FINANCIAL MISTAKE DONE BY PEOPLE

                                                              image source - pixabay / image by -stevepb

Money is one of the important thing in the human life ,if used very well it can                  bring you comfort,luxury if not it can bring you to the end of time,

Most of the average aged human being don’t plan there future final needs ,and endup in making financial mistake

     So let us look into TOP 5 financial mistake

1       1)Not planning budget

Around 75% of Indian youth spend  average of 6000 rs/month on cosmatics,mobile etc on that note they don’t caliculate how much they should earn and save to buy all those goods

If some people are at high paying jobs they don’t count there expenses,or don’t caliculate average amount spent per year

If budget is not set for your expenses you can end up in spending more things you can afford

2)single basket purchase

Earlier in those days where exploration of sea routes are more, exploring counties started spending money on ships, since exploration comes with a cost most of the ship returned by damage or never returned,so the exploring countries started investing in various ships than on one ship,

Same thing apply for financial aspect of people investing in one place which gave more benefit earlier,doesn’t give benefit next time also,whether it may be mutual fund,stock,gold, etc try to to invest in more places rather than one

    3)buying too much gold

In india gold works more like a insurance rather than investment

From 18-24 aged womens more gold at this age you are at retirement from education, to majority of this  group aged people the source of income is from part time job, buying gold at this time may be end void mistake

Gold gives less return if it is used over period of time if you want to buy gold buy it from passive income.(affiliate marketing,rent income,investment)

4)wrong buying pattern

One of the big financial mistake buying at wrong time,this involves buying at earlier age or at the time of retirement age

Some people tend to earn money from passive income(mutual funds,stock)                         

Which is good in its own way but on a note depending too much on these income than fixed income is a financial mistake ,because these passive income goes under inflation,deflation system,where there money value increase or decrease according to the market trends

If you practice buying at right time it is indirectly connected to country economy growth too

5)inheritance money

Inheritance money is money from our grandparents,or from parents

in india it is one of the source of massive income,as I told you earlier only fixed,and passive income,comes to use at right time than these massive inheritance income, because sometimes they go under legal issue

these inheritance money most of the time does not subject to growth instead they are consumed according the situational usage

since 67% Indians are ready to take loan inheritance money is good source but since our time and energy is more in getting these income,there are several ways earn income positively,

geeting inheritance money is our right but waiting to start business through that money is results in one of the financial mistake

 

there are several ways to increase source of income and also several financial mistake, these are top 5 mistake discussed avoiding these at right time results in maximum inflow of money to your pocket steer it in a proper way can bring you a peaceful financial position