Introduction
We may have encountered many financial problems in our life due to our small mishandling of money or less Financial Intelligence, so today we are going to look at ten financial mistakes most people make and they should take action on it as soon as possible or it will be a great problem later in the future.
1) Focused on Showing Money Rather than Making Money
We all have seen these two types of person one who is in debt because he buys more and more liabilities to show off and another is who buys more assets and fewer liabilities with less or no showoff.b And we are also taught from the beginning that who does more showoff must have more money which is not always true so we also have that thought that more showoff or more materialistic things equal to success which is not true. Success is not based on materialistic things rather it is the state of happiness in mind success is equal to more money thought most also be changed in society.
2) Searching of Happiness in shopping
For those who try to search for happiness in shopping can't find it at any cost when we do more shopping we try to search for happiness in shopping we shop more which eventually increases our liabilities and it makes us more of consumer mentality rather than producer mentality
3)Sales
We all try to buy everything which is of our use and other unnecessary things we try to grab everything in sales like Black Friday and others which may not be used in our whole life. Which also increases our liabilities.
4)We don't value the concept of Time is money
We all know the concept of time is money but we don't work on it we know that many billionaires value the concept and plan every day in advance to be productive but we may spend hours on search the dress less than $10 of its market price due to this thing we spend a very large chunk of time which can be used in many other works to improve us and our financial conditions
5)Not using credit cards in the correct way
We all know credit cards and the concept of it's working (continue reading)but we don't use them in the correct way we try to buy everything of the fact that the money is not getting cut from our own account which takes us to credit card debt which is Bad Debt and it becomes an obstacle in our journey to make as many assets as possible.
6)Depended on a single income stream
Many of us are dependent on a single income stream which is a bad thing, We don't try to create a second income stream which is harmful in the long term we can't predict when our only one source of income may get out of our life and we will be in the road.
7)Spending after every income
We have seen many of the people who buy liabilities from their income of every single month and they are left with very little money for survival and still, they don't take lessons from it and get started doing the same thing from next income which is bad for your journey to financial freedom
8)Not Calculating expences
Many of us won't calculate our monthly expenses based on our needs we don't calculate what are we buying assets or liabilities from our income source which may leave us behind in our financial journey.