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Money Mistakes: Avoid them at all cost
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Mike Tyson earned $300 million in his career,
But ended up filing bankruptcy with $20 million debt.
Keeping money is lot harder than making it.
Mistakes to avoid:
But ended up filing bankruptcy with $20 million debt.
Keeping money is lot harder than making it.
Mistakes to avoid:
1. Not creating an Emergency Fund
Future is uncertain,
Ignore this and you would suffer financial crises like COVID-19
Future is uncertain,
Ignore this and you would suffer financial crises like COVID-19
2. Lack of budget
People with no budgeting habits wonder why money eludes them
Follow 50/20/30 rule:
50%: Basic necessity
20%: Investing
30%: Lifestyle choices
People with no budgeting habits wonder why money eludes them
Follow 50/20/30 rule:
50%: Basic necessity
20%: Investing
30%: Lifestyle choices
3. Ignoring the Debts
Compound Interest will cause the debt to rise exponentially,
Spend less than you earn until the debt is cleared
Compound Interest will cause the debt to rise exponentially,
Spend less than you earn until the debt is cleared
4. Spending money on Clutter
People often go for shopping out of boredom,
End up buying things they would never use.
Overspending is a disease, needs to be cured.
People often go for shopping out of boredom,
End up buying things they would never use.
Overspending is a disease, needs to be cured.
5. Unnecessary Subscriptions
Paying whole year gym-fee while never going there
Subscribing to endless entertainment sources
Be aware about your needs and act accordingly
Paying whole year gym-fee while never going there
Subscribing to endless entertainment sources
Be aware about your needs and act accordingly
6. Expensive Leisures
People who cannot afford a basic life usually waste money on expensive habits.
Know your worth and work hard to create more options in life
People who cannot afford a basic life usually waste money on expensive habits.
Know your worth and work hard to create more options in life
7. No long term financial plannings
People are habitual to live paycheque to paycheque,
You cannot achieve a goal unless you are serious about it
People are habitual to live paycheque to paycheque,
You cannot achieve a goal unless you are serious about it
Thanks for reading.
If you have learned something from it, Retweet the first tweet to help others https://twitter.com/Wealthy_Brains/status/1353334666019782656?s=20
If you have learned something from it, Retweet the first tweet to help others https://twitter.com/Wealthy_Brains/status/1353334666019782656?s=20
