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exBanker · 2023-03-19T08:42:10Z

This is a new year. Find below 11 of the biggest finance mistakes in modern personal finance which we recommend you stay clear of in 2024. Which ones were you ever guilty of? You must avoid them at all costs. Avoid them at all costs:1. Excessive Debts (Borrowing Incessantly): These could be complications from another set of financial illness. Check the root cause of your Debts. Be true to yourself. 2. Lack of budget (Spending without plan budget): This stems from lack of discipline. Why would you spend carelessly what you suffered to get? 3. No savings (Eating with 10 fingers): This is myopic and unwise. It is sacrosanct to prepare for the future. Savings help on rainy days and also to achieve projects. Save! Its a must!4. Impulse buying (Buying just anything that gets your attention): Also a sign of lack of discipline and self control. Ask yourself: do you eat every food you see on the street? You shouldn't buy just anything you see simply Because you can afford it. You're simply burying yourself into financial mystery if you do. Spend wisely. 5. Not investing (Not Spending to have assets or investment that will generate further income): Also myopic and vision visionless. You need to be wise enough to think of how to make more money. Things are not getting cheaper!!!6. Overspending (Spending beyond what you actually have, leading to debts): A symptom of lack of financial discipline and self control. Watch it.7. No financial plan (Overall no financial plans for self or family, just living in the moment): Very pathetic situation. You're luke a driver with no destination in mind. Or a boat in the middle of the sea with no destination but being tossed here and there by the tides of life's uncertainties.8. Lifestyle inflation (living above your means): Very bad one. Doing this is lie digging a financial grave for self. Who are you trying to impress? Others? Your woman? Your peers? They don't give a damn. And worst still, you're going to face the music all alone.9. No emergency fund (Not having a savings you won't touch unless there's emergency): very myopic state to avoid at all costs. You got to save for emergency. 10. Not tracking expenses (Not Spending consciously.): A lack of self-control. Record keeping helps measure progress and reconciliation. Accounting for expenses is a sign of self-awareness. 11. Bad lifestyles (addictions, gambling problems leading to huge financial position or wreck): Well, needless to say, these will ruin your life. Run!!!Which do you think is the biggest mistake? Do you agree these are all mistakes? Which are/were you guilty of?(c) Azàland

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Posts: 53

Dube

Mar 19, 2023 6:58 pm

(@dube)

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Joined: 4 years ago

With the way the country is
Savings will be more an escape route for someone

Posts: 248

Deon

Mar 20, 2023 2:01 am

(@deon)

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Joined: 3 years ago

With the way the country is
Savings will be more an escape route for someone

For everyone,
This kinda economy needs everyone to have savings

An eye for an eye left thousands blind,
Remember that.........

Posts: 1064

Jrd

Admin

Mar 20, 2023 2:08 am

(@jrd)

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Joined: 2027 years ago

With the way the country is
Savings will be more an escape route for someone

For everyone,
This kinda economy needs everyone to have savings

Can you even save? I think looking to make more money is more practical.

Yes, this will make savings easier. :loveit:

Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰

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Jrd

Admin

Jul 22, 2023 2:14 am

(@jrd)

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Joined: 2027 years ago

Now with subsidy removal, where are we? :thinking:

Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰

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Greatness

Jul 22, 2023 7:37 am

(@greatness)

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Joined: 3 years ago

Hyperinflation in the country has made things worse.

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