Excessive luxuries that drain our pockets.
Wealth accumulation is way beyond what we can get from earning high salaries at the end of every month, there are so many people who earn really high income at the end of the month but still fall into the category of the people who do not have any savings or investment at the end of the month. It is a clear indication that the amount earned is not a guarantee of the level of wealth that will be built and there are so many luxurious things that we spend on and without our notice they dry away our finances.
When we earn well or work in an attractive establishment, we are tempted to subscribe for premium packages and most often it is because of the special regard we get for the subscription as well as the possible free cup of coffee once in a month, premium packages are not a necessity at all and you do not need them if you are trying to grow your finance.
Falling for Ponzi schemes.
An average man who is looking for an easy way to double his income without stress will easily fall into the trap of Ponzi schemes, the organizers of Ponzi schemes make it appear very convenient and easy to convert your little investment into multi million dollars, the more you fall for schemes like this the more you tend to lose everything that you have got.
Payment of mentorship.
True mentorship aren’t paid for, it is more of a volunteered act from someone who is successful at the field already. It is our duty to appreciate our mentor whenever there is an opportunity to do so and acknowledge them for their impact, but a mentor who is asking for payment most times even before the process of mentorship begins is only doing a job and he is not a mentor.
Purchasing houses we cannot conveniently afford.
For most people the type of houses that we live in is usually a show of class and luxury, so people often use all they earn to get a flashy house and they are unable to meet up with other financial obligations that they have.
Spending money on the things we do not understand.
Just like the example of the Ponzi scheme I made above, any type of investment at all no matter what it is that you do not understand it is always better to let it go irrespective of how promising the profit seem to be. Stop allowing sweet mouth marketers get away with your money all the time.