- Not budgeting. According to experts, budgeting is the first step of financial success, as the method helps one to manage his or her finances properly.
- Impulsive spending. Every little thing you spend on adds up, and that could gradually eat up your finances. Unrestrained spending, which can turn into a habit, can lead to wastage, and before you realise it, you see a mountain of debt facing you because your present income just can’t sustain your lifestyle.
- Debt bondage. It’s fine to have certain type of debts such as home mortgages to acquire assets, but accumulating too much of credit-card debts is not only costly, but can also be debilitating.
- No savings. If you’ve never saved before, you will find yourself in wanting one day.
- No sound investments. While seeking to grow wealth, always bear in mind – there’s no such thing as free lunch; so don’t be fooled by any get rich quick programmes, lest you end up losing more.
Source: http://biz.thestar.com.my/news/story.asp?file=/2010/9/4/business/6965433&sec=business
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