We all know mistakes are part of life. But it doesn’t make it any easier when we find out we’ve made one—especially when it comes to money. For many of us, these Money Mistakes have painful consequences. But with a little bit of knowledge, you can avoid making them altogether.
If you’re a MindShift.money member, you’ve already taken a huge step forward in your journey to reach Financial Freedom. And you should recognize the mistakes we’re going to talk about today as issues you confronted and changed.
But if you’re not yet a member of MindShift.money you’re probably making at least one of these mistakes!
Money Mistake #1: Not Paying Your Future Self First
What’s the action the 4% takes that the 96% usually doesn’t?
Simple. They Pay Themselves First! More specifically, they pay their future selves consistently and before any other bills. The 4% know that even if the amounts are small in the beginning, the deposits will grow over time and gain momentum to fuel their Freedom Generator.
The 96% make the mistake of not Paying Themselves First. They plan to pay themselves after they’ve paid everyone else first. But the amount that is usually left over? Zero.
Don’t fall into the trap of the 96%. Pay Yourself First consistently and before you pay anyone else. Your future self will thank you.
Money Mistake #2: Not Planning For Future Expenses
Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.
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I had 4 questions. I’m still waiting for the answers
My biggest mistake was to learn from scammers, who sold products that didn’t work when I put them to the test. It was mainly foreclosures & REOs. I had decided to do real-estate investing, which I knew nothing about, & hated, instead of investing in my business, which I loved & was excellent at.