There is no shortage of people who will drop you with free advice. In fact, some of those pieces of advice may sound absolutely great especially those related to the finance.
However, in reality, when you follow them, you will understand that by following the advice, you made a big mistake. It is better to know them beforehand so that you do not make mistakes and fall in the trap and end up regretting your entire life.
Make Saving By Doing Yourself –
It is the most common advice you will get once you start earning. The advice is true for a few circumstances but you cannot expect yourself to do everything without professional help. Moreover, you do not take into consideration how much time you are going to lose and the stress and energy loss doing those things that you can buy services of at cheap rates. Therefore, be wise in outsourcing works rather than taking the burden of doing everything yourself just to save money.
Borrow Money From Near Ones –
When you need to borrow money, it is advised to take the money from the near ones like your friends and family members so that you do not have to pay the interest. However, it is going to ruin your relationship with the person and there will be a lot of misunderstanding. Moreover, your self-esteem and credibility will go down. Therefore, pay the extra interest and borrow it from financial institutes.
Invest In Real Estate –
This is a great piece of advice only for those who have excess money to invest. Buying a real estate property is not enough, you have to spend an equal amount of money on construction and others. If you are a safe player, banks and mutual funds are better for you. If you are still slightly more aggressive, you can open a store and employ people to run it.
Invest For High Return Products –
There are a lot of fraudulent schemes available in the market from which you should stay away and control your greed. There is no doubt that trading in the stock market and cryptocurrency can make you a hell lot of money but only a handful people can make money out of them. most of them lose money and therefore, you should avoid it if you do not have technical knowledge.
Avoid Credit Cards –
This is another common advice most of the people will give you because they fear the unknown. They think that there could be some fraud happening and you have to pay the whole amount in such a scenario. However, a credit card can be a great option as you can avail any product when they are available at a discount and pay for it later when you have the money. Besides, the bonus and offers the banks offer to the customers having a credit card will make having a credit card fully worth it.
Sell Items Before It Is Too Old –
Some of the people will push you to sell your car, your smartphones or other such high price products after a few years of use. However, it is a step towards financial loss as you have to invest more money to buy a new product. You should always use a product as long as its maintenance is not too high.