If You Want To Be Wealthy, You Should Avoid These 7 Money Mistakes

Who does not dream of becoming wealthy? If you ask people around you about their goal in life, many of them would say that it is being rich or wealthy. The reasons why people want to be wealthy vary from person to person.
Whatever your ulterior motive is, if you want to be wealthy, there are tried and tested money mistakes – yes, money mistakes, that you must avoid. Here, we bring to you a list of seven money mistakes that all of us should shun.

1. Spending more than you earn

It sounds like common sense but it is not. If this money mistake was simple enough to avoid, nobody would be in a financial crisis. This is a deadly habit and can ultimately lead to total financial distress. To make matters worse, we now have credit cards and other facilities that make us spend more than our financial means.  To curb the urge to spend more than what you earn, maintain a budget and then track it closely.

“Before you spend, earn.” ~–William A. Ward

2. Buying things you do not need

All of us want to show-off our success but remember, wealthy people do not have to show if off. It shows itself but if you are on your path to being wealthy, don’t commit this money mistake. You should definitely spend on things of your interest but do not buy things solely for the purpose of impressing others, who are sometimes, even those people that you do not like at all.

“If you buy things you don’t need, soon you will have to sell things you need.” ~ Warren Buffet

3. Not facing your financial situation

You might ask me how making this mistake is even possible but this is our defense mechanism. When we are obese and don’t want to do any effort to lose weight, we start avoiding the mirror.
Similarly, when we know that our money matters are in bad shape and we are not ready to make an effort to fix them, we avoid looking at the exact figures and that makes matters even worse! We should put the figures on a paper or on an excel sheet and look at them very carefully. That’s the first step towards dealing with your money troubles.

 4. Not having a plan

Just like it is required for anything else, planning is an absolute must for your financial goals. Your financial goals can and must include your retirement plans, planning to pay your debt as soon as possible and creating investments no matter if your income is high or low.

“Make sure you have a plan of your life in your hand, and that includes the financial plan and your mission.” ~ Manoj Arora

5. Relying on one income stream

Many of us live depend on a single income stream and we are quite happy to get a pay cheque on a fixed date. Even those of us, who run their own business or are self-employed, usually rely on one channel of income. This can lead to an absolute disaster. No matter how steady or great that income is, if it runs dry due to any problem, it can create huge financial issues.

6. Not trying to increase your income

If somebody asks you today to save more, do you automatically start thinking about expenses that you can cut down?
Wrong approach.
The better approach is to try to increase your income. Let’s assume that a person saves 25% of their income, if the income increases, savings too will automatically increase. However, always trying to cut down on your expenses is not a very fruitful and long-term strategy. If you leave too many things, it will make you frustrated and you will not be able to achieve your goal of being wealthy.

7. Prioritizing spending over saving

When we have a pressing need at present, we tend to feel that we should fulfill that need and savings can always be done later. This later won’t ever come because your needs never end. Research chemist Neil McCarthy started investing in the stock market at a very young age. Today he has a net worth of about $2.1 million. According to him what made all the difference is this:
“If you wait to save out of what’s left over from your salary, it’s not going to happen. Pay yourself first.”
If you want to be wealthy, there’s no easy route. Just focus on your goals and face the current problems in a realistic manner. Make sure you avoid these money mistakes on your path to being wealthy and success would be yours!!

50 Money Quotes by Famous People that Can Change Your Attitude Towards Money

When you need advice about your finances, it’s often quite inspirational, interesting, and even funny to research the opinions of famous businessmen, thinkers, and celebrities. Check out our 50 favorite money quotes below: we hope they can help you change your attitude towards money in a positive way.

