GMR 157: 5 Financial Mistakes to Avoid

5 Financial Mistakes to Avoid


Keeping up with the Joneses


Spend on purpose, and you’ll avoid the temptation to compare and
keep up with others.


Not setting the next goal


Always have the next goal in place before achieving the one
you’re working on.


Not protecting your wealth


Have proper insurance


Manage your cash flow and increase your reserves


Spending before saving


Save before you spend. This will ensure you never forsake your
financial wealth and future for immediate gratification.


Not diversifying


Putting your eggs into one basket is risky. 


Invest in different asset classes such as real estate,
businesses, stock, and mutual funds.


Increase your cash reserve to protect against having to dip into
your long-term saving and investments.





Avoiding these mistakes is for everyone, regardless of where you
are on a financial journey. Not only will this protect your
wealth, but more than likely grow it.


Resources


GMR 133: Common -Sense Reasons to Buy Insurance
Budgeting tools and other free resources -
https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Blog: The 5 Biggest Mistakes People Make With Their First
Million