'Most people are making these mistakes without even realising it'
Saving money can be tricky sometimes. Bills keep coming in as the cost of groceries continues to rise.
But remember, no one cares as much about you as you do. A few likes on your Instagram story may give you a dopamine rush, but in the real world, it means less than nothing. And just because your neighbour bought a Tesla, got new windows or has added an extension, doesn’t mean you need to. But what happens when the money stops coming? If you are living to means, it’s unlikely that you’re putting money away enough money for your future. What will happen if you lost your job or were unable to work? How will you afford this lifestyle in retirement without saving enough now?
Budgets are forward-looking. They will shine a light on your finances and keep you focused on the plan for your money. I have absolutely no issue with you being employed and building wealth in a normal nine to five, and I have spoken with many people who have achieved significant financial success through doing so. However, I believe that multiple sources of income provide the ability to quickly and securely build wealth.
I have a pretty great article over on foundered.co.uk about the seven multiple streams of income you can build. Definitely check it out and I’ll put the link in the show notes below. For those who are self-employed or are shareholders of their own companies, understanding taxes and how you can reduce your tax liability easily may be beyond your knowledge. I had a peripheral understanding of many tax elements my business faced, but instead of going alone, I paid accountants I trusted to manage this on my behalf. I can tell you they were worth every penny.
Finding the lowest price for services often means that you get what you pay for and this too can cost you much more later on. When picking your insurance, the cheapest options often come with a higher excess or lesser coverage. Which in the unfortunate case of an accident can cost you significantly more. Try not to choose a plan solely on the price, but based on the benefits coverage and other factors that may affect you.
Going into debt unnecessarily Never in the history of time has it been so easy or normal to access credit for purchases. When you shop online, almost every checkout has a buy now, pay later option. And that’s valid if you are strict enough to ensure this is repaid. But what if an emergency happened and you could not afford the repayment? Further debt is the answer. I promise you this wouldn’t be an option if it was used extensively by customers. The credit companies are not your friend and the fact that they present this offer so prominently, means that many customers don’t pay off within six months.
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