Everybody has to manage their personal finances as they’re essential. However, one can make mistakes while dealing with personal finances. Best Financial Adviser Kuber Mindz Moneymindz says that you need to manage your money wisely otherwise your finances will be lost. Many people spend impulsively without regarding their finances. This is wrong.
Stay away from such mistakes. They spell financial doom.
Keeping up with the Joneses
One of the biggest errors mankind commits is doing what society does. While it may be helpful at times, it is certainly not helpful when it comes to your finances. You know your financial situation, you know your financial goals, you know your risk appetite, you know how much Insurance you have vs. how much you need, you know your budget and only you can take decisions regarding money being responsible for your money. Smart Financial Adviser Kuber Mindz recollects a popular quote “Too many people spend money they haven’t earned to buy things they don’t want to impress people they don’t like.”
Budgeting is essentially tracking of one’s finances. It has your regular income, expenses, savings, investments, insurance, financial goals and time frame which must keep getting updated by you. That way you can track your finances and direct them to where it should go, like investments, insurance and clearance of debt. It provides you a map of where to go, by when to go and how to go.
With the advent of easy cash available and easy loans provided, instant gratification has become the norm. We have conveniently forgotten virtues like patience and being content. Haste makes waste but we have forgotten that today. Advertisements add fuel to human greed and exploit customers to the maximum. We have forgotten the difference between basic necessities (needs) and “wants”. No wonder we all struggle financially and have lots of debt with minimal savings.
Neglecting Emergencies and Retirement Fund
Saving for emergencies and retirement is essential. When hit with financial emergencies, we might think of borrowing money. Instead, if we have an Emergency Fund, there is no need to get into further debt. Retirement Planning is to provide income for you when you are no longer actively working and have retired.
Avoid making such mistakes and fly to financial freedom. For more information visit www.moneymindz.com or give a missed call to 022-62116588.