Stnicholaz
Mythical member
Try as much not use loan to start a business, use only your personal savings or borrow from friends and family. Also try as much possible to reduce your spendings.
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One financial mistake we should all avoid like leprosy is borrowing from any financial organisation or persons, as difficult as things are we should all try to live within our means as loans does nothing but cripple us more.For me it will be not Investing Appropriately - If you simply keep your cash in reserve/savings bank account, you are not investing you are doing the opposite. Your saved Money will lose its value and become worthless due to rise in inflation.
It's better you invest your Money into Profitable and low Risk Businesses and keep your money flowing beating inflation and making your money more worthy.
I agree with you, saving money I see as money not really working for you, because the money is just there but when you invest the money grows and you gain profitFor me it will be not Investing Appropriately - If you simply keep your cash in reserve/savings bank account, you are not investing you are doing the opposite. Your saved Money will lose its value and become worthless due to rise in inflation.
It's better you invest your Money into Profitable and low Risk Businesses and keep your money flowing beating inflation and making your money more worthy.
Yeah, that is called impulse or emotional shopping. Which many people suffer from. I think one should budget well and only buy things that are necessary. It takes so much self discipline to stop engaging in impulse shopping.Financial mistakes you should avoid include not spending your money on things that are not really Worth it most times. You should ensure you're not buying things that are irrelevant to you
We all make mistakes when it comes to our personal finances.For me it will be not Investing Appropriately - If you simply keep your cash in reserve/savings bank account, you are not investing you are doing the opposite. Your saved Money will lose its value and become worthless due to rise in inflation.
It's better you invest your Money into Profitable and low Risk Businesses and keep your money flowing beating inflation and making your money more worthy.
Good advice, many people tend to make this mistake. They feel using loan is easier and faster so they prefer going for loan. Personally I do not like using loans for a business startup because it could make me work under pressure.Try as much not use loan to start a business, use only your personal savings or borrow from friends and family. Also try as much possible to reduce your spendings.
You can said again... working under pressure especially with new business that is still trying to gain stability is not a good thing. It will greatly after the running of the business and paying of loan and interest at the same time.Good advice, many people tend to make this mistake. They feel using loan is easier and faster so they prefer going for loan. Personally I do not like using loans for a business startup because it could make me work under pressure.
Exactly, all you mind would be on how to make back the money so you can pay back before the dead line. This would make you overlook certain things or fail to see certain things that might need correction in the business.You can said again... working under pressure especially with new business that is still trying to gain stability is not a good thing. It will greatly after the running of the business and paying of loan and interest at the same time.
Lol. In a nutshell people should avoid greed. In a way human beings are moved by things they probably can't get, the best thing to do is to be contentedGetting into Debt and Overleveraging Getting in debt due to bad spending habits such as the uncontrolled use of Atm card.Using Credit Rather than Cash. Always Buying Brand New Cars. Not Paying Attention.
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