15 Things You Should Never Do With Money

Can you imagine that 78% of U.S workers count the days until their next paycheck arrives? That's right. What if you could take control of your finances and shake off the fear of the 'end of the month'? Imagine the life you dream of - financial stability, wealth, the power to make a difference. Picture yourself stepping out of the shadows of mediocrity, stepping into the light of achievement. That's not just a dream, it's a possibility, and that's precisely why we're here.
Welcome to Financer, your place for wealth creation, finance, and business knowledge. Today, we're tackling the top 15 money mistakes you absolutely need to steer clear of. So, if you're ready to transform your financial habits, you won't want to miss a minute of what's coming up. What you do next could change your financial life for good.

Now, to kick things off, we're talking about a pitfall that might seem counterintuitive. Ready for it? Never SAVE your money. Yes, you heard right. We know it might seem like we are advising financial suicide, but hear us out. Money that's not working is money that's losing its value. With inflation rates typically outpacing the interest you'd earn in a savings account, you’re essentially losing money by keeping it in the bank. It's crucial to invest your money wisely to beat inflation and grow your wealth over time. You don't have to take our word for it, just look at Elon Musk.
He invests the majority of his money back into his businesses, leaving little to no cash uninvested.
It might seem overwhelming to compare yourself to the likes of Elon Musk, but even stepping away from billionaires, generally, experts say that multi-millionaires invest between 20% to 50% of their income. And believe it or not, some of them invest an even larger portion, especially if they've got multiple income sources or if they manage to keep their living costs low.

Ever heard of the saying 'Don't put all your eggs in one basket'? That brings us to our second point. Never put all your money in one investment. Diversification is the key to managing risk and protecting your wealth. Even if you think you have the next Amazon or Tesla on your hands, spreading your investments across a range of assets is better.
Jeff Bezos himself has investments in real estate, technology, media, and more, despite Amazon being his major wealth generator.

Never ignore small expenses. They add up over time. Little purchases like daily coffees, online subscriptions, or those great deals on things you don't need can lead to a significant drain on your resources over time. Renowned investor Warren Buffett once said, 'If you buy things, you do not need, soon you will have to sell things you need. It's important to have a budget and stick to it.

Ever been tempted by that shiny, new car in the dealership? Or that newly constructed house in the upmarket part of town? Well, buying new isn't always the best move. Sometimes, going pre-owned can give you better value for your money. Cars, for instance, depreciate rapidly in their first few years. Buying a slightly used car can save you a ton of money without sacrificing much in terms of quality or lifespan. When it comes to homes, older properties can offer larger spaces and more character at a lower price point. Don't get carried away by the allure of 'brand new'; consider the pre-owned market as well. After all, frugality is a common trait among the rich, and they know the value of a good deal.
Alright, you're getting the hang of it! The idea is to avoid letting money just slip through our fingers, right? So, let's move on to another crucial aspect of financial planning.
You might not think of insurance as an investment, but let me tell you – it's an essential part of your financial plan. Life is unpredictable, and things can go south pretty fast. A good insurance plan acts as a financial safety net for those unexpected, often costly events in life. Health insurance can prevent a medical emergency from turning into a financial crisis, and life insurance provides for your loved ones in the unfortunate event of your untimely death. It's not the most cheerful topic, I know, but planning for these things is critical. The small price you pay for insurance premiums today can save you from financial ruin tomorrow.