No one is born knowing how to make good personal financial decisions, let alone how to handle business finances. We see all around us, and you may even be experiencing, the consequences of not managing money properly. Many of those mistakes are common???and avoidable! Money Mistake #1: Spending More than you Earn The amount of money you spend every month must be less than the amount you bring in. Ignoring this simple concept causes 39% of people to carry credit debt month after month. Why do so many have trouble with this? We??ve become so accustomed to debt that we think it??s normal. It??s not! Money Mistake #2: Not Saving Especially when you??re trying to grow a business, there are tons of excuses for not saving. That??s exactly why around 50% of people have less than one month??s income saved, and the same number saved nothing at all in the last year. When you??re planning your finances, you either have to cut down expenses or increase income until you find money to Pay Yourself First. You might have to make some hard choices, but you do have to make your future a priority. Money Mistake #3: Being too Frugal It sounds surprising, but cheaper is not always better. Consider what you??re buying and what the ???real?? expense will be over the long term. If you buy a cheap used car, but the wear and tear already on it means you get far less use than from a more expensive option, what have you really saved? Sometimes paying for quality is worth it. The decisions you make today have a very real effect on your financial future, so stop focusing on just getting by and start planning for tomorrow! Choose Freedom! Dr. Tony