What personal finance mistakes should everyone avoid?

[GIFTMICHAEL]

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

Yeah, anyone using business funds to settle family debts, personal and so on. Should be prepared to face running out of funds. Business funds should be used tmwisely, only take out some profit to settle some debts and invest others.

 

[Victor72]

I totally agree with you we all make that mistake in our lives even right now we are still making that mistake. Investment is the best way to save money at thesame time making more money. When you invest your money it has more value than before.

 

[Good-Person]

According to me, starting a business without investigating and without making a proper strategy is one of the biggest mistakes one can make. If I want to start a business then I must make a great plan to avoid loss and increase my profits. I have to consider the chances of profit and loss in any business I plan to start. So planning is crucial and you must know what you are about to do.

 

[Ayokex]

The biggest financial mistake some people make is accumulating debts. This is a serious plague that needs to be death with. Either you're a business owner or an employee, you need to learn how to live within your means.

 

[Shigobad2020]

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.

There are financial mistakes one should avoid when doing a business and one I that you must avoid borrowing money to start a business and later if you devided to borrow , don't borrow more than you handle.

 

[Setfragil]

There are financial mistakes one should avoid when doing a business and one I that you must avoid borrowing money to start a business and later if you devided to borrow , don't borrow more than you handle.

It not really a good business idea to borrow money that will be difficult to pay back to fund a business. Borrowing for business purposes should be based on what we can afford to pay back within a short period of time.

 

[Ayokex]

Personal financial mistakes someone need to avoid is to be very careful where he or she investing their money especially online, that is why I prefer offline business because if you are doing offline business you should be able to monitor it in daily basis.

There are some deliberate financial errors some people make that they call it mistakes. Such an error include, living beyond ones means. The biggest financial mistake is to live a fake life or trying to emulate the lifestyle of others.

 

[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.

I will keep lamenting it to the ears of everyone especially those who are close to the group to never borrow money from anyone to invest in anything. It never ends well.

 

[Setho]

One personal finance mistake I have made and would not want to see people repeat it is the mistake of not investing your money very early in your career.

 

[Senator]

The biggest financial mistake some people make is accumulating debts. This is a serious plague that needs to be death with. Either you're a business owner or an employee, you need to learn how to live within your means.

This is another point worthy of note as well. When you go about acumulating debts upon debts on yourself, it will come a time that it will wear you out and you'll be completely bankrupt without any help in site. You must keep from this behavior

 

[Heatman]

One of the biggest mistakes people make when it comes to their financial situation is just keeping their money in banks without investing in it. Banks makes more money off your money.

 

[Jumoke12]

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 mistake of thinking that making money is a continuous thing. It is better if you think that your source of income will change with time this will help you to prepare for the worse

 

[Sincerem]

One of the biggest mistakes people make when it comes to their financial situation is just keeping their money in banks without investing in it. Banks makes more money off your money.

Laughs, that's the essence of bank being in operation. If they don't take money from our funds they can't sustain their bank long time. They need our money for that.

 

[Heatman]

Laughs, that's the essence of bank being in operation. If they don't take money from our funds they can't sustain their bank long time. They need our money for that.

of course yes you are very correct because banks you always need her money for them to still be in business but my problem is that they hardly pay any reasonable amount of interest to all the money that they hold for people.

 

[Richard92]

of course yes you are very correct because banks you always need her money for them to still be in business but my problem is that they hardly pay any reasonable amount of interest to all the money that they hold for people.

1 personal financial mistake that everyone who is into business should avoid he is using his or her business money to take care of needs and expenses that will lead to bankrupt.

 

[Heatman]

When you start a new business it's very important that you work out your expenses from your profit and try as much as you can to not have too many expenses that will drop your business down for you.

 

[Jumoke12]

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 mistake I always try to personally avoid is using my entire savings to invest, no matter how sure the investment is, never use all your savings, always diversify your portfolio all the time. you never can tell what will happen to the investments later.

 

[Prettyjanie]

Avoid unnecessary spending and invest your money in something that is profitable. Also be careful with the type of investment you go into as some people are quick to make money so the end up investing in MLM.

 

[Sincerem]

of course yes you are very correct because banks you always need her money for them to still be in business but my problem is that they hardly pay any reasonable amount of interest to all the money that they hold for people.

Laughs, banks are busy gathering profits. Before they'll remember that customers needs some interest, they must have disbursed the money into different streams of investment to bring more financial benefits to them. Leaving its customers will zero interest added, that's why i don't give a listening here investing my money with the local bank.

 

[Heatman]

The truth of the matter is that you can actually never be able to work effectively without banks exist in our Society today because they have been a great backbone for all kinds of financial activities