Quote from: CryptopreneurBrainboss on January 06, 2024, 08:20:09 PM

Quote from: Gormicsta on January 05, 2024, 07:54:36 AM

Here are 4 common mistakes people made with their finances last year that should really be looked into and avoided this year in order to achieve your financial goals.

Reading through your thread, all I could think about are this three words and that's 'Lack of planning'. It's as a result of lack of financial planning that we don't have emergency funds, investment funds and spend to the point that wr don't realize that we're over spending until you're done spending. A financially serious person is supposed to have had all this under control.

You can't see a millionaire slacking back in these things or they'll lose their wealth. The hardest thing to do isn't to make the money but to retain it as not many people are learnings that while hustling for the money. To avoid making this same mistakes this year, we have to plan our money before receiving the money.

When your salary gets into your account split it into different accounts for the different things you're doing. Send the part for investing into an investment account, the spending for a spending account and the same thing should be done for others like the grocery, daily expenses and so on. Planning makes you conscious of what you're using your money to do and when you're directing your money and not your money directing you, you won't fall a victim to what this thread is all about.

You've really hit the nail on the head.
One of the primary causes of people's lack of investment, emergency, and expenditure of cash is undoubtedly lack of planning. It's quite simple for us to get lost in the moment and lose track of the bigger picture, but doing so can have negative impacts on our financial stability.

Many people say that their low income is the actual reason they can't track their spending or save money for an emergency fund, but in my opinion, the real cause is lack of adequate planning. If someone had planned ahead and started saving money for the future, having a small income wouldn't be an excuse at all.