Learn how to make smart moves just like the rich, leaving no room for any more banking mistakes.
Let’s be real, most of us imagine how wealthy people have an upbringing of power and finances, drenched in confidence. Most of us yearn to be like them. But do we live like them? Do we even think like those people? Guess that’s right, no, we do not.
And it’s about time we all change it, together.
To rich people, banking is also a way of life. And life is a game played as per your own rules. The rich never let one banking mistake repeat a second time. And we keep on making the same errors again and again. As said by T Harv Eker,
“Rich people play the money game to win. Poor people play the money game not to lose.”
What Is the Rich’s Way of Banking?
Being wealthy is not always about being bedazzled. Most wealthy Canadians keep their financial game low. First things first, the rich people never handle money and finances emotionally. They have learned to keep self-esteem out when it comes to making money, to avoid banking mistakes.
Also, the rich never dilly-dally. This is what most Canadians do: waste too much time and resources on thinking.
Simply put, wealthy people acknowledge their banking mistakes, learning from them. They keep themselves free from being handicapped by these banking mistakes and are always on the lookout for smart options.
8 Banking Mistakes the Wealthy Never Make, Neither Should You.
Money managing, banking, or finances, these are not pretentious prayers. If the rich people are independent enough to overcome their share of banking mistakes, then why can’t you? After all, every person shares the same skin and bones.
We have catered to the most common errors made by Canadians on average and filed them with “rich people” solutions.
Continue to the story, the fun has just begun.
1. Saving, But at What Cost?
One of the most common banking mistakes you make is playing it safe. You tend to create savings accounts, funding accounts, and several other bank accounts like this, but do you even know how these operate? The wealthy never get enrolled in these types of accounting programmes because they are aware of the fact that opening these accounts means nothing but adding to their tax quota.
2. Being Financially Clueless
The worst financial error on your part is being uneducated and having sparse knowledge about money. Can a doctor cure a patient if he is devoid of any medical education? Of course, not at all.
So, how do you believe yourself to conquer financial stability when you are inexperienced and lack basic literacy? The rich never allow themselves or their children to pose such ignorance on this side, which then makes way for ridiculous banking mistakes in the future.
3. Not Monitoring Your Credits and Interests.
Rich peeps are always sure of their credits on their banking cards, and the interest rates, including when and how. Unlike us, who usually don’t care for these facts, and end up unknowingly on high-interest cards.
All of these banking mistakes combined push us into debt accumulation and overtaxing pits.
4. Leaving Your Assets to Rot
Another very common banking error on our part is not knowing the value of our own assets. Can you believe, you pay hundreds and thousands on mortgages and houses? But to not use this home equity, and to not leverage its investment potential, is like crying over spilled milk.
The wealthy are always a step ahead of most banks when it comes to cashing and investments, they leave absolutely no room for banks and government institutions to get in their way of happy income generation.
5. No Deployment for Emergency Funds
You’ve heard the famous concept, “if a leg is not well, the whole body is not well.” The same goes for every system, whether financially or physically. That is why rich people always set aside emergency funds, and you never do.
One emergency medical bill, or an insurance payment, is therefore enough to disturb your whole circle for a long time.
6. Overlooking Tax-reducing Strategies
Your lack of concern for understanding and learning taxes, and more pressure on avoiding them, makes room for several banking mistakes. Unlike the well-off peeps, you are always overlooking your taxes, pretending like they don’t exist. This ignorance leads to unfolded damage.
The well-to-do norm is to face them head-on and explore measures and ways to reduce them as much as you can.
7. Ineffective Retirement Planning
You’re all about RRSPs and TFSAs and whatnot. The truth is these plans are mere money extracting games banks play. And they are successful because you just put a chit in the goblet of fire and do nothing about it, letting banks handle it on their own.
The wealthy never approve of it; they explore, dig deep, and plan out their retirement smartly. Own their own!
8. Being Debt Accountable
Another major set of banking mistakes average Canadians make is to think of debt as a commodity. You know what rich people do? They use debt as a leverage, instead of being accountable for it. They take a borrowed amount, that too from banks, using other people’s money (OPM). And then reinvest this sum, without being accountable themselves.
At GoGetALife, we are committed to bringing you ways to change your financial career forever. You know, it’s not only the techniques but the traditional mindset regarding money and balance also needs shaping. Without doing so, you and many more like you will continue making stupid banking mistakes that can be prevented with just a little assistance. Join our community today!!
