We always talk about making money but every penny saved is a penny earned. So today I’ll share 7 fastest ways to lose money and
1. Buying something you don’t need
“If you buy things you do not need, soon you will have to sell things you need.” – Warren Buffett
2. Spending more than you make
The right formula: Income -> Invest -> Spend -> Save
3. Investing in something one doesn’t understand
Be financially literate. Understand money, invest based on your risk appetite & ignore FOMO.
5. Living paycheck to paycheck.
– Diversify your portfolio,
– Introduce new incomes (Dividends, projects, consulting)
– Start saving
Talking about saving 👇
6. Don’t cut short on a very small amount of money:
Reducing minor expenses which add to your quality of life is counter productive.
7. Being addicted to materialistic things.
“God damn it, an entire generation pumping gas, waiting tables, slaves with white collars, advertising has us chasing cars and clothes, working jobs we hate so we can buy sh*t we don’t need.” – Chuck Palahniuk, Fight Club