Sign Up

Have an account? Sign In Now

Sign In

Forgot Password?

Don't have account, Sign Up Here

Forgot Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Have an account? Sign In Now

Sorry, you do not have a permission to ask a question, You must login to ask question.

Forgot Password?

Need An Account, Sign Up Here
Sign InSign Up

Question Bump

Question Bump Logo Question Bump Logo

Question Bump Navigation

  • Contact Us
  • FAQs
Search
Ask A Question

Mobile menu

Close
Ask a Question
  • Home
  • Communities
  • Questions
    • New Questions
  • Tags
  • Users
  • FAQs
  • Contact Us
  • FAQs
Home/ Questions/Q 412
Next
Bellarmine901
  • 1
Bellarmine901Teacher
Asked: July 8, 20202020-07-08T22:24:08+00:00 2020-07-08T22:24:08+00:00In: Business, Finance

What are the Common Money Mistakes?

  • 1

Avoiding common money mistakes can save you hundreds of thousands of naira/dollars, if not millions, throughout your entire life. Majority of the battle we tend to have is centred around how best to use your money.

  • Mistake #1: Rethink your Spendings — Common money mistakes that affect your money and capacity to be rich, plays a significant long time role in diverting your spendings to insignificant expenditures. If left unchecked would keep you financially constrained, so take action! Saving that minute #5 buying store-brand cereal instead of buying the biggest brands won’t make a difference. Instead, take out time to study stock and learn about the best interest rates or hottest stocks right at the moment that could yield short term and long term dividends. You can also subscribe to automatic saving packages and investments. Then allow your money to grow gradually.
  • Mistake #2: Relying on willpower — Several people rely on willpower to restrain themselves from dining out or purchasing new outfits. Even if you take those extreme measures, at the end of the day it is insignificant. That #1,500 at the end of the year is irrelevant unless invested the money.
  • Mistaking #3: PROCRASTINATION — Procrastination devalues your money, so invest! And starting as early as possible is the easiest pathway to financial freedom. As a 25-year-old, if you invest $100 each month for 10 years at an 8% interest rate, their account will be worth $200,061 by the age of 65. If your colleagues start investing $100 per month at age 35 for 30 years, their account statement would be $149,036 at age 65. Although the second person made contributions for 20 years running, they still achieved a sum $50,000 less because they later than the first person who kicked off from age 25.

“What distinguishes the rich and the poor is the poor man’s inability to capitalize on opportunities to grow wealth”

Read: Financial Planning Guide

  • 0 0 Answers
  • 127 Views
  • 0 Followers
  • 1
Answer
Share
  • Facebook
    Leave an answer

    Leave an answer
    Cancel reply

    Browse
    Browse
    What is the capital of Egypt? ( Cairo )

    Sidebar

    Ask A Question

    Inspirational Podcast

    Stats

    • Questions 279
    • Answers 165
    • Best Answers 109
    • Users 80

    Adv 250x250

    • Popular
    • Answers
    • Anonymous

      Can one still find true ...

      • 6 Answers
    • Jay

      For how long can company ...

      • 4 Answers
    • Bellarmine901

      I need help installing FIFA ...

      • 4 Answers
    • Jay

      What do you think is ...

      • 3 Answers
    • Jay

      Crazy question, how would you ...

      • 3 Answers
    • Anchal Verma
      Anchal Verma added an answer New Generation People  Won't Bother much March 24, 2022 at 8:08 am
    • Jhero23
      Jhero23 added an answer Thank you very much April 16, 2021 at 8:40 am
    • Anonymous added an answer Brilliant comparison April 15, 2021 at 8:22 pm
    • matmape
      matmape added an answer I left an answer January 19, 2021 at 1:36 pm
    • Anonymous added an answer https://questionbump.com/question/why-women-like-public-display-of-affection/ This link might help you know better how to deal with this especially if you are a woman or lady June 11, 2020 at 5:34 am

    Users

    Daniel

    Daniel

    • 0 Questions
    • 381 Points
    Scholar
    Dee20

    Dee20

    • 0 Questions
    • 364 Points
    Scholar
    Kenny

    Kenny

    • 0 Questions
    • 256 Points
    Teacher

    Trending Tags

    business (6) coronavirus (11) covid-19 (13) food (3) fulfillment (3) hackers (4) health (9) life (9) life hacks (7) love (6) money (6) movies (5) nigeria (5) relationship (7) safety (6) social media (5) stay safe (3) success (6) survival (3) virus (5)

    Explore

    • Home
    • Communities
    • Questions
      • New Questions
    • Tags
    • Users
    • FAQs

    Footer

    © 2020 Question Bump. All Rights Reserved
    With Love by PianistProgrammer.

    Insert/edit link

    Enter the destination URL

    Or link to existing content

      No search term specified. Showing recent items. Search or use up and down arrow keys to select an item.