Money mistakes to avoid

Some money mistakes to avoid are:

  1. Buying a new car.
  2. Leasing a car.
  3. Not maintaining a car.
  4. Replacing your car before you’ve paid it off.
  5. Giving into impulsive purchases.
  6. Spending without a budget.
  7. Making hasty decisions when purchasing items, especially large ticket items.
  8. Buying something new before selling the old item.
  9. Having too many credit cards.
  10. Seeking high loan-to-value ratio (cars and houses).
  11. Buying too much.
  12. Having a short-term focus instead of a long-term focus. This leads to:
    • Having  insufficient savings.
    • Having the wrong understanding of the cost of credit and power of compound interest.
    • Failing to develop a debt pay-off plan.
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