GMR 157: 5 Financial Mistakes to Avoid
Regardless of where you are on your financial journey, avoiding mistakes, especially ones that can have a significant negative impact, is vital. In this episode, we share 5 financial mistakes to avoid that will preserve your wealth and help you achieve your financial and life goals.
5 Financial Mistakes to Avoid
Keeping up with the Joneses
Spend on purpose, and you’ll avoid the temptation to compare and keep up with others.
Not setting the next goal
Always have the next goal in place before achieving the one you’re working on.
Not protecting your wealth
Have proper insurance
Manage your cash flow and increase your reserves
Spending before saving
Save before you spend. This will ensure you never forsake your financial wealth and future for immediate gratification.
Not diversifying
Putting your eggs into one basket is risky.
Invest in different asset classes such as real estate, businesses, stock, and mutual funds.
Increase your cash reserve to protect against having to dip into your long-term saving and investments.
Avoiding these mistakes is for everyone, regardless of where you are on a financial journey. Not only will this protect your wealth, but more than likely grow it.
Resources
GMR 133: Common -Sense Reasons to Buy Insurance
Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Blog: The 5 Biggest Mistakes People Make With Their First Million