While it is comforting to treat mistakes as lessons , these can prove costly in money matters ,as you continually lose money and wealth.
Let us see if you are mistaking on account of ….
Being financially uneducated. Get educated in money matters.
The life of an uneducated man is as useless as the tail of a dog which neither covers its rear end, nor protects it from the bites of insects. Chanakya
Dont be ignorant and read and educate yourself more on financial matters. Most of the times timing is very important and if you lose time you lose money. Make yourself aware of various financial developments and opportunities. How to decide when to buy gold or when to invest in securities will depend on the knowledge you have of the money market.
Saving is important, but it should not become an investment tool.
How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.
Savings alone cannot make you richer or wealthier. Make your money work for you.
Treat it as an employee who needs to be monitored and instructed frequently.
Do not just invest in an instrument following some casual advice.
Study complete information before investing through a particular investment- mutual fund, real estate,….or if you can afford use services of a professional.
- Over spending on devices,clothes, apparels to show off.
- Thinking you are too young to be serious about money management. Time flies by and the next day you think about money management might be 5 years in future when you hear the first cries of your child.
- Not having an emergency fund. Emergencies come unannounced. It is wise to have a fund to act as a shock absorber when crisis comes knocking your door.