Money Mistakes to AVOID

Building Wealth, Not Regrets

Millionaire Syrup
April 20, 2024

Money Mistakes to AVOID

Building Wealth, Not Regrets

Looking for visuals and charts, rather than words, to understand the daily news?

Bay Area Times is a visual-based newsletter on business and tech, with 250,000+ subscribers.

Overspending On Status

It's important to avoid overspending on status symbols and trying to impress others. Seeing people on Instagram flaunting their expensive cars or luxury items can be tempting. But here's the thing: the people who truly matter won't be impressed by those things. Instead, focus on investing in yourself and your ability to earn more money.

Rather than maxing out your expenses to flex on other people, take that money and invest it in your own growth and development. The people who are ahead of you in life will respect and admire you for your dedication to learning, hustling, and improving yourself. Building your skills and knowledge will ultimately lead to more opportunities and financial success.

Taking Jobs To Earn & Not To Learn

If you're just starting out, it's crucial to focus on building your skills and knowledge. Taking jobs solely for the purpose of earning money may limit your growth potential. Sure, you might find another job that pays slightly more, but the real value lies in the skills and experience you gain.

A small increase in your income won't make a significant difference in the long run compared to the valuable skills you could be learning. So, instead of chasing quick cash, prioritize learning and developing your abilities. Invest in yourself now, and you'll reap the rewards in the future.

Saving Money
A common money mistake to avoid is thinking that saving money is the end goal. You should definitely avoid wasting cash on unnecessary stuff, and it's smart to stash your money away. But don't just let it sit there; you've got to invest it. This isn’t just putting it into stocks or a retirement fund, which is fine, but it also means investing in yourself. Think about investing in your personal development now. That could double your earning potential way faster than any interest from a savings account.

Cooking Every Meal

Once you start earning more than $15 an hour, it might actually be smarter to order takeout instead of cooking. The idea is that your time is valuable, and if you can work a bit more instead of cooking, you'll end up financially ahead. Most people can grab a meal out for about $10, so that's like $20 a day if you eat out twice, which adds up to around $600 a month.

Now, if you're thinking about grocery shopping, you might spend $100 a week, which is less than eating out. But here's the catch: consider the time you spend meal prepping, shopping, cutting, cooking, and cleaning. That's a lot of time you could use to earn more money. So, instead of pinching pennies, think about investing in yourself.

Living With The Wrong People

It can be a major distraction when you're trying to focus on your goals. On one level, you have those roommates who are just irresponsible, breaking things and being late on rent. They're not helping you stay focused at all.

But even worse are the roommates who may seem responsible, but they don't share the same goals as you. They'll speak over you, fill your head with their limiting beliefs, and even undercut your progress. They might already be earning money while you're still learning and growing towards success.

It's important to surround yourself with people who have similar ambitions and aspirations as you. That way, you can encourage and support each other on your journeys.

Money Mistakes to AVOID

Building Wealth, Not Regrets

Money Mistakes to AVOID

Looking for visuals and charts, rather than words, to understand the daily news?

Overspending On Status

Taking Jobs To Earn & Not To Learn

Cooking Every Meal

Living With The Wrong People

For More Watch

Links

Stocks

Our Top Bank for 2024