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Sometimes it’s hard to learn without making your own mistakes, but this great list of 10 things that will put in you in the poor house should help you avoid at least some of your own disasters. Some of the highlights of big financial mistakes you can make include:

• Spending more than you have - it sounds obvious, but many people do this. If you don’t have it, don’t spend it.
• Investing in some kind of scheme that promises to make you rich quickly - if it was so easy, everybody would be doing it. If it sounds too good to be true, it probably is.
• Working only the minimum amount - nobody ever became financially well-off by slacking off. If you’re lazy about working then it’s likely you’ll either slip into poverty or float just above it.
• Not making a financial plan for yourself and your family - if you don’t know where you’re going financially, chances are you’ll get nowhere.
• Wasting money on unnecessary things - before you spend, stop and think if the item you’re going to buy will really (truly) make your life better or not.
• Not being prepared for surprises - if you don’t have an emergency fund and don’t have the right kind of insurances at the right levels, then an emergency could cause you serious financial damage.

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Many of us dream of quitting the day job and living a life of luxury doing whatever we want all day. Or at least working less. It’s not impossible, and here a few tips to help you on the path to being independently wealthy:

• Find extra income sources - for example, by doing freelancing or consulting work in addition to your day job. Yes, this sounds like working more - but it’s a transitional thing, both making you more money and opening up possibilities for part-time work in the future.
• Find passive income sources - having an investment properly with rental income, earning money from advertising on your websites or getting royalties are all forms of passive income - you don’t have to do anything more to continue getting income coming in.
• Invest often but smart - diversify your investments, get advice from the best people, and regularly save more money to invest.
• Track where your money goes - as well as developing and following a budget, keep a written record of where the money really goes so you can adjust your spending and/or your budget accordingly.
• Stay married - really! Getting divorced stops many people from becoming independently wealthy so it’s worth investing time and energy in keeping your marriage together, if it’s for the best.

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Starting a new job is an excellent time to look into setting your finances up better. An interesting article from Mint gives a long list of tips for new employees who want to do something about managing their finances from the word go. The tips include:

• Get your pay check paid by direct deposit rather than a check in the hand - it’s less tempting to spend it. (In most countries outside the United States, getting paid by check is impossible - bank deposits are the only way).
• Arrange for direct payments from your salary into a savings or investment account - pay yourself before you pay others!
• With a new income amount, it’s a great time to draw up a personal budget and find good strategies to help you stick to it.
• Use part of the new income to build up an emergency fund.
• Make sure you get sufficient health coverage from your new employer, or set up your own if the employer doesn’t offer any.
• Learn more about tax deductions and tax liability so that you can maximise how much money you get to take home each month by knowing what should be withheld.
• Use the regular income to regularly service your debt and try to reduce it as much as possible.
• Set up the right kind of retirement savings accounts. If you have a 401K that your employer will match, contribute the maximum amount possible.

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Women are facing a financial problem. They generally earn less and start saving later, but they live longer than men: so how will they have enough money to fund their retirement? (more…)

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Many new mothers dream of being able to give up work completely and devote their full attention to bringing up their children, especially in their pre-school years. However, as Girls Just Wanna Have Funds points out, many women are not completely aware of what a financial risk this step could be. (more…)

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Are you dreaming of winning the lottery, or scheming to make as much money as you possibly can? You might be surprised to hear that a lot of financial experts say that money’s not important.

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