financialmistakes
It’s likely that you have one primary source of income — just like most people. It’s fine to have a single source of income. It can, however, be dangerous as well. How would you cope if your primary source of income dried up, or your job was lost? That’s exactly what happenedin the aftermath of the pandemic, many people lost their jobs and were furloughed. The unemployment rate spiked in April after business closures and restrictions began in March 2020. By May, 23 million jobs were lost cumulatively. There hasn’t been a crisis as severe as this since the Great Depression. Suffice it to say, t...
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Like it or not, financial pitfalls are a part of life. Financial mistakes can happen even with the best of intentions. However, it is not all about making mistakes. It’s also about the opportunities you don’t take advantage of. Even so, it’s never too late to learn from these mistakes, and it’s never too soon to avoid them. With that said, in this article, we’ll look at 25 ways you’re killing your savings and how to avoid them. Top Ways You’re Killing Your Savings1. Delaying financial planning.All of us have been guilty of putting off things until another day, whether it was starting a workout...
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“Rule Number One: Never Lose Money. Rule Number Two: Never Forget Rule Number One” As a result of the financial crisis of 2008, Warren Buffett lost about $23 billion personally, and his company, Berkshire Hathaway, lost its AAA credit rating. So how can he tell us not to lose money, then? His point is that a sensible investor has a certain mindset that includes:Avoid frivolous spending.Make sure you don’t gamble.Don’t make investments with a cocky attitude that you can lose money.Educate yourself.He invests only in companies that he understands and thoroughly researches. You shouldn’t enter in...
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While there are certainly exceptions, who wouldn’t want to retire early? Instead of being a part of the 9-to-5 grind, you could spend more with family, friends, or leisure activities that you haven’t had time for. Or, maybe you could finally travel or pursue a money-making side hustle. Sounds good, right? Well, unless you have more than enough money in the bank or multiple income sources, there are a lot of financial risks involved with early retirement. In fact, early retirement may even bankrupt your dreams. Retirement will likely last longer than you think.In spite of your desire to walk aw...
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