This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Eradicate these common pitfalls from your habits
We don’t take our financial education into our own hands by picking up a book to acquire financial knowledge.
Credit cards frequently become the method of livelihood since most can afford the minimum payments.
Living above our means is the new and often the only way we know how to live.
The cost of living continues to escalate, and we continue to escalate
Our parents usually don’t know much about money.
Society encourages people to spend and buy pointless things that offer no real value.
Learning about personal finance can be intimidating at first glance.
Figuring out money as you go is a more straightforward approach to money.
Delayed gratification is hard. If we can get the car now by financing, why not?
We don’t recognize the value of prioritizing long-term benefits versus short-term benefits.
Investing doesn’t make sense – especially if you’ve never been exposed to it.
People misread the long-term benefit that investing provides; a chance to become a millionaire by default.
We believe the government will take care of us. A perfect example of this is social security. Many people are banking on this benefit when it is clearly running out and not guaranteed to be around much longer. The government isn’t going to give handouts forever, and they’re not even the ones paying for it; we are.
People believe that acquiring an education is the key to financial success.
It’s easier to live paycheck-to-paycheck than slow things down, decrease expenses, and get ahead.
Most people don’t have emergency funds, which leads them into further debt because financial inconveniences and emergencies do happen.
Too many people are more concerned about the car they drive and the house they live in than the money sitting in their bank account.
Upgrading technology every year is an expensive addiction. Do you realize how much money you’re throwing away over ten years of continuous phone, laptop, smartwatch, and tablet upgrades? A lot.
We believe one income source will be okay, but when we lose it, we realize this is not okay in any capacity, and we scramble. Diversification with your income is the only way to go.
We’re scared to strike out on our own and explore our entrepreneurial dreams; instead, we subject ourselves to working for someone else for our entire lifetimes.
We don’t know how to say “no.” If you don’t have financial boundaries with yourself and others, you will usually be in debt and financially struggle for your entire lifetime. It pays not to be too nice to others and ourselves when it comes to money. Saying “no” is one of the most powerful actions you can take with your money.
Lack of action is a pandemic. We often know what to do with our money but refuse to make the right decisions. I recently saw someone financially struggling to buy several things out of their budget. They were stressed the entire time they made the purchase, yet they still proceeded. We walk straight into traps because we’re so dedicated to getting what we desire when we want it at all costs.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.