People make a lot of mistakes when it comes to money matters such as how to spend money and what to use money for due to their inability to tell the difference between wants and needs. Self-control can also be a major concern with money. Some money mistakes can be so simple that we make them without realizing it until find ourselves going down the slope of poverty.
For instance, spending without a budget, spending before saving, getting married to the wrong spouse, not having an emergency account, spending to impress, saving versus investing, and many more. All of these are discussed in the video.
▶️ 3Speak
Yes, marrying the wrong person can cause serious problems. Your spouse could have poor spending habits which would cause financial conflict. There's also the case of divorce. 😂🤣 Net worth is splitted, and just like that you become half the person you used to be financially. I love this topic.
That's true. Divorce is a finance killer, unless you're Jeff Bezos or Elon Musk.
Having an emergency account helps in the case of job loss or unplanned necessary expenses. E.g medical reasons.
Yes. At least 6 months of our earnings should be kept aside in case of the unexpected. Thank you for your contribution.
You've really said a lot. Some of these habits are unavoidable. We can only try in our own way to curb some of these bad spending habits. Money is a spirit. Lol. It must be spent o.
Money must be spent, but carefully in order to avoid financial decline. As much as it's a spirit, we should learn to control our spending impulses.
Determination and discipline is very essential to develop a healthy spending and saving habit.
You're right. Wasteful spending comes out of a lack of discipline.
True talk. It's easy in theory, but difficult to practice. Our nending needs will always make us want to spend more than we should. Especially with the unending inflation.
Someone told me, he said, "Young Man, print your own money and you won't have to save money." There's always a need to save money. We should plan for situations that may arise such as divorce also. It's part of financial wisdom
Agreed. Poor preparation leads to a serious financial downfall. Saving money is important. But at the same time, it will be a big mistake to simply depend on savings without considering investing.
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