GMR 157: 5 Financial Mistakes to Avoid

5 Financial Mistakes to AvoidKeeping up with the JonesesSpend on purpose, and you’ll avoid the temptation to compare and keep up with others.Not setting the next goalAlways have the next goal in place before achieving the one you’re working on.Not protecting your wealthHave proper insuranceManage your cash flow and increase your reservesSpending before savingSave before you spend. This will ensure you never forsake your financial wealth and future for immediate gratification.Not diversifyingPutting your eggs into one basket is risky. Invest in different asset classes such as real estate, businesses, stock, and mutual funds.Increase your cash reserve to protect against having to dip into your long-term saving and investments.Avoiding these mistakes is for everyone, regardless of where you are on a financial journey. Not only will this protect your wealth, but more than likely grow it.ResourcesGMR 133: Common -Sense Reasons to Buy InsuranceBudgeting tools and other free resources - https://leosabo.com/resourcesDavid’s website - www.stewardshippastors.comBlog: The 5 Biggest Mistakes People Make With Their First Million