Happy New Year everyone!
I hope you had a great 2014.
A good way to start the new year is to avoid the bad financial habits we keep on doing this past few years, and these are:
- Not budgeting.
- Living beyond your means. Spending more than what you earn.
- Trying to keep up with your flashy friends, even if you can’t afford it.
- Carrying a credit balance month to month.
- Making late payments.
- Ignoring your loans and not paying a lump sum on its anniversaries.
- Living from pay check to pay check.
- Giving out your personal information carelessly.
- Dipping into your emergency fund for non-emergencies. Not having a dress for a party is not an emergency!
- Not saving a set amount automatically out of your salary every paycheck.
- Reasoning that you are “too young” or “too old” to invest. It must be “too lazy” or “too unknowledgeable.”
- Borrowing money from friends and relatives.
- Keeping all your money in a bank. You are not maximizing your earnings if all your money is just sitting in the bank earning less than 1% and inflating at 4%.
- Not writing a will.
- Impulsive shopping. Better to avoid SALE in malls. You end up buying things you don’t necessary need.
- Not believing in life insurance. If you still don’t believe it, you are living from the past, man!
- Not having enough or the right amount of insurance: Life, Health, car and house insurance.
- Not having a Critical Illness coverage in your plans. In case you get really sick. You have money for expensive treatments.
- Taking money out of a retirement plan or account.
- Not taking the time to educate yourself financially. What you do not know about “money” will definitely hurt you.
Avoiding financial traps will surely make your life less stressful and more productive. Focus on the things you “need” first than things you just “want.” If your wants are really that powerful and keeps you on your toes. Then, it’s the time to get creative! Learn ways on how to earn more so that you can have money to buy things that you don’t just need but things you also want.
Learn, create, move and act! All are verbs. As defined, verb are action words. You get what I mean. 2015 is the year you act on your dreams to make them a reality!
“Nothing Happens until Something Moves.” – Albert Einstein
Wishing your dreams to come true,
Time to educate yourself more:
- The Best Gift for Yourself this Christmas that Could last a Lifetime
- How to Prioritize Finances? Learn the Hierarchy of Financial Needs: The Financial Pyramid
- Saving Millions in Bank, How Safe it is?
- 10 Things You Really Should Know About Your Life Insurance Policy You Never Knew
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