Sounds like financial planning - A life without purpose is a languid, drifting thing; every day we ought to review our purpose, saying to ourselves: This day let me make a sound beginning, for what we have hitherto done is naught! - Thomas A. Kempis

When it comes to our personal life and money, we all have make financial mistakes. And, surely there are more mistakes to be made.

But here are 6 financial planning mistakes that you must become aware of and begin avoiding if you are to create the tomorrow you want.

Procrastinating.

It's so much easier not to deal with serious issues like death and retirement. Unfortunately, they're a part of life. So start today thinking about how your death will affect those you love and if the effect is not what you wish then change it to what you’d like.

Look of how you will be affected by your retirement and if you don’t like the result change them!  

Then look at all your insurance needs, life, health, disability, home and auto and make sure you have the protection you need. And if you have question, be sure to get a profession who understands insurance and can answer you questions.

Spending more than you earn

If you want to really be Stress Free and enjoy your life, you have to spend less than you earn. If you continue to live above your means, you'll always be in debt and you'll always be stressed about the fact that you're in debt. Debt make us all slaves so don't let that be you. So set up a financial plan with a workable budget and begin sticking to it.

You will find “Taking Control of Your Money” workbook is a useful resource to help you get started.

Not saving enough.

We hear it all the time, Bahamian do not save and most of us have less than $1,000.00 in our bank. That’s not going to get us too far, particularly since for retirement most of us will need anywhere from 85 to 100 percent of the annual income we were earning on the last day we worked.  So start saving a portion of every paycheck you get. The worst thing that can happen is, you'll end up with too much money at a time in your life when you’ll have the time to enjoy it.

Overusing your credit cards

If you can afford to pay off your credit card in full at the end of the month, no matter how much you charge, then use that card as much as you like. Unfortunately, most of us can't afford to do that. And so, month after month, we continue to pay the minimum payment and so doing outrageous sums of interest.

If you're in debt up to your ears (other than mortgage debt), you'll never get ahead financially. So pay off all your debt as quickly as possible.

Looking for the big kill by buying "numbers"

Yes, it's possible you can win and collect more than enough money to live in style. But if I were you I wouldn't count on it. Look at how many persons around you that you know have been playing “numbers” for most of their lives and still haven gotten that big pay day. The only persons winning are the owners of the number houses. If they had only saved and invest their money, I am sure that their returns now would far outweigh their winnings. So focus your financial plan on keep your money for you!

Chasing "hot" investments

You should not count on picking a winning stock and put all your eggs in that basket. Look at what has happened with the performance of a number of sure winners. Remember that stock prices will rise and fall and that you should be investing for the long-term. What you want to do is find undeveloped land and and invest in them after you've thoroughly done your homework. While past performance is no guarantee, when it come to land there is not question because land has continue to return better than 25%.

So look at yourself today and begin to understand those things that have created your current financial circumstance and decide to change your tomorrow by not making the same financial planning mistakes.

Remembering that “Regret for the things we did can be tempered by time; it is regret for the things we did not do that is inconsolable."

"He who would accomplish little must sacrifice little; he who would achieve much must sacrifice much; he who would attain highly must sacrifice greatly."-James Allen

Copyright © 2007 - Glenn S. Ferguson