It’s very easy to make mistakes when it comes to money. Wrong moves in the middle of investing and managing assets are very common. Some people are lucky when their mistakes aren’t too costly. But even with small errors in judgment, when done one after another, mistakes pile up. And these things are avoidable. Here are two mistakes people commit when handling assets.
The credit card factor
The irresponsible usage of credit cards can bring a bank account to ruin fast. People who use credit cards should be extra cautious. Credit cards should almost always be used only when cash is low, and seldom, if ever, on necessities. People should check interest rates as often as they can, and should not spend more than what he or she earns.
The urge to spend
Unnecessary things are usually the most tempting. An expensive dinner, an exotic coffee blend, a pair of shoes that’ll only be worn five times a year – these are all fine and good as rewards, but if one cannot control the urge to spend, then game over can come very quickly. If people added up the prices of all these items, they’d see an amount well over a thousand dollars yearly – a thousand dollars that could’ve been used to pay off very important debts or start an investment portfolio.
Charles F. Whitman is a Chicago-based investment strategist who uses his investment and technical know-how to help his clients grow their portfolio. Charles also founded Whitman Asset Management. Learn more about him and his work by visiting this LinkedIn account.