This post is inspired by a write-up on common money mistakes people make in a chat group I belong to. I have decided to share the 14 common money mistakes, and maybe add a couple of mine. To explore it in detail, each common money mistake will be covered in one post. That means we will require 14 posts to go through them all, one post at a time.
Before we dive into the list, I want to share some thoughts on how we came about our current money mindsets. People make common money mistakes by copying what they see others around them do. We tend to reflect the environment we find ourselves in.
Sticking out makes us uncomfortable. Standing out for the ‘wrong’ reasons is not very sustainable. After a while, we tend to give up the fight and blend in.
We learned to make common money mistakes from others
We learned our money habits from our parents and immediate environment. The same thing applies to pretty much everything we do. If you grow up in China, you don’t need to learn how to speak the Chinese language. You just mirror others around you and imbibe the culture. You ultimately become who you spend most of your time with.
If you make common money mistakes, you learned them from folks around you or look up to. You become like them. To avoid making these common money mistakes, you need to consciously put yourself in an environment whereby money is handled the right way. As you start mirroring these behaviors and getting results that you want, you feel energized to keep going.
It may not be feasible in the short term to remove yourself from the environments that support making the same money mistakes. Some of the folks may be family members, colleagues, etc. However, you can change your channel. You can choose who you take money advice from. It is your choice to make. You can choose which books to read, tapes you listen to, and videos you watch. You can create an environment that nurtures and supports your desired goals.
These common money mistakes do no have to be yours too. You can learn from them and make better choices.
Here goes:
Here goes:
#Money Mistake 1: Don’t obtain a loan to start a business (except if you are paying for it from your salary); only borrow to grow your business.
Photo: grow.acorns.com
