5 Common Financial Freedom Mistakes made by Investors

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Financial state is nan eventual extremity astir of america are moving towards.

What are nan astir communal mistakes holding america back?

Let’s research really to debar sabotaging ourselves successful our financial state journey.

This station was written by a Financial Horse Contributor.

1. Not having a clear extremity goal 

People thin to deliberation astir status and financial state successful a vague way.

If there’s nary actual goal, and a wide timeline, it’s very difficult to execute it.

Small milestones on nan measurement thief support you accountable and motivated.

Some questions to inquire yourself:

  • What benignant of status manner do I desire?
  • What benignant of profession way do I foresee?
  • What property is my perfect status age?
  • What benignant of scheme do I person for my spot (sell/downgrade possible)?

2. Letting your money conscionable beryllium there 

One of nan biggest money mistakes that is sabotaging financial state is lett

Millionaires attraction very overmuch connected increasing their money 24/7.

Wealthy group are hyper focused connected ne'er letting their money beryllium idle.

Money guidance is purposeful. 

This intends creating aggregate income streams, accumulating assets that make passive income, and making judge thier money is growing.  

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Practically speaking, this intends that you should ever beryllium actively managing their money.

Being alert of your incomings + outgoings, truthful that you cognize your money is wisely accounted for.

Additionally, making judge authorities benefits for illustration CPF/SRS is being maximized.

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  • SRS Guide – Why you should apical up $1
  • How to gain higher output connected CPF-OA

All of these steps are captious to advancing your financial state journey. 

3. Ignoring mini leaks successful nan ship 

Ignoring mini leaks tin descend a large ship.

Growing your money has 2 basal pillars.

Income-maximizing, and besides expense-reducing.

This doesn’t mean surviving hyper frugally aliases obsessing complete cents – taking each enjoyment retired of having money successful nan first place. 

This really intends fousing connected making judge you are managing your expenses smartly.

This includes:

  • accurate budgeting 
  • tax optimization 
  • eliminating unnecessary fees
  • appropriate wealthiness guidance advisors 

4. Not protecting your downside

Again, location is 2 broadside of each coin.

With nan upside, besides comes nan downside.

Protecting your downside minimizes nan effect of a achromatic swan arena that could perchance swipe retired each your difficult activity frankincense far.

Important protections to deliberation astir include:

  • emergency fund
  • health insurance
  • property insurance
  • kids insurances 
Source: Karen Tang

5. Not enjoying nan journey

Health is wealth. 

You request to put arsenic into your affectional and beingness well-being successful bid to bask nan fruits of your labour.

Additionally, nary 1 tin really accurately foretell what’s going to hap successful their lifetime.

In that case, it is captious to guarantee you bask your travel connected nan measurement to financial freedom.

Live successful nan now, while readying for nan future.

Budget for self-care, trim yourself immoderate slack occasionally, and bask life.

Money is conscionable a tool.

Hoarding it endlessly is improbable to bring you contentment aliases happiness. 

It should beryllium utilized wisely, successful accordance to your values, to execute fulfillment. 

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