10 Financial Planning Mistakes

People do not plan to fail; they simply failed to plan – William Seagal

1)Procrastination - No concept of timeliness
Procrastination is the thief of time – Geoffrey Moss.
Don’t assume there is tomorrow or everything is rosy tomorrow!

2)No definite goals setting or no strategies to achieve them
If you do NOT know where you are going, you simply will NOT get there.

3)Financially-ignorant or financially-illiterate
Too bad some have choose to ignore this subject.

4)Failure to diversify
Not to place the eggs in one basket.

5)Fail to measure the time value of money
When you save, interest works for you; when you borrow, interest works against
you. In summary, compounding interest can work FOR or even AGAINST you!

6)Lack of discipline to save first & spend later
Most would rather spend first & pay later. Credit-cards & pay-by-installments are
some of the culprits.

7)Lack of adequate understanding on taxation laws
Equally important for tax planning and maximise disposable cash

8)Inadequate protection against unexpected losses
Nothing lasts forever. Explore the subject of insurance.

9)Unrealistic expectations
It is a basic tenet in financial planning that the short-term problems must be
solved before the long-term problems can be dealt with.

10)Unchecked self-pride & ego. Simply too individualistic
Thus, stubborn & being reluctant to seek professional advice & assistance.