9. Taking financial advices from family or friends

It is good to take advice from friends and family as they are the people in need often, but when it comes to financial planning it is better to sit with a professional. Different people have different way of thinking some might succeed in their own way for instance if your friend has a better financial planning that doesn’t mean that you will apply the same. Your friend might succeed but the same might work for you, better sit with professionals and seek their advices.

10. Can’t downsize lifestyle

Showing off is the new trend nowadays, this has led people to spend more and save less. The minute they get some extra income people think of going for an exotic vacations, buying a huge property or buying a luxury car. In between all these they forget their retirement and avoid saving for it.  Few people understand that moving into a smaller house or to a less expensive region can take a large chunk out of your expenses. Even reducing the family fleet to a single vehicle or acquiring a more fuel-efficient vehicle will also free up more income.

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