Never spend your money before you earned it - Thomas Jefferson

If you do not know how to care for money, money will stay away from you- Robert Kiyosaki

Money is forever in this world but we are not so spend money cautiously. Here i listed down most common mistakes people do when goes for any investment

Mistake 1:

Not valuing your time and treating it like its free

We dont know how much is our per hour cost. We dont know how much do we ACTUALLY spend, when we watch Netflix 2hrs/day We dont know how much should we charge for a project

We dont understand how our time = money

Mistake 2:

Spending your time on things that are easy to measure money-wise

We will spend half a day traveling to one end of the city, to save Rs. 1000, because we know we will conclusively save that amount But we won't spend 2 hours preparing for our salary negotiation!

Mistake 3:

Taking too many loans

We over-index on our future earnings. And spend more today, than we can afford today.

Loans tie us down. They increase our burn rate. They make us risk-averse. They make us feel like we are stuck!

Mistake 4:

Believing that our income is capped

Our income is not capped. There is no upper limit to how much we can earn. Instead, it is our spending that is capped. We have to spend a bare minimum to live, to survive.

Instead of reducing expenses, focus on increasing income

Mistake 5:

Trying to time the market

The market is too high. Let it fall. The market is low. The right time to buy.

No one knows the highs or lows of a market. The best way to invest over the long term is to invest regularly. Irrespective of the price at that time.

Mistake 6:

Investing because of FOMO

Everyone is investing in Land. I should too. Everyone is selling Bitcoin. I should too. Everyone is buying Shares. I should too Everyone is selling ITC. I should too

Everyone is NOT you!

Invest on your beliefs and research and appetite.

Mistake 7:

Renting your time and not owning any assets

Everyone in a job isn't going to create supernormal wealth. Because we have to spend time working, to earn.

Assets, on the other hand, make money, even when we sleep. Start a company. Own stocks. Create rental income.

Mistake 8:

Investing late

20s is the time to have fun. Will start investing in the 30s. 30s is the time to build a family and enjoy. Will start investing in the 40s.

The right time to start investing was when you turned 18. The next best time is TODAY.

Mistake 9:

Comparing your money to others

Money, for most of us, is an outcome. Not an input. It is the result of the decisions we have made, not the reason for the decisions we made.

Compare the decisions people made to get to their money. Comparing the outcome, won't help!

Mistake 10:

Running after money

Money gives you freedom. Freedom is a privilege. But the minute we run after money, we are not free anymore.

Use money to earn your freedom. Don't give up your freedom to earn money.