Hello and welcome to our today’s blog on financial mistakes and how to curb them. It is time to make hay while the sun shines.
Evefinancialinsights
blog ensures that you will not regret in future and wish that you had someone
to suggest financial valuable tips long ago when you started your career.
We have
divided this article in age-based sections for your better understanding.
Age 20
As a teenager,
it takes a lot of dedication and mentorship to start a financial health journey.
We understand the mental struggles and all the emotional rollercoasters you are
going through at this puberty stage of life. There is a bright future stay
positive and trust yourself you can do it.
When you are
saving money at a young age do not save too much do not sacrifice fun
experiences for the sake of having extra money in your account. Do it
moderately after all you have all the time. Instilling the good financial habit
is the key here.Once you get the flow repeat it for the rest of your life.
Nevertheless
excuses like I am still young. I just finished college, I just started working,
Next time I will invest will keep you slugging.
Unfortunately,
our school systems do not teach our children anything about finances and future
planning or anything that is helpful in the finance world. This would have a
great positive impact in our overall economy.
Kindly read
our previous blog on Financial Literacy for Children for information that is
more comprehensive. Please find the link down below.
AGE 30
Understanding
how money works ,avoiding debt traps and high interest payment at this stage in
life is paramount .Spend free time on meaningful things when you are unoccupied
add some habits that will help you in
the future. Skills like editing, photoshoping, web developing, video
programing etc.
Please do
not give room for these excuses; I am enjoying my youthfulness, you only live
once, I just started climbing the corporate ladder the other day, I am newly
married and still enjoying my honeymoon stage. Next time I will invest
AGE40
You have to
plan on your retirement saving.at this stage no compromising in your goals and
objectives as it will affect you dearly and may be you may not be able to
recover. Do a regular evaluation for short and long-term goals. Prioritize your
goals.
You are half
of your working life. The reality of life and responsibilities sets in but this
does not warrant these excuses .My children school fees are expensive; I just
build a family home, or may be aging parent to look after. I have no more money
to invest.
At 50
Money is a
store of labor from when you could work for use later in life when you are
unable or less able to work. At this time,
you are supposed to have a good retirement savings .unfortunately the
government is still on your case taxing your pension. Retire with dignity.
Security and
peace are important to you. This will save you regrets if I am about to retire,
I do not have any investments yet.
The word of
God says, “A good man leaves inheritance to his great grandchildren”. Are you a
good man?
I am retired
I will let my children take care of me.This should not be the case.
It is
important not to be negative about who achieve success and wealth respect and
do not criticize them. As the saying goes, you cannot fight something and have
it.
Today is the
youngest you will ever be, protect your finances and be on your way to financial
freedom.
Starting
early is the best way of getting ahead to build wealth, investing remains a
priority.so start today.
Do not think
you are sacrificing today for the better tomorrow instead enjoy the journey. Do
not be compulsive shopper instead save and budget with what you have.
The stock
markets has plenty of opportunity to earn a decent amount of money with the
right skills and proper understanding of how the markets works. If you stay invested,
ignore the markets up, and downs, you will make a lot of money in the end that
is why it is better to trade than to hold. The only thing is to know where to
focus.
You may not
have have those millions to invest but that does not mean your money cannot
share same opportunity available to others. You work hard for your money; make
sure your little money works hard for you too.
Start
finding fun and intrinsic joy in your financial journey rather than getting scores.
Whatever you are doing to get money, always have a plan of what to expect but
prepare for risks, this will save you from losses you are not prepared for.
Learn to manage your money through investments as the saying goes money cannot
happiness but poverty cannot but anything.
Expose
yourself to more moneymaking and entrepreneurship content.infact you are at
home with evefinancialinsights.blogspot.com
Engage the
services of a financial planner in all stages of life.
https://evefinancialinsights.blogspot.com/2023/01/financial-literacy-for-children.html
