Here is some mistake, we doing continuous without understanding, it’s effect on our life. If we avoid this mistake, then you can have better life and better wealth….
Before starting this blog kindly read my previous blog about mistakes
Part – 1 :: https://pettycreature.com/index.php/2022/05/06/mistake-to-avoid-for-better-life/?preview=true&frame-nonce=579672ad4b
Mistake #4: Chasing Trends and Fads
So, you think that you need to buy the latest and greatest fashions to be happy. You tell yourself, “I have to have the new phone or gadget because everyone has one.” Stop! Just stop it right there! If we all waited for our turn to get the latest thing instead of buying it right now, we would probably avoid overspending.
We are constantly bombarded with advertisements telling us how much better life will be if we just buy this product or service. They want our money and will say anything to get it. I know that your friends don’t really care what phone you use or whether your computer is new or not. The only people who will notice is you when you see your credit card bill after rushing out and buying because of peer pressure.
Mistake #5: Not Starting Early Enough
In the following example, we’ll assume you’re 25 years old and have one lakh rupees in savings account. If you leave this money alone for just 10 years, it will grow to more 2 lakhs after interest of 5% compounded annually. Since you started saving at 25 and can retire at 35 (for no extra cost), if your retirement plan allows it, that’s a guaranteed 30,000 rupees per year before taxes—more than enough to live off of on a permanent basis!
If you’re lucky enough not to have any debt and can start saving immediately instead of waiting until your 25th birthday (if only!), then your ending balance will be in the one crore: one crore at 8% interest for 20 years, it will go more than 5 crore without factoring in inflation
Mistake #6: Not Having a Plan for the Long-Term
An established plan for your future will help you realize your dreams. As the song says: “It’s the nearsightedness of not anticipating the long-term consequences of your decisions today that precipitates trouble tomorrow.”
Budgeting, saving, and paying down debt are all crucial to establishing a proper plan for the future (not to mention improving your credit score). The more money you have saved, the easier it is to make big purchases—but make sure you are using this money wisely. A common mistake is not planning well enough in advance; a wise person can use a budget and save up money over time while at work so he doesn’t have to dip into his savings account when he gets home. Of course, if you don’t pay off debt on time, interest fees and ballooning payments can eat away at any savings left in your account before it even has a chance to grow big enough for retirement accounts or college fund investments.
Mistake #7: Retiring Too Late
“You don’t get to retire just because you’re tired of working. You don’t know what you want to do with the rest of your life and in retirement, if you can’t figure it out, then you will spend most of your days bored out of your mind and that won’t be good for anyone.
It doesn’t make sense to say that ‘I need a plan B so I can help my kids through school while I take care of my grandchildren, but then I won’t have enough money to live off of myself. That sounds crazy. So we better get our shit together. And fast! It is possible to retire late and still have a full and happy life.’
No! If you had it your way instead, as many people do today, then you would probably be retired at age 70 or 75 with nothing more exciting than a series of boring hobbies (e.g., knitting or collecting vintage photo postcards) and no spouse to share them with (or any friends). You wouldn’t really know how much fun it is having money in the bank after paying for items like healthcare insurance and transportation costs during your working years until you were forced back into the workforce for financial reasons. Your retirement would probably not make up for all these lost years spent doing things other than enjoying yourself.
So why not make sure that this never happens? Your last job should be your best one ever! The reason is simple: There are only 24 hours in a day, 7 days in a week, 52 weeks in an average year, etc., etc., but there are infinite possibilities when it comes time to decide what’s next.”
Conclusion
Here is some mistake, we doing continuous without understanding, it’s effect on our life. If we avoid this mistake, then you can have better life and better wealth…
Leave a comment down below about your encounters any of this, if you’d like. Please feel free to share any thoughts your mistake have as well. If you like this blog, then share it with your friends and family.