1. Living beyond your means. Living beyond your means while the little finance you have is going down the drain is really a drastic financial mistake you must avoid in 2018. Stop living beyond your means. If you keep living an expensive lifestyle you cannot maintain, you end up trying to borrow money from people to keep up with that lifestyle, which leaves you in serious debt and incurring debt is bad for your finances because your focus would be on paying your debt instead of focusing on your financial achievements
2. Taking risk you cannot afford. It is good to take reasonable investment and business risk but if you cannot afford such risks, don’t take such risks.Before taking risks, be sure it is worth it and make sure you can afford it.
3. Waiting to invest. Do not wait to have a large chunk of money before you think you can start investing.The best time to start investing is now. No matter how small the income, you should set some money aside for the sole aim of investingThe earlier you start investing, the faster and better you achieve your financial goals.
4. Not saving for retirement early. One of the worst financial mistakes is not saving and planning for retirement early in life.You might think planning and saving for retirement early is a waste of time because you have other financial obligations to meet but you might regret your decision in the future.The best time to start planning and saving for early retirement should be in your 20s when you are already earning an income.
5. Allowing money drain. It’s not a bad idea to enjoy yourself once in a while but if you make it a daily routine to spend so much money then you are making a big financial mistake.Stop wasting money. You should abstain from bad money habit that leaves you broke such as gambling or spending on impulse.Such habits don’t let you achieve your financial goals.
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