Mistake #1: Do not look for comfort, look for freedom: do you know what is the number one enemy of your abundance? ... That is, comfort, besides being the most dangerous for your personal finances.
The middle class is built on the basis of comfort. The rich seek freedom and abundance so that money no longer depends on their efforts.
From now on comfort will not be part of you and financial freedom will be your goal.
Mistake #2: Never depend on a single source of income: even if you make a lot of money. To create wealth in your life you must make investments that create additional sources of income, regardless of your main source of income, that will help you to strengthen the abundance.
Mistake #3: Why do you compare yourself with others ?: Personal finances of other people, whether good or bad, will not pay your debts, will not give you peace of mind, much less finance your retirement. Why compare your finances with people who are in a bad situation?
Mistake #4: Do you invest in fashion? ... What a big mistake !: all technological "gadgets" in a short time will be replaced by new ones that is why Warren Buffett, the stock exchange investor and fourth richest man in the world invests In electricity, railways, insurance, soft drinks, food and candy companies.
Mistake #5: Saving to save: it is impossible to create wealth in your life only through saving. The bank pays you 1% interest in a year, so it will take you 10 years to grow your money by 10% ... if the rate is maintained.
What can you do? Start now (no matter your age, if you have 20, 25, 35, 40, 50, 60, 70 years or more) to generate an additional source of income such as investing in the Stock Exchange that gives you a greater That of a bank. How much can that profitability be? I tell you that my monthly personal performance is between 3 to 9% per month and I have students whose personal performance is above mine. Whose depends this? ... Of you, how much discipline and interest you devote to learning to invest.
Mistake #6: Do you impress others? Many people like to impress others with the way they spend their money, but that money is not theirs, it is always someone else's and usually it is the one they borrow Bank to borrow.
The rich are not trying to impress anyone, they are looking for freedom.
Mistake #7: Do not diversify: not all the eggs in the same basket. If you want to produce true wealth, learn to diversify everything you can.
By: Robert T. Kiyosaki.
Photo: Rediff Mail.
Review: Emerging Market Formulations & Research Unit, Flagship Records.