I hope you enjoyed the video. What is the biggest money trap in your life?

@Brandon_Will

20 күн бұрын

My mortgage eats my paycheck

@mocanha841

20 күн бұрын

I will follow your tips, my credit card is very high , I love buying clothes 🤑

@AlexanderBaker-gf1be

20 күн бұрын

It's always rough when an investment, especially with a friend involved, doesn't go as planned.

@Emma-Jones1993

20 күн бұрын

Clothing was the main one, but I stopped after I noticed I was barely using most of them

@FosterHall05-hp3fc

20 күн бұрын

Paying the minimum amount on your credit card can be tempting, especially if you're facing a tight budget. However, the disadvantages are greater.

The danger of neglecting emergency savings is putting your financial stability at risk.

@CiroFinance

19 күн бұрын

Thanks for watching Sarah

Set goals like: "Specific - Achievable - Relevant - Determined deadline".

@CiroFinance

19 күн бұрын

Great tip!

Ignoring debt won't make it go away.

@CiroFinance

20 күн бұрын

Words of Wisdom Adam

This age-old trap involves trying to live a lifestyle that you can't afford, simply to keep up with the perceived status of your neighbors or peers. This often leads to impulse purchases, keeping up with the latest trends, and overspending on things you don't really need.

@CiroFinance

20 күн бұрын

Thanks for the comment Alexander. I couldn't agree more.

Without a clear financial plan, it's easy to drift aimlessly when it comes to money management.

@CiroFinance

20 күн бұрын

Great comment Patterson

Not prioritizing savings can leave you vulnerable to unexpected expenses or emergencies.

@CiroFinance

20 күн бұрын

thanks for the comment

Living Paycheck to Paycheck. Many middle-class earners find themselves living paycheck to paycheck, with little to no savings. This can be due to a number of factors, such as high expenses, debt payments, or a lack of budgeting.

@CiroFinance

20 күн бұрын

A sad reality Wyatt but it is true. Many Americans just keep spending without any safety net. I really hope they can change their spending habits so they won't have to pay a heavy price in the future.

Not having an emergency fund. An emergency fund is essential for covering unexpected expenses like car repairs, medical bills or job loss. Without an emergency fund, you may be forced to go into debt or sell assets to cover these costs.

@CiroFinance

20 күн бұрын

Exactly. Great comment.

New cars are a depreciating asset, meaning they lose value as soon as you drive them off the lot. Car payments can be a significant drain on your monthly budget.

@CiroFinance

20 күн бұрын

Exactly Perry. Thanks for watching

Retail therapy is using shopping to improve your mood or cope with stress. While it may feel good in the short term, it can lead to overspending and debt in the long term.

@CiroFinance

20 күн бұрын

Great comment Oliver. Instant gratification is the big enemy of today's society. Thinking long-term is a good habit for everyone.

Avoiding these pitfalls requires planning and of course, seeking professional advice. Thanks for the tips.

@CiroFinance

19 күн бұрын

Thanks for sharing Evans

Retailers often use clever marketing tactics to encourage impulse buying, so it's essential to stay mindful of your spending habits and stick to a budget.

@CiroFinance

20 күн бұрын

Well said Asher!

I'm guilty of impulse buys, following your tips from now on

@CiroFinance

20 күн бұрын

Glad to hear the video helped

Sure, creating a financial plan with specific goals can be a great way to stay on track with your finances.

@CiroFinance

19 күн бұрын

You got it!

Trying to match the lifestyle of others can lead to overspending and financial stress. It's essential to focus on your own financial goals and priorities rather than comparing yourself to others.

@CiroFinance

20 күн бұрын

Great comment Dylan

Amazing video!! One further step for us to not being so impulsive and reacting when it comes down to futile consumption and keep always growing our assets. Thanks a lot!!

@CiroFinance

20 күн бұрын

You got it Matteus. Glad it was informative.

I will be aware of these financial traps.

@CiroFinance

20 күн бұрын

Happy to hear that Griffin!

Some people downplay the importance of multiple income streams. For now, I have a job and some investments in couple ETFs, but I am trying to start a side business. I just feel that with living costs increasing year after year, it becomes very difficult for you to retire without any other source of income.

@CiroFinance

20 күн бұрын

Great comment Mike. If you can generate other income streams your retirement can happen much faster. It may take time and a lot of effort, but committing to this goal can be life-changing. I hope you are able to succeed over there. And even if it doesn't, keep trying you will get there.

We need to escape these traps!😅

@CiroFinance

20 күн бұрын

That's right Ana!

Failing to invest can mean missing out on opportunities for long-term growth. Whether it's through stocks, bonds, real estate, or retirement accounts, investing is crucial for building wealth over time.

@CiroFinance

20 күн бұрын

Thanks for the comment Hayes

love the concept of memory dividends, thanks for the content

@CiroFinance

20 күн бұрын

Glad you liked it, Alice!

Great video

@CiroFinance

20 күн бұрын

Thanks for the comment

Awesome video 👏👏

@CiroFinance

20 күн бұрын

Glad it was helpful

important information, thank you

@CiroFinance

20 күн бұрын

Glad it was helpful. Thanks!

Investing is an essential part of building wealth over time. Even if you can only invest a small amount of money each month, it can add up significantly over the years.

@CiroFinance

20 күн бұрын

You got it, Morgan. Thanks for watching

Show!!!

@CiroFinance

20 күн бұрын

Glad you enjoyed it Regileno

By avoiding these financial pitfalls, you can take control of your finances and build a better financial future.

@CiroFinance

20 күн бұрын

Well said, Callie!

I'm always on the lookout, but it's great that you're providing guidance on how to avoid financial pitfalls and especially how to make smart choices.

@CiroFinance

19 күн бұрын

Happy to help! Thanks for the comment Henderson

Show

@CiroFinance

20 күн бұрын

Thanks Karol! Cheers

It is important to prioritize financial health and personal values ​​over external appearances or comparisons. It can definitely lead to financial difficulties and dissatisfaction in the long run.

@CiroFinance

19 күн бұрын

Wise words Hughes. Thanks for the comment

Here we again! My weekly dosage of invaluable financial tips. I was oblivious to some information here. Let me ask you one thing. Should I challenge myself with a no-spending period? Will it help me curb impulse purchases?

@CiroFinance

20 күн бұрын

Thanks for the comment. While no-spending periodical challenges can offer initial short-term benefits and even help you spot non-essential expenses, maintaining them over the long haul proves challenging for most. A much more sustainable approach for lasting results would be to look over your monthly expenses and start trimming / removing the non-essentials, but not to a point that feels uncomfortable. This way you create a more resilient and sustainable path that can be maintained through life. For budgeting take a look at the spreadsheet below. I hope it helps. 😊 www.magnetprofit.com/free-value

@AntonioCanha-wt5ev

18 күн бұрын

Great tips, your videos are very important, thank you

@CiroFinance

17 күн бұрын

@@AntonioCanha-wt5ev thanks for the feedback

I love the impulse buys tips. First time I heard about the 1 week rule

@CiroFinance

19 күн бұрын

Glad it was helpful Lily

Nice video

@CiroFinance

19 күн бұрын

Thanks John

Thank you for sharing your strategy & routines. Keep up the great work Ciro :)

@CiroFinance

19 күн бұрын

Happy to hear you enjoyed it. Thanks for the comment.

Great tips, your videos are very important, thank you

@CiroFinance

13 күн бұрын

Glad you like them!

Important information 👏👏👏

@CiroFinance

2 күн бұрын

Thanks for the comment