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How to avoid money mistakes?

Posted on: 29th Aug, 2006 01:53 am
I guess building some wealth is a dream of every human being and I am no different. At this point of time I am financially very stable. But I just wanted to know how to avoid some of the common money mistakes that most people commit on their way to building some wealth? Just a precautionary measure.
Hi Joseph,

Welcome to the forums.

It’s a good thing that you are trying to accumulate some wealth. While you do so, make sure that you don’t commit any of these mistakes.

Do not give control of your money to someone:

If you are not involved in your day to day finances then it is quite possible that you are putting yourself in some kind of risk.

You should be aware of all the family finances, investments, retirement plans and debts. Never give total control of your money to someone else.

Set up necessary goals:
If you don’t know where heading for and don’t form a plan for that then probably you will never reach there. To accumulate some wealth it is necessary that you have some plans or some dreams that will always keep you motivated to save for it. And it is very important that you have a plan to make that dream come true.

Enjoy :)
Jerry
Posted on: 29th Aug, 2006 02:24 am
Jerry has already mentioned some very good points. But I just wanted to add one point.

Don’t opt for long term mortgage - If you don’t have any financial problems than try to opt for short term mortgage like 15 year mortgage. Many of us don’t understand that we end up paying lot more than the purchase price of the home by stretching our payments. Opting for short term mortgage can save you lots of money which can help you in building some wealth.

Thanks,

Sara
Posted on: 29th Aug, 2006 02:44 am
If you are really serious about accumulating some wealth or saving some money, then better you block all the spending leaks that you have before it becomes bigger and unstoppable.

Try to use cash instead of credit cards. There are lots of hidden charges in credit cards which we are generally not aware of.

Zeal_Deal
Posted on: 29th Aug, 2006 04:33 am
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