1. Saving what’s left after spending
If you only save what’s left, there’s usually nothing left. Flip the formula, save first and then spend what is remaining.
2. Thinking higher income will fix everything
A bigger salary won’t fix poor money habits. Without discipline, more income just leads to more spending.
3. Avoiding money conversations
Unspoken finances lead to confusion and conflict later. Talking openly with family about salaries, wills, and debts is essential.
4. Believing ownership equals success
Buying a car or home too soon can hurt your cash flow. Owning isn’t always winning, sometimes, renting is smarter.
5. Ignoring financial paperwork
Delaying nominations, insurance renewals, or KYC updates can cost you dearly. Keeping your paperwork in order is non-negotiable.
6. Relying on one income stream
No job is permanent, and depending on one income is risky. A second source of income gives you flexibility and long-term security.
