Thread by @MashraniVivek

10 common money mistakes that will cost you your financial freedom....

Don't miss the 7th one...

A thread....Let's go

#investing #mistakes #technofunda #YouCanCompound

1. Procrastinating to INVEST

Compounding is the 8th wonder of the world...and the exponential factor in it's equation is TIME

The more time you give yourself to compound your investment, the better it is

Even if you are in 20s or 30s...START NOW...Don't wait

2. Lure of LEVERAGE

As soon as we start earning decent salary or income...there is lure from all around...

The EMI trap...for that Amazon sale, that iPhone, bigger home, bigger car...foreign holidays...

AVOID DEBT....Build your nest egg....that starts compounding...

3. Not learning about ways to manage MONEY

Managing money is a life skill...unfortunately our education system doesn't teach it

LEARN how to manage money better..it will help manage finances better

If you need help, read my #1 amazon bestseller book: technofunda.co/book

4. Considering money as END GOAL

Money is a byproduct of doing good for the society...it should not be end goal..

It's just value exchange...so focus on creating value for society...see how you can help as many number of people and create impact..

Money will follow

5. Renting your time...ALWAYS

Understand the difference between active and passive income...

If you exchange time for money, you will never have financial and time freedom..

Learn to invest in assets that give passive income...

Learn how: technofunda.co/live

6. Have clear GOALS on purpose of having money...

If you just run after money without purpose, one day life will suddenly end...

Why are you earning money...is it for time freedom, for spending time with family, to travel, to do something you are passionate about?

GET CLARITY

7. INVESTING just because your friends or relatives are doing it.....

Many invest into FD, Gold, Crypto, Real Estate, Equities etc. just because someone else is doing...

NEVER DO THAT...

Understand asset allocation, how much money you need, what are your goals....

8. Not having INVESTING SYSTEM

Many invest in stocks without any framework or system...they just do randomly based on tips, gut feel, news etc. I used to that earlier...

Start building your investing system and framework.

This is how I have done it:

9. Don't try to be smarter than markets...

Many investors think of themselves as superhero...want to always assume that market is stupid & other investors are fools

Never make that mistake...respect market wisdom...learn from other's mistakes..stay humble...leave your ego aside

10. Finally....Don't SPECULATE

Yes, market is probability game...but don't just speculate...

Don't indulge into F&O, intraday trading etc. Focus on your core work n compound peacefully

Hope this was useful...let's stay connected: technofunda.co/connect

BONUS:

Make sure you invest with a framework, have process in place...take calculated risks...stay in the game and have end goals in mind...

Do retweet the original thread tweet below...

https://twitter.com/MashraniVivek/status/1591367869983752197

Finally... food for thought for you to achieve your financial freedom...

“Working because you want to, not because you have to is financial freedom.”
— Tony Robbins

Stay blessed...Cheers...