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They say that no one can teach in someone else’s head, however we can learn from some mistakes that other people have, to avoid them.
In the case of financial errors we believe that we can learn from the mistakes of other people, for this reason we bring you this list of the 8 most common mistakes made by people who are with economic problems.
- Do not invest on time: although it is true that “it is never too late to start investing”, the truth is that many times we want to start, when we do not have what to start with. We know that in many occasions the reason why it is not reversed is because of the complexity or uncertainty that can be in some cases, but there are new and better ways to invest, but above all, safer.
- Trust your savings in the bank: Yes, there are many people who are content with the little that their bank gives them annually, which often does not even cover the annual inflation of those savings. We return to point one, it is important to invest and as soon as possible.
- Do not pay your debts completely: That old bad habit of paying the minimums on the cards, is the worst thing you can do for your finances, remember that the interests always add up and that is not good for your economy in the medium term.
- Do not understand yields: You do not have to become an investment expert to learn to invest, but you do understand that the percentage of annual interest that your bank sells you as “fantastic” is not.
- Ignore taxes: Yes, sometimes we can consider collection unfair, but it is a responsibility that we must fulfill, you will save yourself a lot of problems if you fulfill these obligations.
- Believe that real estate is the best investment: We are not saying that having property is bad, the bad thing is having many, maintenance or lack of it can devalue those assets, what more than helping you can become a burden and more debts for you.
- Live to the limit of your financial capacity: We must be aware of how much we earn and how much we can spend , budgets help this. In addition, we must NOT consider credit cards as “extra” money.
- Lack of financial objectives: Yes, it is essential to establish savings, investment and debt termination goals. Preferably annual.
In your hands are your finances, you can avoid these mistakes and be healthy financially, no doubt your future you, will thank you.