Regardless of how much money someone makes or what lump sum of inheritance they have received, it’s easy to make mistakes and go through money faster than you may imagine. Anyone can waste their hard-earned income, time, and potential future by poor planning and bad decisions. Habits also factor in to how well you handle your finances, or not. It’s not always how much you earn or how much you save; it’s how well you manage it. You could amass a wealth of fortune, but lose it just the same if you aren’t aware of the pitfalls. These are the 10 worst mistakes people make with their finances.
This may be the most obvious mistake to some, but possibly not to others. Gambling needs to be considered as a form of entertainment and any money you bring to a casino, you should expect to lose. It should be considered spending money, not an investment. If you plan on using gambling to generate income, you will almost always end up on the losing end of the equation. Many fortunes have been lost in the casinos and racetracks. Many families have been ruined by compulsive gambling – which is easy enough to get caught up in if you’re not careful, or if you have tendency towards compulsive behavior to begin with. Short term wins make gambling a very exciting, addictive endeavor; but, the truth is that in the long term you are almost guaranteed to lose.