1. “Money can’t buy friends, but you can get a better class of enemy.” Spike Milligan

2.  “Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants.” Benjamin Franklin

3. “A wise person should have money in their head, but not in their heart.” Jonathan Swift

4. “Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.” Donald Trump

5. “Money often costs too much.” Ralph Waldo Emerson

6. “A man is rich in proportion to the things he can afford to let alone.” Henry David Thoreau

7. “You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.” Maya Angelou

8. “Money is usually attracted, not pursued.” Jim Rohn

9. “Not he who has much is rich, but he who gives much.”
Erich Fromm

10. “Never stand begging for that which you have the power to earn.” Miguel de Cervantes

11. “There’s no money in poetry, but then there’s no poetry in money, either.” Robert Graves

12. “I’d like to live as a poor man with lots of money.” Pablo Picasso

13. “When it is a question of money, everybody is of the same religion.”  Voltaire

14. “Money is power, freedom, a cushion, the root of all evil, the sum of blessings.” Carl Sandburg

15. “It is better to have a permanent income than to be fascinating.” Oscar Wilde

16. “It doesn’t matter about money; having it, not having it. Or having clothes, or not having them. You’re still left alone with yourself in the end.” Billy Idol

17. “What difference does it make how much you have? What you do not have amounts to much more.” Seneca

18. “You use your money to buy privacy because during most of your life you aren’t allowed to be normal.” Johnny Depp

19. “The art is not in making money, but in keeping it.” Proverb

20. “The glow of one warm thought is to me worth more than money.” Thomas Jefferson

21. “Money is the wise man’s religion.” Euripides

22. “Only buy something that you’d be perfectly happy to hold if the market shut down for ten years.” Warren Buffett

23. “Put all good eggs in one basket and then watch that basket.” Andrew Carnegie

24. “Neither a borrower nor a lender be, for loan oft loses both itself and friend, and borrowing dulls the edge of husbandry.” William Shakespeare

25. “Money is like muck—not good unless it be spread.” Francis Bacon

26. “Money can’t buy happiness, but it will certainly get you a better class of memories.” Ronald Reagan

27. “Never ask of money spent Where the spender thinks it went. Nobody was ever meant To remember or invent What he did with every cent.” Robert Frost

28. “When I had money everyone called me brother.” Polish proverb

29. “For I don’t care too much for money, for money can’t buy me love.” The Beatles

30. “If you think nobody cares if you’re alive, try missing a couple of car payments.” Earl Wilson

31. “Money is a guarantee that we may have what we want in the future. Though we need nothing at the moment it insures the possibility of satisfying a new desire when it arises.” Aristotle

32. “Money and women are the most sought after and the least known about of any two things we have.” Will Rogers

33. “My formula for success is rise early, work late and strike oil.” JP Getty.

34. “I made my money the old-fashioned way. I was very nice to a wealthy relative right before he died” Malcolm Forbes

35. “Frugality includes all the other virtues.” Cicero

36. “Capital as such is not evil; it is its wrong use that is evil. Capital in some form or other will always be needed.” Gandhi

37. “He who loses money, loses much; He who loses a friend, loses much more; He who loses faith, loses all.”
Eleanor Roosevelt

38. “Know what you own, and know why you own it.” – Peter Lynch

39. “Formal education will make you a living; self-education will make you a fortune.” Jim Rohn

40. “A treasure is to be valued for its own sake and not for what it will buy.” Graham Greene

41. “The way to stop financial joyriding is to arrest the chauffeur, not the automobile.” Woodrow Wilson

42. “I pity that man who wants a coat so cheap that the man or woman who produces the cloth shall starve in the process.” Benjamin Harrison

43. “Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas Edison

44. “An investment in knowledge pays the best interest.” Benjamin Franklin

45. “Expect the best. Prepare for the worst. Capitalize on what comes.” Zig Ziglar

46. “In investing, what is comfortable is rarely profitable.” Robert Arnott

47. “Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are.” James W. Frick

48. “Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you.” Carl Sandburg

49. “Make money your god, and it will plague you like the devil.” Henry Fielding

50. “If you would be wealthy, think of saving as well as getting.” Ben Franklin

What’s your favorite money quote? Who is your role model when it comes to finances?

