There is one very intoxicating feeling that we all fall victim to from time to time. The feeling of owning our money results in the tendency to do as we see fit with it. But the thing here is that money is a tool not only for the present but for the future as well. And we have to think about it when dealing with money.
And of course, there are certain things that you should never do with your money if you want to preserve and even multiply it.
What are the things that you should never do with your money?
Part 2 of the discussion.
8. Never invest in just one asset.
9. Never be unintentional with your money
10. Never post money or how much you make on social media
11. Never buy a house without looking at the full cost
12. Never loan money to friends and family you do not trust
13. Never spend money on things you won’t really use
14. Never invest money you can’t afford to lose
8. Never invest in just one asset
We all know how volatile trading can be and how risky investing into something solitary can be. Never put too much trust into just one asset, be it a currency couple, stocks or commodity. Diversify as much as you can. That way you can be sure – something is going to grow and bring you profits.
9. Never be unintentional with your money
Always be very cautious in knowing how much of your money goes to what cause. If you are saving up for something specific, stick to it. Never dig into your savings, unless it is for the very purpose you saved up for.
Remember – unintentional spending is one of our most dangerous enemy.
10. Never post money or how much you make on social media
It is weird that I even have to talk about it, but social media is not for spreading information about your wealth. If you have made a pretty sum or got a raise, it is best if you keep it to yourself. Money does not like the noise – money prefers to be very quiet and you are to provide the silence for it.
11. Never buy a house without looking at the full cost
Even though owning a house seems cheaper than renting, it is not always true. Sometimes maintaining the house can be very expensive and very difficult. Before investing into a house, you have to know how much it is going to cost to maintain it at every time a year. Does the roof leak? How much are the utilities? Will you need to invest into acoustic opacity because of the neighbors?
Find all of that out before purchasing.
12. Never loan money to friends and family you do not trust
Or better yet, never give money to people at all. Make it your personal policy – you can help with food or medicine, just a little bit, but your money is your money. And you never have to give it to anyone. You work hard to make it and loaning and giving it to people just because they are semi-close to you doesn’t really make any sense to me.
Here you just have to put your foot down.
13. Never spend money on things you won’t really use
Think before you buy. If you are going to throw something away without really using it, then what is the point of buying it in the first place? Are you willing to just throw money away? If not, then you have to think about every purchase very carefully before making it.
But, if you have already bought something, make it your business to use it.
14. Never invest money you can’t afford to lose
Asses your every investment. can you bare to lose this money? Can you afford this investment and this loss? If you cannot, then you must not make this investment at all.
In short – always assume that you are going to lose. In case you are feeling very uncomfortable with this thought, you should really rethink your investment.
