In this video, I'll show you some of the most common money mistakes I see people make when they work with me.

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Buying something before considering how you'll pay for it can lead to financial problems. If you make purchases without considering your budget or available funds, you might end up overspending, taking on debt, or struggling to make ends meet. For example, if you buy an expensive item on a credit card without a plan to pay off the balance, you may end up paying high interest charges over time. In general, it's a good idea to have a budget and a plan for your finances before making any major purchases. This can help you avoid financial stress and ensure that you're able to meet your financial goals.

The problem with only buying things to get credit card points is that it can lead to overspending and debt. While credit card rewards can be a great way to save money or earn free perks, they are only beneficial if you are using your credit card responsibly. If you are only buying things to earn points, you might be tempted to make purchases that you don't really need or can't afford. Focusing solely on earning credit card points can distract you from other important financial goals, such as saving for retirement or paying off debt.

Having both a checking account and a savings account is important for several reasons. A checking account is typically used for daily expenses and transactions, while a savings account is used for longer-term saving goals. Separating your funds between the two accounts can help you budget more effectively and avoid accidentally overspending or dipping into your savings. Checking accounts offer easy access to your money through debit cards, checks, and online banking, while savings accounts often have withdrawal limits and may require a few days to transfer money to your checking account. This can help prevent impulse spending and encourage more thoughtful saving habits.

There is generally no problem with having an abundance mindset, which is the belief that there is enough wealth, resources, and opportunities available to everyone. An abundance mindset can be beneficial in many ways, such as promoting a positive outlook on life, fostering creativity and innovation, and encouraging generosity and gratitude. However, it's important to note that an abundance mindset should not be equated with reckless spending or ignoring financial responsibility. Some people with an abundance mindset may mistakenly believe that they can spend freely because there will always be more money or opportunities available in the future. This can lead to overspending, accumulating debt, and neglecting important financial goals like saving for retirement or emergencies.

It is important to understand your psychology about money because your beliefs, attitudes, and behaviors about money can impact your financial decisions and overall financial health. For example, if you have a negative mindset about money, you may feel anxious or stressed when dealing with financial matters, which could lead to avoiding important financial tasks or making impulsive decisions. Alternatively, if you have a tendency to overspend or make risky investments, this could lead to accumulating debt or financial loss. By understanding your psychology about money, you can identify potential biases or tendencies that could impact your financial decision-making. This could involve identifying your beliefs about money, understanding your emotions related to financial decisions, and recognizing any past experiences or patterns that may influence your behavior.

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Disclaimer: This video is for entertainment purposes only. Everyone's situation is different so do your own research before making any decisions with your money.