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What is the next big thing in the 2015 fashion industry?

What is the next big thing in the 2015 fashion industry?

With a New Year right here, we are again at that point of the year when we try to figure out what the next big thing in fashion will be. New fashion collections appear for 2015, like Alexander Wang's, and we all do our best to prepare for a new year of innovation, one that seems to be a lot more interesting than 2014. The fashion world is always evolving. It changes and what is really hot right now will most likely be seen as an old, expired trend tomorrow. Fashion watchers now see the fashion industry practically introducing brand new looks every day to respond to an increase in demands.

The influence of social media

In the past, people were not that aware of trends, and fashion was not as important as it is now. Now, besides reading articles, social networks like Facebook and Twitter make it easy to quickly see fashion show images and videos, changing everything. There is a clear increase in demand and new designers appear, trying to come up with the new look and promoting it further through social media.

Social media also becomes an important medium for the small to medium sized fashion designers and retailers to sell, making it easier to increase profits. People are much more aware of what happens and in 2015 we will see even more traffic revolving around fashion sectors of social networks. We will see new fashion designers who try to use social media and the internet to sell and promote their creations. Becoming a fashion designer has become easy but we will not see many who will gain a lot of attention, although hundreds will most likely try to find their place in the sun.

Nail polish

If you are looking to get into the fashion industry but are not able to hit the design part or the clothes creation process, you may want to consider the nail polish economy. It is expected that 2015 will be a great year for that because there are many beauty buyers who will become self-conscious and will buy nail polish. There is a clear evolution in trends and in complexity when referring to nails. We even see leather nails becoming more attractive.

Temporary tattoos

The fashion accessory we will surely see develop really fast in 2015 is the temporary tattoo. It is quickly becoming a hit on the aisle and on the runway. Very big fashion industry players like Chanel will invest in temporary tattoos as it launches a limited skin art edition.

Faster availability

Big labels are now shortening delays between runway shows and retail. Cavalli Group will surely do this and Burberry already has. This happens because of two reasons. For starters, new looks are introduced more frequently. Also, the evolution of the internet makes it easier for people to see and inevitably want what is offered on the runway. We will see more fashion lines launched in 2015 and a faster availability for all interested buyers.

Shades and colours for 2015

Every fashion lover wants to predict what shades or colours will dominate the wardrobe in the months to come. That is tough to predict but it is expected that see- through material will be really big in 2015. At the same time, we already notice the emergence of figurative patterns and graphics in a combination that is highlighted through the use of vibrant prints and clashing colours. This is seen by many as the hottest fashion trend that will appear in 2015.

Focus will be on cuts, manufacturing techniques, colours and materials. A really strong contrast will appear and there will be a lot of use of shiny surfaces, metallic surfaces, complex materials and edgy shapes. The influence of antique ornaments will be pretty strong in 2015 and there is a possibility that some vintage elements will also be added to the mix as more classic-minded designers are expected to offer more fashion lines, thus allowing for a more complex showing.

Textile fabrics (weaves and knits) with stripes, subdued effects and checks will be seen as a fashion trend in 2015. Jewel tones like electric blue and bottle green will appear as standouts, as compared to the past seasons icy tones. We are basically moving towards a warmer fashion, which is what many expected after the icy, cold 2014.

Surprises?

As always, we do expect to notice new attempts to come up with something that is stunning. As you surely figured out from what was mentioned above, 2015 will be a year of innovation, with many designers emerging and with the well-known players in the industry bringing in more fashion lines. Because of this, we will surely see some fashion lines that will try to bring in something that is completely new. Make sure to subscribe to the big online fashion magazines so that you can see the new fashion lines as they appear. You never know when something stunning hits you. 2015 will be a great year to follow fashion.

About the author:

The author is a frequent contributor and editor for Fashionology Mag and other online fashion publications. He is also a blogger and travel enthusiast.