We live in a smart world today. We have smartphones and several other smart devices on the tip of our hands. Not only this, the way we work and live is also becoming smart. Thus, in the process of becoming smarter, people still act naive when it comes to spending the money.
Do you track how much money you spend on a daily, monthly and yearly basis? If you do, then what is the amount you think you must have saved or made better use of, instead of spending it the immature way?
We, humans, are good at a lot of things, and wasting money is one of them. So, today in this blog, we are going to share the dumbest ways of how people spend their money.
1. Buy Things to Impress Others:
Many people buy most of the things to impress others. These are the things which we don’t actually need in life, but we buy them because we want to impress people. Sometimes we purchase things because the neighbours or other people around us own it and we don’t. This is the not so wise way where you can waste a lot of your money. Buying that big fancy car, high price smartphone, etc. just to prove our social status isn’t the smart way of spending money. Before buying anything, ask yourself, do I really need it? This way, you can better understand and will be able to control your useless spending.
“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like.”
- Will Rogers
Tip: Stop buying things to impress people you don’t like.
2. Buy things that harm your Health:
Many people spend most of the money in buying things that harm their body health. Spending daily on junk food and beverages that can affect your health badly is probably the immature way people spend their money. Consuming alcohol, smoking cigarettes, etc. is bad for your health. In the short run, you may think that it is not affecting your body in any way, but in the long run, it severely affects your body. So, spend your money on things that can improve your health.
“Those who have no time for healthy eating will sooner or later have to find time for illness.”
- Edward Stanley
Tip: Eat healthy food, exercise daily and sleep well for a healthy body.
3. Invest in things you don’t understand:
Many people invest their money in the stock market, mutual funds, etc. without having proper knowledge and understanding of how these things work. Hence, investing in things which you don’t understand can lead to a big financial loss. This way of investing money is called the dumb way of investing where you don’t know how and where to invest. It’s always recommended to take advice from the Expert Financial Advisor before starting your investing journey.
“An investment in knowledge pays the best interest.”
- Benjamin Franklin
Tip: First learn and gain knowledge, once you are confident enough, you can begin investing your money.
4. Gambling:
Many people lose most of their money daily in casinos. A wise man once said gambling is the extra tax for dumb people. Well, gambling can make you rich quick, but it comes with a con that you can lose your money quickly and become broke in minutes. Gambling is very risky. Hence, it is not considered a good form of using your money. There are many risks that are associated with gambling. Also, many people think that gambling at a casino is just like investing in the stock market. It is true that gambling and investing both involve risk and choice — specifically the risk of capital with hopes of future profit. But gambling is typically a short-lived activity while investing can last a lifetime.
“Winning money at a casino is one of the easiest things you can ever do. The only problem is that LOSING money is just a little bit EASIER.”
- Anonymous
Tip: Stop Gambling, Start Investing!
Too many people fall into these money traps. So, be smart and avoid all these dumbest ways of spending money.
About us:
Ekvity Ventures LLP is a leading financial service provider that mainly emphasizes on Tailor-made solutions in the areas of Unlisted/Pre-IPO shares, Wealth Management, Insurance Planning and Mutual Funds.
Visit our website to know more about us: https://www.ekvity.com
