Eps 19: Avoid The Top 10 FINANCIAL ADVICE Mistakes
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Host
Isobel Graves
Podcast Content
Save some money to come up with a realistic monthly budget - make saving a priority and take the time to come up with a solid financial plan. So top up your emergency savings, pay off your credit cards, take out an extra loan or mortgage payment - or invest for retirement - Use this credit card payout calculator to see how much you can save by simply paying a little more each month.
Have a financial plan on your mind if you don't know where your money is going, possibly you are spending more than you earn. Proper planning is critical when it comes to your finances, not only for decisions that can impact your well-being right now, but also for those that affect your long-term bottom line.
By carefully planning and practicing to manage your finances, you can avoid the above financial errors to ensure that you are on the right track for financial success. When you understand these mistakes and learn how to avoid them, you will gain strong financial knowledge that will help you make better decisions today, tomorrow, and years to come. However, with a little understanding and planning, you can avoid budgetary risks and maintain a correct financial outlook.
Last but not least, one of the biggest financial mistakes that can be avoided in order to achieve financial success is not having an adequate budget to manage your expenses, whether you feel that you can spend more or need to spend less, there are always budget changes to keep up with your financial goals. When money is tight or you just want to save more, creating a more economical lifestyle can go a long way in increasing your savings and protecting you from financial hardship.
Cars are expensive. If you buy more cars than you need, you are burning money, which could have been saved or used to pay off debts. If you must use your savings to pay off debts, you must live as if you still have debts to be repaid to your retirement fund.
When you learn to spend your money wisely in your 30s, we can live the way we want to, ” says Margarita Cheng, a Certified Financial Planner, CEO and co-founder of Blue Ocean Global Wealth on CNBC Make It. Check out these 10 mistakes that drain your wealth so you can avoid them and achieve personal financial freedom.
Brian Stivers, investment advisor and founder of Stivers Financial Services, said one of the biggest wealth-destroying mistakes is investing in areas that you don't have experience or really understand. And if you don't understand how to manage your finances, you can easily make mistakes that will turn your net worth from well-written to almost undeserved, or leave you stuck in a constant financial struggle. Here are 8 financial mistakes you can fix to balance your finances.
If you are reading this article and are wondering what steps you can take to minimize or use debt or to make sure you are not using your credit card, just know that there are a few things that will help you better prepare to avoid this exact financial mistake. By avoiding some financial mistakes, you can easily save more money and reach your long-term financial goals. By learning a lesson or two, you can prepare yourself to meet your financial goals this year, rather than making the same mistakes.
While this is by no means a complete list of all the mistakes you can make when drafting a financial plan, it does highlight some key points to keep in mind : a financial planner can help you save time and make costly mistakes and encourage you to take action to help you achieve your financial goals better. Some of these issues may feel comfortable and you are on the right track to achieving them, but it is vital that you get good financial advice from a qualified professional.
Most people know exactly what they are doing every month but cannot explain where their money is going. To avoid this budget error, take an hour and calculate all your monthly expenses in an account that you can quickly access. This is why it is imperative to avoid the mistake of not having a financial plan for unforeseen emergencies such as COVID-19, job loss, home renovation costs, etc. By creating a 6 month contingency fund.
To avoid this budget error, make it a priority to save emergency money for a rainy day, even if it is a small amount, not only do you avoid costly credit card debt but also take some of the stress of the emergency itself. But a common mistake is to overpay IOUs with all your extra money before investing in your future.