Millennials who are making a lot of money are the ones in debt. Here are few possible mistakes made by them.

1. Top 5 Money Mistakes Made By
Millennials

2. Money mistakes are easy to make but hard to
overcome. What might seem like a little bit of fun can
come to bite you back later.

3. Here are the top 5 money mistakes that are
commonly made by the Millennials :

4. 1: Not Building an
Emergency Fund

5. Nobody is immune to emergencies. Disasters can strike
anywhere and anytime. Without a proper emergency fund
even a well off guy can face a crisis of money.

6. Tip:
Emergency fund can
help you differentiate
from the ones who are
sinking financially.
Always have an
emergency fund to
cover at-least 6 to 9
months of your
expenses.

7. 2: Not Having A
Budget

8. Unplanned expenditure can be a huge problem. If you don’t
keep track of your expenditures, you can never determine how
much you can spend on things.

9. Tip: Not setting up any budget is one of the biggest
mistakes, most businesses make. So, it is important to make and
set budget expectation right from the beginning.

10. 3: Neglecting Cash
Flow

11. The more you earn, the more you’ll spend. However most
people spend on worthless things and end up broke because
they fail to recognize the cash flow.

12. Tip: Control on the Cash can help
you achieve financial success.
Never neglect cash flow, it would
help you know how the your money
is moving and where.

13. 4: Spending more than the income

14. Most of us spend because it makes them feel happy . However,
money and emotions don’t go hand in hand.

15. Tip: If you want your accounts to be in the right shape, avoid
shopping just to uplift your mood. Save for the long term and
get out from the momentary satisfaction of retail therapy.

16. 5: Getting Hung Up On Small Things

17. Don’t get caught up in saving
money on the small stuff and
ignoring the bigger expenses.
You may save $100 in a
month by ditching latte but
might be missing out on saving
$400 on refinancing your
home.

18. Tip: Keep little things from taking over your time and money.

19. Money is hard to build and easy to lose. Avoid
making money mistakes and have a happier future.

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22. References:
Millennials:Their Top 5 Money Mistakes– TheSelfEmployed