Financial Freedom Mistakes
Is savings a way out or a way in? Top 10 most common financial freedom mistakes people are making.
Is your personal money management leading you to financial freedom? In this shaky economy, it’s more important than ever to take control of your monies or at least what little you have left.
We all want financial security, but figuring out a plan puts most of us to sleep. So we ignore it or leave our money management to others - husbands, boyfriends, fathers or other source.
Most people feel insecure about their finances, whether they’re head of households or Fortune 500 execs. Why? Because we have been taught to not manage our money - living within our means.
top 10 most common mistakes people are making:
1. Using emotions instead of common sense? Often the need to nurture and protect others overrides our desire to protect self, so you make important money decisions based on emotions instead of common sense – borrowing, lending, co-signing and charitable organizations. Charity is admirable, but who is going to save you? Don’t overdo it!
2. Setting proper priorities? Additional homes and cars, insurances, medical, college, fashions, credit cards, holidays, vacations…If you don’t earn enough to stash money in all these accounts and who does, why do it? Plenty of loans are available for these items, but what about a loan to get you out of debt? Setting priorities is a family affair.
3. Too little too late! Too busy trying to create wealth upon this earth to leave behind for someone who normally has not the first clue how to handle it. Create a trust account??? Have not we learned? ,,,well you had better trust yourself. In who do we trust? Give a fish or teach to fish? It is never too late.
7. Leaving family finances to one partner or other source? Everybody wants your money!!! Don’t blindly believe in the good intentions and financial prowess of other sources to look after your financial desires and needs. Will they care more than you? Make it a family affair. All members need to know where the buck stops and how to prepare for unforeseeable events, surprises. Make a will!
8. Seeking a partner for all the wrong reasons. Whatever happened to our spiritual well-being? The commercial aspects of relationships, both personally and professionally, have taken over. If you feel the need to execute a prenuptial agreement your relationship is already in trouble. Heed the necessary precautions. Less government and more financial planning.
9. Selling yourself too cheap. A home is a business, therefore has to operated and run accordingly. We do not teach that? Why not? Everything must pay for itself – fair, firm and consistent. Value yourself properly and those around you will pay you accordingly.
10. Got to have it now! When you really do not need it ever! Learn to say “No” and practice Discipline - common sense.
I was taught and used to think saving was a way out of povery, but today I know different. Money is meant to be circulated and spent wisely. When you save money, what good is it?
Take care of yourself financially and your finances will take care of you. It’s essential to "our future and our ability" to care for those we love.
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