5 money mistakes should strictly avoid for being wealthy

Have you ever generalized the difference between ‘being rich and having wealth’? Last night I was studying a book regarding financial planning. I came across many different stories but one seems quite inspiring. The title was ‘get rich quickly’. That was surprising and interesting too. Well, I continued to read and found some shocking truths that I have never think before. I would like to share the summary of that story that was pointing out those mistakes which create big hindrance on the way to being wealthy. I know its little sound crazy but I also know you never pay disrespect to your money and always intend to multiply it.

1.   Seek for freedom, not for comfort:

Now you are must wondering that why I am asking to avoid comfort and adopt freedom. Actually comfort is somewhat a dangerous and biggest element of finances. Our entire middle class society seeks comfort, they always prefer to work less and earn more. But this isn't a way to success. But a wealthy person always seek freedom, he won’t bear any hindrance to his work. Their main focus is freedom to work and get abundance.

2.   Are you relying on single income source?

If you are relying on a single income source that hardly fulfill your needs then this is your biggest mistake on the way to being wealthy. I knew one of my friend’s organization whose employer earn more than £350,000 annually. Accidentally their all projects got badly failed and he was compelled to shut down the organization. Now his single income source was closed and he might feel deprived of everything. So never rely on one income. Try to explore different money sources. Best way is to start up a small scale home base business for side income.

3.   Never trust without proofs:

I have seen many people who were quite closer to me; they helped me once in hard times and spent quality time with me. I trusted them a lot, but at the end when I want them to help me they denied. So how can we trust people so deeply? Well this was my personal example. Let’s take a professional example in which people get deceived by fake lenders who misuse their bank info. If you really want reliable people for loan then you might contact instant payday loan lenders that are authorized and ready to serve your financial needs 24/7. They protect your information by latest SSL encryption methods.

4.   Avoid investing in latest technologies:

 I will never advice you to invest your great income on latest technological projects because these technologies will be displaced with other technologies with the passage of time, and you will end up with great losses. Don’t try to get rick overnight. Try slower ride to reach your destination.

5.   Don’t prefer heavy loans:

I have seen many people who take heavy kind of loans for small renovations. This is not a way to your success. In fact this might indulge you in serious problems when you will not be able to repay the amount in time. I always prefer short term loans for fulfilling small needs. These are reliable enough and always prove helpful in your emergency situation. Actually these are easy to get and easy to repay with little interest rates.

After reading all points, when I closed down the book I asked myself that if I really used these tactics then might be I am not a retired person today..!! :)