to prioritise things and put expenses in the order of their importance,that will go a long way to help the business.

 

[Shigobad2020]

Don't contribute some time recently time:. You ought to to begin with spare cash at that point utilize it for other things such as investing cash day to day. Impulsive advance shopping: Individual Back Botches. You ought to spare more cash to dodge the Advance for shopping and On the off chance that you're persevering monetary hardship, dodging this botch truly matters—after all, if you're only a number of dollars absent from dispossession or insolvency, each dollar will number more than ever.

Spending more than your capabilities is one of the personal finance mistake that we should avoid in a business , Most people just forget to know their limit and spend more than the gain they are making thereby affecting the business .

 

[Robust]

Well some personal finance mistake one need to avoid is, to avoid overspending in businesses, greedyness in businesses or investments and have a high budgets is very bad, it can lead to draining of a business.

 

[Chibson]

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.

probably, if you want to save money or investing reasonable things you should avoid spending on things you actually do not need. I've actually made it kind of mistakes before.

 

[Sotherefore]

probably, if you want to save money or investing reasonable things you should avoid spending on things you actually do not need. I've actually made it kind of mistakes before.

Obviously people will not be spending money on things they do not need. Sometimes the only way this can happen is you spending money on things you just want to have. Personally I mostly spend money on things that will even help me make more money.

 

[Lynaia]

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 also have to be careful of what we are investing on with our money. It's better to keep your money than using it to invest for many years and not gain anything from your investment later