5 Mistakes to Avoid with Money

5 Mistakes to Avoid with Money digitalbloggers.com /business/5-mistakes-to-avoid-with-money Sep 01, 2017 7 views Written by Pedro Campos

Author Pedro Campos

Articles written: 31 Joined: 22 July 2017 Niche: Business Internet and Businesses Online Self Improvement

Money is such a taboo topic for most of the households in my country and certainly around the world, it`s almost like something evil, despicable, although most people don`t realize that they deal with it everyday and the problem is that mistakes are made in almost every decision related to money by the people who have it. In order to prevent you from making those mistakes, because I`ve made those and continue to see people making, I`m gonna tell you what they are so that you stay aware of it. #1 Getting comfortable It is no secret that when it comes to money as anything in life if you start getting comfortable, not paying attention to it, eventually the money finds a way to escape. That`s why I always hear people telling that their money goes so fast and complaining that in the middle of the month they have already blown away the salary and this is because they don`t give money attention.

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"Time to get your baby money to grow up."

- Grant Cardone #2 Diversify This is the biggest myth when it comes to dealing with money. That`s why people are broke, they think that it is ok to put their money in 50 different baskets, thinking that it will be safer. No company has ever created wealth by taking the diversification approach, it`s a bust.

"Diversification is for Idiots" - Mark Cuban #3 Comparing yourself to others I hear all the time: "We are better off than most people." This is insane, comparing yourself to everybody else is just another way to not take your finances seriously. This comes from the poor people mentality where they feel good to have more the neighbor. Take your financial goals seriously and don`t compare to those who are worst than you. #4 Focus on savings This is a big one, and I`ve made it. This is a middleclass mindset, saving to save only gets you worst.

Your focus should not be on saving, but on producing more income, so that you have more control of your money. Most of the people go to the supermarket and watch every discount meticulously in order to save a few bucks, but that ain`t their problem. No making enough money is their problem.

"Money is not the only answer, but it makes a difference." - Barack Obama #5 Buying to buy Just like saving only to save takes you into bankruptcy, buying to buy can get you broke in a minute. I have made a lot of mistakes, but fortunately, this was not a problem for me. I watched so many of my "friends" buying cars, watches, expensive clothes, VIP access to nightclubs when they couldn`t even afford the car.

This is who I call the pretenders, trying to impress everybody, being broke. Don`t make that mistake.

Avoid these mistakes, stay in control, get your money the needed love and invest it the right way.

Hopefully, this article served you well, don`t forget to share it and I`ll be with you in the next article.

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