5 financial mistakes everyone should avoid
5 financial mistakes everyone should avoid
I have come across several realities lately in my path concerning personal finance and I have understood that there are some fundamental points, that in the beginners you do not have a clear perception of how the economic system works. This is the crucial point, understanding how the system works and acting accordingly. However, in the beginning, it is easy to fall into some mistakes and here I want to share with you my top 5 mistakes that you should avoid if you are intent on achieving your financial freedom! Let’s begin!
- Buy what you don’t need to impress those who don’t care. Purchase of luxury cars, apartments above your economic expectations and latest generation mobile phones. All paying with interest. In the end, I would say that everything is unsatisfactory. Instead, buy only what you actually need and above all that you can afford. Don’t worry if you still live in rent, instead worry if you still live with your parents. You prefer to save and you will see how much fun you will enjoy watching your wealth grow. So satisfying!
- Chasing the story of yesterday or the news of the day. Whatever hot investment in news a stock or cryptocurrency might hit recent highs, this is what attracts new investors, traders, or potential customers. Just in time for the so-called “buy high, sell low”. Instead, it would be good to read up, study and deepen knowledge without end. Think if I talk to you about the “investment cycle” what do you know about this? Nothing goes up forever. So look for where the investments are going, not where they have already been and you will see that you will be rewarded.
- Leave your cash on hold while waiting for a good opportunity. This may sound smart and wise, but unfortunately the truth is that the safest time to get in and start investing isn’t there. Also, don’t think about starting when your chosen title is up, it’s down when it’s scary, not up when everyone’s greedy. Realize that even those who know more than you are not wizards.
- Procrastination. Obviously, starting to invest already in debt is difficult. So it’s easy to think “after paying the car installments, the credit card interest and the latest model of the iPhone”. Thinking that tomorrow is always better. At least until you wake up and it’s already tomorrow. Here you should focus on your attitude, don’t think about when you will run out of debt, rather follow the previous points and start putting something aside to start investing and have a better future.
- Looking forward to luck. Most people think that the rich are just lucky or have won the lottery or the scratch card. Getting rich fast doesn’t exist. So don’t keep waiting. Instead, think, realize and act! Wealth creation is a lifelong adventure. It is not easy, fast and certainly never guaranteed. But it is doable. Especially when you stop waiting for the “unicorns”.
Everyone makes financial mistakes in wealth creation. So, just don’t keep making the same mistakes over and over.
You can only create wealth when you learn to be glad you don’t follow everyone else.
Start investing a small amount in the financial markets and start to trust your future.
I personally invest in eToro, because it is easy to use, I have a community where I can discuss with popular investors and above all because I invest without paying commissions.
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Who I am… I’m Elio, Italian man who deals with various activities such as business management, young investor, blogger, model and fashion & lifestyle influencer.
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All the best
Elio
5 financial mistakes everyone should avoid
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5 financial mistakes everyone should avoid
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