Money Mistake #8 That Keep You Poor 📝 😲🚫😭 #shorts

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Money Mistakes #1 - Not Paying Yourself First
Too much month at the end of the money? One of the keys to actually saving money is to make sure you pay yourself first. My suggestion is to save between 15-20% and simply take that money each paycheck and put it in a separate account. This should be the first line of expense in your budget and everything else should follow.

Money Mistakes #2 - I'll Save When I Make More Money Mindset
This is a very common thought process as it's normal to think it's easier to save when you make more. One thing I've found is that making more money doesn't mean you will start saving. You should be saving NOW regardless of your income.

Money Mistakes #3 - Keeping Up With The Joneses
You are an average of the 5 people you hang around most. You must avoid spending money on fancy apartments, cars, clothes, etc if you don't have a great savings rate already. These areas can really keep you broke and it's easy to do when you spend most of your time around people who value looking rich over being rich.

Money Mistakes #4 - Waiting To Invest
This mistake has cost me at least 40-50k if not more. It's important to learn about investing but the key is to get started ASAP. Make sure all high interest rates debts are paid off and then build up a 6mo emergency fund. From there you need to start investing as early as possible.

Money Mistakes #5 - Excessive Use of Credit Cards For Reward Points
When we use credit cards to get reward points it becomes very easy to spend a little more than you normally would with the justification that you will get to redeem points later. If you are going to make a credit card purchase immediately pay it with your checking account.

Money Mistakes #6 - Not Having A Proper Budget
Those who fail to plan are planning to fail. You MUST have a strong budget if you are going to start saving money.

Money Mistakes #7 - Relying On One Income Source
This is another that has cost me a lot of money. You don't want all your eggs in one basket. Having multiple income sources protects you from major financial changes if you lose your job and in addition it helps you make extra money than you would at your current job.

Money Mistakes #8 - Getting Used To Debt
We live in a debt society. Between student loans, home purchases, cars, etc its easy to rack up a lot of debt. The key to getting ahead financially is avoiding debt at all costs UNLESS it is putting money into your pocket. If you are going to go into debt for something like student loans or a car, find the cheapest route possible and determine your return on investment.

Money Mistakes #9 - Being Too Complacent With Your Current Income
This is also another one that cost me A LOT of money. Upwards of 50-100k as well. Once you start making enough to pay your bills and you get into a good flow, it's easy to stop working towards increasing your income. It's important to always be pushing yourself to make a little more money. Find ways of making extra money so you can start putting more money away and investing for your freedom.

Money Mistakes #10 - Trying To Get Rich Quick
We've all been there. It's normal to want to expedite the wealth building process. Let's face it, it can be slow and boring at times. Hearing about something that will double your investment quickly always sounds enticing. Typically if might come fast, it might go fast. Don't try to get rich quick, get rich for sure.
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Видео Money Mistake #8 That Keep You Poor 📝 😲🚫😭 #shorts канала Shaun Surgener