What personal finance mistakes should everyone avoid?

[odigomma]

To protect the assets in your estate and ensure that your wishes are followed when you die, be sure you make a will and depending on your needs possibly set up one or more trusts. You also need to look into insurance; auto, home, life, disability, and long-term care (LTC) insurance.

 

[Sincerem]

Investing your money on a legit and profitable business initiative or or investment is far better than saving in the bank, where steady deductions of the money occur. It is better for me to save long time via any potential crypto coin than leaving my funds on my bank account for the sake of savings. Because, the value will never remain the same come that period.

 

[Justin]

Investing the money that you cannot afford to lose is one of the biggest mistakes committed by almost everyone. Investing is good because you can give you a lot of profits, however, if it does not work, you can go bankrupt.

 

[Victor001]

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.

Avoid staying in loss because you aim to make profit, some risk are not worth taking and implementing,focus on a given trade.

 

[Samuel77]

The personal financial mistake I think everyone should avoid is for you to invest in a business you know nothing about, some people invest in business just because they see others successful in the business

 

[Sotherefore]

Well for me I need to be very careful because I won't borrow any money to start up something I don't have any understanding about because it is too risky.

 

[Billy]

Very well said here. I will just add, that saving is a very important component for financial health. The mistake that people should avoid is spending and then saving the remainder. The opposite is better. You should save first before you spend.

 

[Bigabigs]

Everyone should avoid the habit of not having a separate business account for your business from that of your personal savings account that is not meant for business. That way, your business will have a healthy balance.

 

[Dowenship]

We are all from different background and might have different mentality as well... Some are daily workers who are well paid and they save there money. They believe in spending what they earn for than investing it for years they don't know where there faith could be.

 

[Nomad]

I think people should stop impulsive buying and stop spending on unnecessary items (junk food, for example). These two things are costing a lot of money for people.

 

[QalabDogar1906]

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 best way possible that I can get a hold of business we need to trust you are doing well and that you are not feeling well and won't be back until Monday to Friday da and I will do the same here I am sending you my resume and cover letter for the best way to buy a new one and it is very high price for a little while but

 

[Kelly5]

You should and must by all.means avoid the bad habit of spending money form your business on your personal affairs. You should separate this spending accounts from each other

 

[Adebola]

A very crucial financial mistake to avoid as a business individual is spending more then your income or depending on money that you dont have at hand yet to run your business

 

[Setfragil]

There are many personal finance mistakes everyone should avoid in their business. Let me mention a few of them, do not over buy products that has not been market tested before, don't spend your finance on things that won't add values to your life or business let moderation be your watchwords in every financial steps you take.

 

[Erik4150]

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.

You are very correct. An individual should posses excellent money management skills and ability to save money. Too much spending will lead to debt.

 

[Dubai]

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 best financial mistake one should avoid is not making gold budget for your business. Without budget, it leads to financial loses.

 

[Victor72]

one of the financial mistake I think everyone should avoid is investing money in a business you know nothing about. I see this as a very big financial mistake

 

[Felixko]

one of the personal finance mistake everyone should avoid is to be careful when investing money in both online and offline.

 

[Kelly5]

Learn to be always decipline with the partern you adopt in your spending. You should not go using funds form your business for personal and family spending

 

[Bigabigs]

Decipline is key here also. You will be tempted to trow in some money for a well enticing type of business that claims to fetch you millions, but with decipline, you can avoid it