7 Money Mistakes People Make!

Most people these days are too focused on the fastest way to make money, rather than the smartest way to make money. They make mistakes trying to get rich overnight.

Here are 7 money mistakes most people never stop making:

1. Buying Things They Want, Instead of What They Need - When you place you wants above your needs, you activate misplaced priorities, which in-turn negatively affects your financial situation
2. Piling Up Excess Debts - One money mistake to avoid no matter what class you belong to in the society is to stray far away from debts that are not taken towards making you more money. If borrowing will only build up your liabilities, you should avoid it at all costs.
3. Not Having A Retirement Plan - Most people have no retirement plans. They look at it as a long-term process, and instead, choose to live for the now, because after all, “You Only Live Once (YOLO)”. When you have the YOLO mentality, regrets will almost inevitably build up in your later years when reality sets in and there’s no way for you to raise money.
4. Having Little To No Savings - Most people spend everything on their immediate needs and make little to no efforts to put out at least 10% of their monthly income in an emergency fund or a form of savings. When you have no savings, you’d have no money to take advantage of any sudden opportunities that come your way. Likewise, you’d also have no funds to take care of any unexpected emergencies that also hit you.
5. Depending Purely On Salaries - A large part of the population lives pay cheque to pay cheque. Some even brag about whose organization pays better, complain about most of their bosses who do nothing but frustrate them, and spend a large part of their time talking about people they know are doing big things. If you find yourself in these circles, change your association as soon as possible. People are infectious, and their way of life will affect yours. You must consciously invest in alternate sources of income. Associate with those doing so to learn from them and grow rich together.
6. Putting Their Children In Expensive Schools - Instead of putting your kids in the most expensive schools WHEN YOU CAN’T AFFORD IT, you can put them in really good schools that charge a modest fee. A N1 million a term school will never guarantee your child would be better off in life than a child attending a N40,000 a term school. Afterall, some of the wealthiest people around the world today didn’t even have any form of education.
7. Making Financial Decisions Solely Based On How They Feel - One of the biggest mistakes people make in life is to make decisions based on how they feel, and not based on what is practical. We all buy based on our emotions, even though we think we are making logical rational decisions. Experienced marketers also know this, and so, design their sales pitches around getting a sizeable number of people to act on impulse. They simply just press our “mumu” button as I call it. 

By realizing your emotions could be our biggest enemy in making financial decisions, we can better understand how to control it, tame it, and shape it into what could become our best bet in avoiding many money mistakes that most people never stop making.

If you require to be coached personally in this area or other self-development areas of need, contact me through https://sojioyawoye.com