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I think people should avoid just saving.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.
People should avoid spending beyond their means. People should also refrain from borrowing amounts they know they're unable to repay. Investment should be encouraged.I think people should avoid just saving.
Savings do nothing but just remain the same way.
Investments will help multiply your money. So, i will advice that people go into investments.
Avoid excessively spending on things that don't really matter. Instead, the money should be saved or at least invested. But be sure that you have knowledge before you pursue an investment. It can be really risky.
Borrowing money from financial institutions should always be discouraged in strong terms. It may leave you in debts or bankruptcy if you're unable to pay back on time.The personal finance mistakes that people should avoid includes borrowing money with out managing it well, buying of properties and not using them, not saving money for emergencies and many more.
Truly you are right, I discover that their interest rate is very high, if I pay high interest rate what will I gain? That is why I don't like borrowing money to start a business.Borrowing money from financial institutions should always be discouraged in strong terms. It may leave you in debts or bankruptcy if you're unable to pay back on time.
When you get into wrong investment it is always going to be very critical for your finances because you will definitely be in a position whereby you are going to lose the money we have already invested.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.
Personally I believe that getting a financial loan is a very big mistake in my opinion because if you are not able to pay back the money you will always find yourself being in a serious challenge of loan debt.For me, it is not having a backup plan. People should endeavor to plan ahead, proper planing prevents poor performance. Having a backup plan ensures that a business can survive any trying time. A backup plan could be savings, investments or insurance.
I think people should avoid just saving.
Savings do nothing but just remain the same way.
Investments will help multiply your money. So, i will advice that people go into investments.
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