Try to avoid them ... 4 financial mistakes that hinder the building of your wealth

The patterns of behavior that lead to bad money-making decisions vary, and these include allowing the “I” to control the decisions about your money, allowing emotions to hinder your choices, or over-thinking or making your financial decisions out of fear or stress.

Accordingly, making the bad decisions that stand in the way of building your wealth can become a habit for you, so it is wise to confront them as soon as possible.

In a report published by the American "Business Insider" website, the writer Thomas S. Corley spent five years interviewing people of different social classes and studying their behaviors, as part of his research directed at the completion of his book, "Rich Habits."

Thanks to his research he learned a lot about how people manage their money, the reasons that explain why many of them suffer financial problems, and he also realized that bad financial habits are likely due to 12 financial mistakes, which are grouped here in the form of four types that prevent you from building wealth.

Allow your ego to control your financial decisions
The money decisions your ego makes prevent you from managing all your money wisely, and that is buying expensive things to create the impression that you are in a better physical condition than you actually do, and thinking that you are smarter than you really are.

This is one of the reasons why people surveyed did not seek expert advice, and why they take risks without careful research.

This type of decision is closely related to another decision, which is to allow external factors to influence your decision making regarding money.

Allow your emotions to influence your decisions
Expenditure decisions that are based on immediate emotions often do not go well, and the same applies to fast purchases that can be linked to spending mistakes we make based on our emotions, and another psychological condition known as "boredom decision."

For example, when we receive a big bonus or salary increase, many of us at this moment go to a car dealership to buy a new luxury car.

Ignore or over-think about your choices
Ignoring and doing excessively important things is contradictory, but both can lead to serious financial errors.

Taking decisions out of impatience is also a bad step, and making any major purchase without the desire to spend time thinking about it - that is, ignoring it - is a good example of this, and accordingly reaching simple solutions is the best option.

Make decisions out of fear or stress
You should never make financial decisions out of fear or stress, as studies have shown that stress reduces your IQ by 13%, so do not make decisions about money when you are under pressure.

In addition, feeling hopeless or frustrated is another reason why you make bad decisions, that is, those you make while you are in a weak position.

These decisions are usually the result of previous bad decisions that have always been imposed on you by a third party, such as the lenders, government agency, credit card company, or your boss, husband, family, or friends.

Once you start making repeated bad decisions, this can become a habit that you have like anything else as a result, so it is best to realize what drives you to make such bad decisions in the beginning, and this can help you avoid making similar mistakes in the future.