‘Money is not everything but for everything you need money’ said a wise man. Money is the means for survival so its time to know and correct the five common mistakes people does with money.
Not Planning the career Path Effectively: Instead of running like a herd of ship after admission in medical and engineering colleges and spend trunk loads of cash only to become a Banker or clerk, go for the core competence you have and planned carefully where to invest the money for your education.
Living Beyond Means: Live by the means available is the trick. It is a mistake to cushion off the extravaganzas on parents instead one should spend within the limit and should save for the future. People often led a lifestyle which exceeds their earning and thus lend themselves in trouble.
Inconsistent Saving: ‘A penny saved is a penny earned’, people often allowed themselves to indulge in luxury instead of saving for future or an emergency. So it is advisable to plan a saving structure and keep off the luxurious.
Not Thinking Long Term: People often get carried with the immediate need and oversee the long term needs, so one should look for the future and invest in equities and bonds for a secure future. The means to a safe future is wealth creation.
Bad Debts: Always steer clear off the sundry debt seekers. People often fell prey to this kind as they will always be there to stripe you off some money never to return it again. So always listen to your brain instead of your heart while dealing with this sorts people.