5 financial mistakes it pays to Avoid

The path to creating wealth is different for everyone. Some people get there via strategic property investment, while others achieve financial freedom because of business ownership. While most financially successful people share similarities, they also make sure they don’t make silly mistakes that could damage their finance goals.

So, here are five financial mistakes it pays to avoid.

1. Not keeping to a budget – If you want to take control of your money, you need to know where it’s going and plan in advance how to spend it.
2. Spending too much – The trick is to spend less than you earn – otherwise you’ll always owe someone money!
3. Not seeking out better deals – Far too many Australians remain loyal to their bank from the start of their working lives until the retirement.
4. Not protecting your assets – Another common financial mistake is not protecting your assets, with reliable insurance policies
5. Not having emergency funds – The vast majority of people live from one pay cheque to the next.