Money mistakes that stop you from becoming 'Wealthy' π°
A Thread ππ
A Thread ππ
1/ Cutting expenses rather than increasing income -
You cannot become rich just by cutting your expenses. Cut your wasteful expenses but focus more on increasing your income. Passive income is one of the way.
Passive income ideasπ
You cannot become rich just by cutting your expenses. Cut your wasteful expenses but focus more on increasing your income. Passive income is one of the way.
Passive income ideasπ
https://twitter.com/MoneyWell_/status/1393821376574722050?s=19
2/ Not valuing time - π
People keep wasting their valuable time on things that will not make them rich. Invest your time in gaining specialized knowledge, so that you can increase your income. Convert your time into money.
#money #investing #finance
People keep wasting their valuable time on things that will not make them rich. Invest your time in gaining specialized knowledge, so that you can increase your income. Convert your time into money.
#money #investing #finance
3/ Not taking Risks -
You cannot win big by risking small. Take risks. Invest in stock market. Don't just put your money in bank FDs, PFs, because they are stable. They won't make you rich. If you are young, then you can actually take risks.
#risks
You cannot win big by risking small. Take risks. Invest in stock market. Don't just put your money in bank FDs, PFs, because they are stable. They won't make you rich. If you are young, then you can actually take risks.
#risks
4/ Not investing early -
Don't wait to invest. Investing at an early age is the only key to riches. The moment you start earning, make a plan to invest. The biggest mistake people make is not realising how important time is when it comes to investing. Start investing early.
Don't wait to invest. Investing at an early age is the only key to riches. The moment you start earning, make a plan to invest. The biggest mistake people make is not realising how important time is when it comes to investing. Start investing early.
5/ Not owning assets -
Salary won't make you rich, having assets will. Having a house with a rental income is an asset, owning stocks where the company grows and you make money, is an asset. Car is not an asset, it's a liability. Create your own assets.
#FinancialFreedom
Salary won't make you rich, having assets will. Having a house with a rental income is an asset, owning stocks where the company grows and you make money, is an asset. Car is not an asset, it's a liability. Create your own assets.
#FinancialFreedom
6/ Timing the Market -
Have some discipline and dont try to time the market. Invest every month. A bear market is the best time to purchase. Now one knows when the market will fall. Don't wait for it. If you keep waiting then it may not come and you will loose the chance.
Have some discipline and dont try to time the market. Invest every month. A bear market is the best time to purchase. Now one knows when the market will fall. Don't wait for it. If you keep waiting then it may not come and you will loose the chance.
7/ Borrowing too much -
Loans reduces your power to invest. Never borrow to invest. If things go south, you may lose all the borrowing.
Loans will weigh you down. You will never become financially free if you keep paying people. Borrow money just for essentials (Education, home)
Loans reduces your power to invest. Never borrow to invest. If things go south, you may lose all the borrowing.
Loans will weigh you down. You will never become financially free if you keep paying people. Borrow money just for essentials (Education, home)
8/ Comparing with others -
Some people are going to be richer than you. Some by skill and some by luck. But you shouldnβt worry about them because they arenβt your competition.
Just focus on how you are doing relative to your financial potential. What matters is you.
Some people are going to be richer than you. Some by skill and some by luck. But you shouldnβt worry about them because they arenβt your competition.
Just focus on how you are doing relative to your financial potential. What matters is you.
9/ Investing due to FOMO -
'Fear of missing out'
Never invest only because everyone else is investing in it and you have a fear of missing out the opportunity.
Because ultimately, it's not necessary that the crowd is right. Don't invest if you have no idea about the underlying.
'Fear of missing out'
Never invest only because everyone else is investing in it and you have a fear of missing out the opportunity.
Because ultimately, it's not necessary that the crowd is right. Don't invest if you have no idea about the underlying.
10/ Excessive Spending -
Live according to you capability. Spend as much as you can handle, with minimum loans, without touching you investments. Use money which you generate monthly. Never borrow money to spend on wasteful things like car, phone,etc. Save first, use rest.
Live according to you capability. Spend as much as you can handle, with minimum loans, without touching you investments. Use money which you generate monthly. Never borrow money to spend on wasteful things like car, phone,etc. Save first, use rest.
11/ Chasing Money -
The biggest mistake people make is chasing money. One can never become rich instantly. It takes time & patience. The more you chase money, the more you will allow your greed to override, the more mistakes you will make with money, the more you will lose.
The biggest mistake people make is chasing money. One can never become rich instantly. It takes time & patience. The more you chase money, the more you will allow your greed to override, the more mistakes you will make with money, the more you will lose.
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