The Seven S.E.C.R.E.T.S. of the Money Masters

Appendix B. The Seven Biggest Money Mistakes

Below is a list of the seven biggest money mistakes:

1. Not planning and budgeting our weekly, monthly, annual and lifetime financial goals: 97% of households have no written plan, no budget for what they spend most of their waking hours pursuing, money. Not having a plan isn't a plan. Blindly acting on auto pilot like most people do with their finances is a huge mistake. Take one hour every month and 15 minutes each week to write down and review your business and personal money goals, budgets and cash flow. Designate a specific time to do this each week. Example: 15 minutes, Friday afternoon, get your entire family involved.

2. Putting too much money on credit cards: Most people have numerous credit cards they use without ever thinking about it. Then, the next month when they receive their statements, they are in shock as to how much they robotically charged without thinking about it. Set a budget and limit for your credit cards and track it every time you use it. Write down the amount and the running total so that you feel it and are aware of the debt each time you use any card. There are only two things that you need to know about money mastery, the first is discipline and the second is regret. You'll either be disciplined or will feel regret.

3. Not understanding the economic or trends that affect your money life: Most people either look for the easiest way to invest or the latest, greatest, hottest deal. They do not understand or take time to ...