Melissa Houston, CPA covers business and personal finance impacting women entrepreneurs. With her CPA designation and over 20 years of practical experience, Houston is widely regarded by her expertise in financial management. Houston shares her knowledge and experience with Forbes.com readers and has done so since August 2020.
When building wealth, there’s often more focus on what we should be doing, like saving and investing, but less on what we shouldn’t be doing. The road tois paved not only with the right actions but also with avoiding mistakes that can cost you valuable time and money.1. Not Having a Plan for Your Money
Wishing for wealth is easy, but it’s having a plan that turns dreams into reality. Without a clear, actionable plan, you risk aimlessly moving through life without understanding where your money is going or how to maximize it. Set clear financial goals, whether it's to, can quietly eat away at your wealth. Upgrading your car, buying a bigger house, or splurging on luxury goods can seem harmless since you’re earning more.
If you're relying solely on your business income or savings account to build wealth, that might be a mistake. Inflation will eat away at the value of your savings, making it harder to grow your wealth over time. Investing is a smarter approach because it allows your money to work for you, generating returns that can outpace inflation.
The bottom line is that building wealth requires more than just earning money; it’s about being intentional with your actions, avoiding costly mistakes, and learning from every misstep. By having a plan, investing wisely, and continuously educating yourself, you’ll be well on your way to a richer, more financially secure future. Remember, avoiding these mistakes could mean the difference between simply getting by and truly thriving..
The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.
Get Rich Stay Rich Avoid Mistakes
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Personal carbon footprint of the rich is vastly underestimated by rich and poor alike, study findsThe personal carbon footprint of the richest people in society is grossly underestimated, both by the rich themselves and by those on middle and lower incomes, no matter which country they come from. At the same time, both the rich and the poor drastically overestimate the carbon footprint of the poorest people.
Read more »
Houston Cougars Top 50 Greatest: Rich StotterThe hard-nosed linebacker left his mark on the Cougars
Read more »
7 Essential Tips For Navigating Your Entrepreneurial PathMelissa Houston, CPA covers business and personal finance impacting women entrepreneurs. With her CPA designation and over 20 years of practical experience, Houston is widely regarded by her expertise in financial management. Houston shares her knowledge and experience with Forbes.com readers and has done so since August 2020.
Read more »
Why A Thoughtful Business Plan Is Essential For SuccessMelissa Houston, CPA covers business and personal finance impacting women entrepreneurs. With her CPA designation and over 20 years of practical experience, Houston is widely regarded by her expertise in financial management. Houston shares her knowledge and experience with Forbes.com readers and has done so since August 2020.
Read more »
The Top 5 Best Side Hustles To Start With Little To No MoneyMelissa Houston, CPA covers business and personal finance impacting women entrepreneurs. With her CPA designation and over 20 years of practical experience, Houston is widely regarded by her expertise in financial management. Houston shares her knowledge and experience with Forbes.com readers and has done so since August 2020.
Read more »
5 Side Hustles To Start With Little To No MoneyMelissa Houston, CPA covers business and personal finance impacting women entrepreneurs. With her CPA designation and over 20 years of practical experience, Houston is widely regarded by her expertise in financial management. Houston shares her knowledge and experience with Forbes.com readers and has done so since August 2020.
Read more »