It is common knowledge that “not making a mistake” is much more important than “making the right decision.”
This rule is especially effective if your money situation is “at its worst.”
Let’s look at 3 everyday examples of what mistakes people make with their money and income. They are the ones who empty their wallets and hinder sustainable income growth.
1) People waste their time on side hustles that either don’t scale or are outright scams
For example: I myself once got into paid online surveys. Which in fact turned out to be “dummy”.
Or, another example, people enter into MLM (network business), where their chances of success (and receiving meaningful income) are microscopically small. Or they believe advertising that promises to teach them how to make money on Forex, binary options, crypto trading, etc. obviously unprofitable “quick millionaire schemes”.
Correctly: For many of us, it would be wiser not to look for a part-time job, but to improve our qualifications and learn new professional skills. In order to get a salary increase or find a higher paying job (including remote work).
2) We only have 4 “good” hours in a day
As you know, each of us has 24 hours every day. Of these: 8 hours are spent sleeping, 8 at work, another 2 on the way to work, etc.
It turns out that we don’t have much time! The situation is aggravated by the fact that the hours are not equal to each other. We physically cannot be at our maximum energy and productivity for all 16 hours of our wakefulness. In fact, we only have 4 “good” hours in a day when we can be extremely focused and productive.
Correctly: We don’t need more time (to do everything that is planned). We should focus all our attention and effort on 2-3 priorities. Only then will we get significant breakthroughs in these areas.
3) Strategy of “avoiding temptations”
Realize the fact that no matter how much money we earn, we will never have enough of it to acquire/finance all our wants and desires.
Take it for granted that the higher your income becomes, the more “temptations” will appear around you, quietly (and, literally, against your will) taking money out of your pocket.
How to do it right: Get into the good habit of drawing up an estimate plan in advance for your upcoming major expenses, expensive acquisitions, etc. And be sure to make sure that you include the “Savings and Investments” column in your family budget.