7 Biggest Money Mistakes and How Not To Make Them

Nearly everyone wants to make more money and keep more of the money they have for the future or for fun. Yet, most Americans live paycheck-to-paycheck, deep in debt and unsure how to get out of the trap.

Here are the 7 biggest money mistakes people make and how you can avoid them.
  1. Not investing. Whether you're 19 or 59, it's never too late to start. You'll be no better off in three years than you are right now if you don't start investing right now. Even a dollar a day in a mutual fund can make a huge difference in a short amount of time.

  2. Not making yourself important. You deserve to have some money set aside for you and to make as much money as you'd like. No one can stop you unless you let them.

  3. Not getting a good rate of return on your money. If most of your money is in a checking account paying 4 percent, you're losing money! Inflation will make your money worth less tomorrow unless you're getting at least 5 to 10 percent interest on your account.

  4. Thinking someone else will take care of you financially. Whether you're depending on the government or meeting Mr. or Ms. Right, you're banking on something very unpredictable. It's time for you to take charge.

  5. Not asking for help. There are lots of money advisors, books, seminars -- you name it -- on making your money work for you. Only people who want to succeed ask for help.

  6. Not planning for the future. Retail therapy can be fun. But how long does the thrill of a new outfit or gadget last? Will you regret what you spent later when you are barely scraping by? How good will that purchase make you feel if you can't pay your bills?

  7. Not taking time to manage your money. Good for you -- you've read this far so you have invested in yourself already. Spend at least five minutes each day managing your acccounts, learning more about money and investments, and tracking your expenditures.
The time you spend will yield great results and help you have your richest life!

By: Karen Pickett

4 comments:

Shalini January 6, 2009 at 6:21 AM  

Thanks for sharing the info friend.....informative post...keep going......

melanie January 7, 2009 at 7:48 AM  

you right ! people here usually live life paycheck to paycheck and credit cards. Good tips in there how to love yourself by saving up !

Anonymous,  January 23, 2009 at 7:07 AM  

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