One financial mistake that you would advice others to avoid.

[arunima25]

We all deal with finance and financial matters. We make decisions to earn save, invest, budgeting and growing our money etc. I assume that every adult has to deal with finance and financial decisions. We learn a lot as we move on to our financial journey. And making mistakes is a great way of learning. What was one financial mistake that you made and would not like your younger generations to make?
For me, it was not starting to invest earlier. Though I started to save at pretty young age ( even before I started earning), I didn't step into investment for some time as I had no risk appetite. I went with traditional savings ways. I wish that I had started investing a bit earlier.

 

[Suba]

One of the financial mistakes that other people should avoid is having a consumerist nature or liking to shop, and living a luxurious lifestyle that will use up all your money.

 

[pousinha]

I would advise to never live above one's means, to not max out credit cards, to not purchase futile stuff they won't really need (for ex., pay TV out of channels dedicated to little children, if they can't afford).

 

[Augusta]

Don't lend your money to one that's not credit worthy. You don't have to lose your money to someone your guts must have given such person away. Trust your guts and don't part with your money

 

[neku]

Self employed professionals, investors should always diversify their investment, keeping almost all the money with banks can be a major problem later. They should also ensure that they can access their funds easily whenever required.

 

[King Belieal]

One important advice I would advise anyone is that they should not date or marry anyone that is not gainfully employed. They would desperately depend on you for financial provisions and you would never grow with that.

 

[pousinha]

One important advice I would advise anyone is that they should not date or marry anyone that is not gainfully employed. They would desperately depend on you for financial provisions and you would never grow with that.

In Latin America is even worse than that: people are used to marry still both unemployed and they end up depending on governmental benefits. But as the governmental benefit is too small to survive, they end up depending also on their parents, grandparents, uncles, aunts and siblings. In such cases, it's family members and relatives that can't financially grow, as they find themselves obliged to sustain the couple (and their children too, as they won't stop to conceive despite the unemployment).

 

[freelancermaria]

Not saving at a young age. I regret this. I used to make a lot of money in college, but I didn't save. Also, no investments. So, I encourage the younger generation to save and invest.

 

[Starmix]

One financial advice is to stop extravagance. One can't save if live that way. It's best to try living in frugality to let finances grow.

 

[Stardom22]

The biggest mistake that most people are doing is that they should make and focus on the financial goals for atleast once in every year. The point here is to set and work harder towards achieving that goal in life.

 

[arunima25]

Not saving at a young age. I regret this. I used to make a lot of money in college, but I didn't save. Also, no investments. So, I encourage the younger generation to save and invest.

You have raised a very valid point here. Many feel that youth is not for taking financial responsibility but only for enjoying the present. The wisdom strikes late and then we regret.

The biggest mistake that most people are doing is that they should make and focus on the financial goals for atleast once in every year. The point here is to set and work harder towards achieving that goal in life.

So true. Staying focused and disciplined is so important.

One financial advice is to stop extravagance. One can't save if live that way. It's best to try living in frugality to let finances grow.

Yes, no matter how much you earn. If you fail to save and grow your money, you would never move forward to financial stability and financial abundance.

 

[eLdavis]

There are actually a lot I would advice people not to go into though but one of them would be to always have a different account for your personal expenses, business and savings.

 

[arunima25]

Even I have realised that once I started one saving account separately for keeping whatever I save at the end of the month, I have saved enough over a period of time. I wish that I had done it at younger age and had more savings. I put the savings that I do at the end of month after taking care of all the other plans that are budgeted for. It's the surplus. Also, I put my part time earnings and online earnings in this account. Seeing it grow gives me the sense of happiness and I am also motivated to earn more in free time or to save more in all possible ways.

 

[SHAHID987]

Never, ever, ever never sell your house, lest you'll remain crying, and won't be able to purchase again. The money you'll get will be spend. We sold our one house where we live and other was my four room apartment to which I was given on rent. Now we are on rent from more than 12 years. The money we get all spend.

 

[Kirubel]

Don't hesitate to ask for advice from experienced people; it will help us not to make mistakes when we invest our money, and you should also never spend money that you don't have.