1. No Written Plan
People who have taken the time to think about what they want to achieve in life, how they want to earn their income what kind of relationships that they want and writing it all down usually find them more than the things they want than those that don ' t.
2. Procrastination
There is no better time then now. No one knows what is in store for them tomorrow, next week or next year. Getting your life, your finances in order is necessary as soon as you start working it's never too soon. It's also never too late, NOW, is the key.
3. Believing the Media
If you are investing you would be wise to study textbooks, training programs or
seek advice from trained consultants and not listen to what you read or hear in the media. The media still draws heavily on entertaining their audience, do not rely on news for financial advice.
4. Accepting Advice from Amateurs
Many people make make investment decisions based on a 'hot tip', thinking they are going to get rich quick. There are no shortcuts, research and study is required, get sound financial advice.
5. Overconfidence
It is easy to get into trouble when you start feeling you know what you're doing. It
generally means you start taking unnecessary risks, wander off your plan and then get
burned. You made a plan follow it until you can afford to lose what you are investing.
6. Failing to Take Small Steps That Can Make a Big Difference
Any goal you set needs a little attention everyday whether it's personal or financial.
Go over your goals daily, are you on track do something everyday to keep you
moving in the right direction.
7. Letting Emotions Drive Your Decisions
Fear and greed are the big emotions that drive the markets. There will always be something to fear, the thing is what some people fear others welcome. Greed can also
cause you to make decisions that take little regard for your plan and what you know.
Anything you want to be good at and achieve success in requires a plan, training and education, goal setting and regular attention. If you take the steps involved in achieving financial success seriously you will get there, if it's possible for one it's possible for all.
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