How to Identify Your Financial Blind Spots

Financial blind spots are those areas in managing your money that you may not fully reach or financial tasks that you may be unaware of.

You Don’t Need to “Spend Money to Make Money”

You’ve probably heard the saying “You need to spend money to make money.” You might have heard it from a high school classmate trying to persuade you to join their pyramid marketing team, or from a marketer trying to sell you a professional development course. But beware: it’s very easy to drift into spending money when you believe that every dollar you spend will ultimately lead to earning more profits.

Don’t Let Financial Principles Rule Your Finances

General money rules can give us a helpful starting point when developing money management skills. But treating these guidelines as unshakable rules can also lead to financial blind spots if it results in missing other opportunities and options.

Don’t Compare Yourself to Others

“One of the biggest financial blind spots is constant comparison, especially with social media.”

The Impact of Your Financial History

A major source of financial blind spots is your financial history, according to Walter. Columbia Journal of Financial Planning, . Importance

You Can’t Expect Retirement Success Without a Plan

Retirement planning is often a financial task characterized by procrastination. “People know they are behind or not doing enough, and that makes them frozen.”

The Present Time Is the Best Time to Work Toward Your Financial Goals

Finally, the timing of financial moves can be another blind spot. It’s easy to find yourself in a dilemma: feeling pressured to achieve all your financial goals as quickly as possible or procrastinating to start working toward them.

Source: https://www.thebalancemoney.com/how-to-identify-your-financial-blind-spots-5188947

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