Almost anyone, if not everyone, is bound to make financial mistakes at some point in their lives. In the world of money, there can be so many wrong turns that you can take over the course of figuring everything out before you go completely broke. Here are some of the most common money mistakes we all make, categorized into four general money no-no’s:
In a rat race, you are usually exhausting all of your energy in living a highly competitive lifestyle. In money terms, it is a life that is lived while continually competing with your financial problems that seem never-ending. Here are a few things that can contribute to this kind of lifestyle:
2. Living on debt
The statistics on personal debt in America is nothing short of extraordinary. It says that almost 200 million Americans are on credit and that the average credit holder owns four cards–that is nearly a billion credit cards in one country alone! Here are two examples to confirm that you are living on debt:
3. Unnecessary spending
Everyone is guilty of this–from the cute little indulgences in our daily lives, to the huge luxurious expenses that some people splurge on every now and then. Here are some of the most common (and most likely relatable) examples of unnecessary spending:
4. Not planning ahead
In the famous words of Benjamin Franklin, “If you fail to plan, you plan to fail.”. Not planning for your financial future is probably the most obvious reason why some people suddenly just go broke despite living comfortably in the past. Here are some prime instances that can cause future financial failure:
If you’re guilty of any (or all) of the common money mistakes mentioned above, don’t despair because there is still hope for you. It is never too late to check out some top personal finance online courses that aim to teach you personal finance strategies that you can apply to your daily life.
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