Most Common Financial Mistakes

I received a book for Christmas on property investing. The author was encouraging readers to change from a consuming/spending habit to a saving/investing habit. The author challenged his readers to save $33 per day for a month, which amounts to $1000 (Source: From 0 to 260+ Properties in 7 Years: by Steve McKnight).

Our household budget had already be disciplined in this way over the previous few years. How did we do it? By starting with the small things and working towards the larger things.

I came across this article on the Internet today: Most Common Financial Mistakes.

The article concluded "To steer yourself away from the dangers of over spending, start by monitoring the little things that add up quickly, then move on to monitoring the big expenses."

Here are the Most Common Financial Mistakes listed in the article:

Mistake No. 1: Excessive/Frivolous Spending

Mistake No. 2: Never Ending Payments

Mistake No. 3: Living on Borrowed Money

Mistake No. 4: Buying a New Car

Mistake No. 5: Buying Too Much House

Mistake No 6: Treating Your Home Equity Like a Piggy Bank

Mistake No. 7: Living Paycheck to Paycheck

Mistake No. 8: Being Able to Make a Payment isn't the Same as Being Able to Afford it

I continuously encourage, even challenge our clients to review
their spending/consuming/ saving/investing habits and I challenge you to take that review step today. Who knows what you can achieve?

David Maynard

Copyright 2014. My Tax Zone.