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“The main difference between rich people and other people is that they control money, and they do not allow money to control them. They spend some time figuring out how to successfully work with money, and as a result, they get to control their ship themselves. On the other hand, if you look at the money with fear or ignorance, you will find yourself in a boat drifting in the middle of the ocean without an engine. ”
The lack of financial awareness about financial regulation and how we use various tools may cause us financial problems that may lead us sometimes to bankruptcy.
As many financial errors lead to our inability to control our budget or even control and regulate monthly income spending, we may also suffer from the loss and waste of a large part of our money without realizing where we have spent it.
Perhaps the negative effects do not only lie in the inability to regulate income and spending, but go beyond that to preventing us from improving our financial position, through saving and even investing in successful projects through which we can earn a lot of money, and even reach a kind of financial stability. .
In this article, we will learn about the most prominent financial mistakes that we make, whether we do them in our life in general or in the event of financial hardship and here lead to worse results, so knowing these mistakes is necessary to try to avoid them and avoid any financial problem that we may fall into.
Here are the five most common financial mistakes people have:
We are in the era of comfort and luxury now, where it has become tempting to buy many new devices such as a smartphone or laptop. Restaurants may tempt us with their delicious meals and delicious pictures, or we very much want to go out on trips that we may not be able to afford but seem enjoyable. Irresistibly.
You might think about changing your apartment to a more expensive apartment because it has a great outlook, but you are really not financially prepared for this process. Or, you may invite your friends to a place while you can invite them home to reduce these costs.
The financial habits that fall under luxury and luxury are countless, but you have to be careful to consider all of your buying and spending decisions. Among those habits that can ruin your life are: buying gifts a lot, buying expensive clothes for one occasion only, spending exaggeratedly on your interests and hobbies, continuing to drive your car while you can use cheaper means of transportation, subscribing to the Internet, programs and unnecessary channels. Spending is greater than your income or credit card balance.
2- Not saving
Saving in its simple sense means that we leave part of the money for us to deduct from our monthly income, for us to use it later. This type of saving is very beneficial as you should keep this amount for emergencies, so who knows what life has in store for you?
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But the most beneficial type of saving is converting those savings into a successful investment. You should be aware of deducting money that will help you start working on your business idea immediately, even if you start small with it. Or you can invest in real estate, meaning that you buy and rent a property, or you can enter into a specific partnership with a friend or family member.
Avoid going overboard with anything, and you have to be especially careful not to overdo it. For example, when excessive use of water and electricity, the results do not appear immediately, but the final bills will tell us how much we spent in an amount that could have been saved to pay another more important bill, or to pay a specific debt.
Extravagance goes beyond those obvious aspects, for example some resort to pretending to be rich because of their work in a work environment that likes to pretend and talk about everything new in the world of fashion and the world of technology whose devices are constantly evolving and it is difficult for the average income person to keep up.
4- Abandoning work without a guaranteed job opportunity
We all went through harsh work conditions, in which all our energy was exhausted to endure, but if you went through such a situation during a period of financial hardship or at a critical stage in your life, you must be rational in making your decision.
Giving up a job without a guaranteed job opportunity means that you will have to spend on borrowing, which exposes you to accumulating debt.
Some are also tempted by work, such as entrepreneurs, who often start their success stories by giving up their hard and routine work and moving to work passionately on their own projects that will bring them a lot of profit later. Well, the idea may seem very attractive, but unfortunately it is irrational in case your business idea is not strong enough, or if you are going through a financial crisis and it makes no sense to increase the financial burden that you bear.
5- Refusing the work if it is not completely appropriate
You may finish your studies and go to the job market with a certain picture in your mind about the nature of the work that you will do, for example, you will imagine your office and the accumulated work papers, but you will never imagine that you will have to work in a field other than the field that you drew for yourself or even a different system.
Dreams are not a bad thing, it is necessary for us to dream in order to pursue those dreams, but the important idea here is that we will not take a single step towards those dreams.
In the early stages of your work, money is your first priority, so it is rational and logical to do the work with a suitable job and provide you with an adequate amount of money. You can then use this revenue to develop yourself more to move to a better job or work that suits your ambition, or you can invest it in your dream project.
So, there is nothing wrong with some sacrifice in the beginning, and don’t forget that part-time work in this case is a good option as it helps you develop yourself in periods when you are on a specific time commitment.
We learned about these common financial mistakes that cause them major financial problems. If he stops making these financial mistakes in order to avoid financial disaster.
The art of money
Financial mistakes Money management Budget preparation Financial success Financial awareness Financial problems
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