Money traps to avoid in your 20s or in your 30s are the ultimate guide to your financial freedom if you are looking to retire happily and peacefully at an early age.
Do you often think the rich get richer and the poor get poorer but what about the middle class? They always fall in between both of them. The reason because middle class suffers is due to their habit their lifestyle.
Yes, you got it right middle-class money traps are the reason they have to face money problems always. I highly recommend you to avoid money traps otherwise you are going to cry every time for money.
Contents
10 Money Traps To Avoid In (20s/30s/any age)
- Debt
- Some people are bills
- Quick Rich Schemes
- Credit Card Overuse
- Expensive accessories
- Show off
- Going out frequently
- Not investing
- No Savings
- Living paycheck to paycheck
1. Debt
If you look the most people who are suffering with money. Debt is at the top of their list. Listen I don’t mean that debt is bad but it depends on person to person whether they are taking good debt or bad debt. Well, many people take unnecessary debt for example home loans, loans for weddings, and on and on. I know these topics can be debatable.
But tell me one thing if you know that your salary is so and so it is necessary to put yourself so down for a wedding or home which you can’t repay it later? Think first then continue further anyways. Listen what I am saying is that no matter how much you take debt but if you can repay that home loan, education loan, or wedding loan happily then you should take otherwise you are gonna suffer in the future.
2. Some people are bills
Having friendship is good but some people are bills for you. I think you got my point. So it’s better to avoid those kind of friends who always uses you to pay their bills. Having friends or people around you pushes you towards your goals. Forces you to work hard or achieve your goals. Not those people who are always ready to pull you back.
3. Quick Rich Schemes
Listen if being rich would be so simple then everyone would be rich. But that is not the whole picture my dear friend. Instead of wasting or gambling your money on that quick rich scheme put that money to create assets. Invest in yourself to upgrade your skills. Invest money in the right places such as stocks or bonds etc.
4. Credit Card Overuse
Is it necessary to have a credit card if your neighbor or friend has one? No naah then what’s the point of having that? Do you know that the interest on credit cards goes around 45%… yeah go and search on Google you will get to know. Use it wisely or throw it away man.
5. Expensive accessories
You can’t live your life without expensive phones? Right. You will say no…Yes, it is like that. Stop that. Try to understand if your salary is 25K Rupees what’s the use of having a Android of 50K Rupees? Have you lost your mind or you don’t understand simple calculations? You will say we buy on EMI…Then you are making a blunder man. You pay interest on top of that. Do you know how EMI traps your money?
6. Show off
One line explanation for this point I don’t think your happiness is too cheap which needs other people’s attraction. Read 10 times.
7. Going out frequently
I know enjoying is right of every person. But if you see that you don’t have a single extra forget about extra you don’t have a single penny for your livelihood so I don’t think it is a wise decision to have out frequently just to upload on social media or you will look cool but you become a fool after doing this.
8. Not investing
Invest money man. The earlier you start the better is for you. I am telling you the secret of rich. Rich invest money in themself to level up their skills, and mindset. Go and invest in yourself hardly anyone will do after knowing this. Struggle financially who cares?
9. No savings
If you do all the above things you can’t expect to have crores in your account. You need to save more bucks friend. If you see some money in your account start doing what I talked about till now. Stop these money traps to have some money in your savings account.
10. Living paycheck to paycheck
Start doing a side hustle. If you want to fulfill your goals then you need to raise your skills so that you can earn more or do some side hustle so that you can save some money or invest it.
Conclusion
Great things take time. After reading this article still, you are repeating all these mistakes be ready to cry your whole life. Listen no one will come to help you because you are the reason why you are here accept it or not, facts don’t change because of one belief. Simple. Have a good day. I know the talk was bitter but you need that bitter medicine to kill your disease and live your life healthy.