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Not Knowing Your Household Income
Sethi wrote that 50% of people dont know their household income.
They might not know what their partner earns in a year, or what their expenses even are.
Sethi recommended setting up automatic payments into different accounts.
That way, you automatically save, invest and have money for your bills.
AsSethi explained on his website, On a daily basis, we face too many choices.
Because of that, it can be hard to manage finances in addition to other adult responsibilities.
Believing Gender Stereotypes
4.
No Vision of a Rich Life
Sethi is well known for talking about building a rich life.
To him, doing so means spending on things that you value and enjoy.
That might mean driving an old car to take a nice vacation each year.
This includes buying a house.
Unfortunately, many people purchase homes only to realize theyve purchased a larger one than they can afford.
Sethi recommended taking a step back before making big purchases.
Do your research, understand how much the purchase will cost over time and negotiate.
Many people chase promotions and more money without really knowing why.
Chasing more can lead to burnout.
Sometimes, believing what you have is enough can createsatisfaction and gratitudein your life.
They come on asking for help, yet when Sethi gives advice, they minimize their problems.
Sethi reminded his audience that we all have the power to change our circumstances regarding money.
Once kids understand money, they likely wont make the same mistakes their parents did.
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