Financial Mistakes People Always Make - Part 2

Hello Everyone and I hope you are all having a great time scrolling through your post feed 😊. It's really great to have you visit my blog and I must confess to you that I'm deeply happy about this.

I punished an article about Financial Mistakes People Always Make on my blog which can be found here and I made a promise to share the part 2 of this content with you guys whenever I'm opportune to do so just like I've decided to share it with you guys today. I suggest you read the previous post via that link in case you missed it and I hope you will find this very helpful and interesting.

Without wasting much time, it's time to let the cat out of the bag by sharing with you some financial mistakes people always make. Grab your delicious pop corn and warn coffee as you read along the post 😊.

#4 LACK OF MULTIPLE STREAMS OF INCOME

There's an ubiquitous saying that "never put all your eggs in one basket". There are different meanings to this depending on your perception or level of understanding towards this but what I comprehend about the statement is that *we should always have more than one plan whenever we intend to do something so that if plan A fails, our other plans will be available for backup.

In our world today, it's really great to see people practicing this act while some other people are still highly dependent on their single source of income which isn't bad too though. But the fact is that people depend solely on their salary can never be compared to salary earners who have other sources of income.

The level of human needs tend to be increasing very drastically every year and there's also an increase in the worth or value of commodities mostly every year. A single income source earner may find it difficult to cope with such system changes as time goes on unlike those who have multiple income strings.

It's always advisable to have multiple strings of income if you are capable of making this happen and you should always never be highly dependent on your single source of income from your work place because anything can happen at any time.

#5 HIGH DEBT

Another great mistake people make is to live more than their earnings in which they buy things they don't need and they end up borrowing money from people just to meet their basic needs. The logic to this is very simple and straightforward. There are times we will definitely need to borrow money from sources such as family, banks, cooperative and other sources but it's advisable we pay back as soon as possible to avoid compilation of debts.

I've heard different cases of companies running bankrupt which led to the doom of such company since they are unable to pay up their debt at the required time.

It's always advisable to do away with debt if it's really possible and also stop living more than your financial capacity if possible. Let's always learn to wear our shoes according to our sizes and do away with things that could make us debtors. If eventually there's need to borrow money, always try as much as possible not to accumulate debt at all cost and strive to pay them up very fast when you have the means to do so.

#6 LACK OF FINANCIAL PLAN

The last but not the least is the lack of financial planning. I think financial planning or management should be thought in schools because it's really imperative everyone of us have the knowledge of financial management when it comes to planning how we spend our income.

The lack of financial planning has led to the irrelevant and excessive spending made by some individuals buying unnecessary items which can't profit them in one way or the other. It's really difficult to beat someone with good financial planning skill because such people are mostly found of managing their finances and planning their finances to increase their level of finances.

It's advisable we start making good plan on how we spend our finances to avoid loosing more money instead of earning more money and become financially independent.

#7 YOUR OPINION

As you all know me to be a voracious learner, I'll also love to read your opinion about the topic at hand which has to do with the the financial mistakes people make. This will not only be a means of learning to me alone, it will also be an opportunity for other readers to learn from your opinion. The floor is opened for sharing your opinions comments, suggestions and questions.

Thanks for your time and I hope you have a great day ahead with love from @hardaeborla 💕💓❤️

Link to previous post : https://steemit.com/hive-175254/@hardaeborla/financial-mistakes-people-always-make-part-1