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Don’t start your Job with these financial mistakes

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Written by   94
1 week ago

We all have started in our job the first time. After specific period you may find that financial life changes. You end up spending more and investing less. This makes life a bit difficult as time goes on.

We all make those mistakes. There is no doubt about it. But the life is about getting over the mistakes. And this can be done when we ask others for the advice which can reduce our mistakes.

So if you are just starting at the new job. Or if you are switching to the new job with new salary. Here are some of the mistakes that you should not make the financial mistakes.

Below I am going to show you some of the mistakes that you should not commit while doing the job or after getting the salary in hands.

Do let me know if you experience the same or if your experience is similar to mine.

Not saving money for Investment

You have to save money to let it invest. You start from the age of 20 for better retirement age savings. Make sure to invest minimum 20 percent income into the investment instrument.

So start saving money. Because if you don't save the money. You would spend the money. And that leads to the time where your wallet has literally no money. That's the situation we have to avoid.

Saving money changes you for better. In that case, you would see the difference. So start from not saving money to start saving. That journey would teach you a lot about money.

Spending on Lavish things

I like apple products. Especially I like the apple laptop. I wish to own it some day. But imagine if I were to buy and spend it on it now. I would end up losing all the money in the bank.

So spending on things which cost a lot would damage your banks savings account. So you should start from the savings instead. And make sure to let your investment grow.

For now if you are on low income or low savings make sure to avoid spending on the lavish things. This way you would be in much better financial state. And that is why you would grow as well.

Taking Loans too early in Job

If you are planning on getting your own land or your own family planning. That is when you take on loan for some of the items in your life. That is where you have to think of taking the loan.

But imagine if you take the loan at the start of your job. That would be bad for your income and savings both. So make sure to think of taking loans only when you are desperate.

If you are not desperate and still want to take the loan then make sure your job can afford the loan payments. This is one of those things that you have to think of when it comes to paying it back.

Investing in fast or quick money

There are some of the investment programs which basically run away overnight. And so you have to avoid them because they would only make you lose the money. So you should be careful not to invest in them.

Do you plan on fast money? or quick money? What is your motivation for that? Let;s say a site offers returns around 200 percent for your investment for 60 days. And you save money into that and realize at 30 days that site is done.

So now what would be your motive from this point onwards. You have to plan for the sustainable income and investment. Otherwise you would be struggling in your life. That is what would lead to the loss in life more as well.

Investing in things without Understanding

I think investing blindly into crypto is wrong. Blind investment into the stock is also wrong. You would find that investing into the things which would cause more problem would be wrong.

You have to plan your set of the investment. You have to understand that a lot of people lose money into things that they don't understand. You have to be pretty understanding of this part in your investment journey.

So make sure to learn about the place, investment type before you put your money. Because relying on things that you don't understand would not make you much comfortable long term.

I have learned a lot of lessons by making mistakes. I am sharing these mistakes and hoping that other people learn from this and improve.

What are your financial mistakes? What is your experience on this?

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Written by   94
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Comments

I fell into the trap of making money too fast. and I'm trying not to make this mistake again

$ 0.00
4 days ago

I would personally advice everyone not to get loans in first five years of their job phase and try to save some amount of thier salary. Seen a lot of teenagers now going for apple and pineapple to quench their thirst for those products and buying them in EMI's and limiting their lives and adding unnecessary liabilities. Who doesn't want pineapple, lol! But be mature to know the correct time to invest on those things.

$ 0.00
6 days ago

My mistake maybe is that I am too lenient or I tolerate other people to take advantage of my kindness. For me this is the real issue. Because I have a job people think that I have a lot of money. So, they are thinking that every time they come to me, I have something to give them.

$ 0.00
6 days ago

We have a mistakes in investing for a quick money. Its a great lesson for us. Yes,we have a lot of mistakes in life but we have to learn lesson from them so we cannot make the same mistakes.

$ 0.00
6 days ago

spending on luxurious things is one of the biggest mistakes of workers, because buying luxury items without clear needs will make our savings run out, that's what makes it difficult for us to have a lot of money, because it's too spent to spend unimportant things.

$ 0.00
1 week ago

Buying some things not really needed sometimes happen because of peer pressure. When you see a friend or workmates having it, you also want to have it. It is not a good practice, right?

$ 0.00
6 days ago

If we take loans at the start of job or get salary in advance that will frustrate us at the end of the month or at the end of the job. We will have lack of interest and will ourselves bound to the company.

$ 0.00
1 week ago

You're right, we wont be excited to do work knowing that we don't get enough of our salary during the salary day.

$ 0.00
6 days ago

No investing for me... I am trying to pay off my student loans first

$ 0.00
1 week ago