The Broken Chain for Financial Progress
We have people who believe that if they just save and invest their money, they will be on their way to financial success. The truth is, if they are not taking the time to fix the things that are broken in their financial life, their progress will be stalled.
The broken chain of financial progress refers to the fact that too often we make short-term choices that lead to long-term problems. The most common example of this is spending too much money on things we don't need instead of saving for a rainy day.
We can also lose our investment in our own time. We might go into a job that isn't a good fit for us and we end up spending more time working than we would have if we had chosen a job that we were more enthusiastic about.
The solution to the broken chain of financial progress is to start by making a list of our goals. We should also create a budget that spells out how much money we will need each month to reach our goals. We should also create a timeline for how long it will take us to reach our goals.
Once we have our goals, our budget, and our timeline, we can start working on planning our steps to get there. This includes creating a plan for how we will save money, how we will spend our money wisely, and how we will pay off our debts.
Money is a very powerful thing which enable us to do the things we want and need in life. It can help us build the life we want to live but like any powerful thing, it can also be used wrongly.
The three most common mistakes people make with their money are:
- Lack of saving
- Lack of not investing
Overspending is when you spend more than you can afford to spend. This can be due to impulse buying or simply because you're not mindful of your spending.
Lack of saving is when you don't put away any money each month to cover your future needs. This can be due to a lack of understanding of how much money you need to save or simply because you're not motivated to save.
Lack of not investing is when you don't put your money into something that could potentially grow. This could be in the form of investing in your own skills, buying a business or investing in a venture.
All of these mistakes are common because they stem from a lack of understanding. If you can understand the mistakes and how to avoid them, your financial future will be a lot brighter.
One of the most important things you can do is to have a budget that needs to be taken seriously. Another is to make wise investment choices and also to learn how to manage your money.
Learn how to manage your money because this is the key to breaking the cycle of financial ruin. If you learn how to manage your money, you will be able to save money and you will be able to build your wealth over time.
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