There is no such investment which assures a 100% reward in a given frame of time but still most of us rather all of us dream of it. Where we expect the investment to perform in its maximum efficiency, seldom do we take care of things on our part.  In this ignorance, we do not realize there are several enemies to our wealth which even after our so many efforts do not let our money grow.

Here is a list of top 5 enemies which stop your money from growing

 

  1. Debt

The biggest ever enemy to your money is DEBT. Yes, there are a few debts which are associated with assets that appreciate in value with time but rest and a majority of them are bad ones. It is important that you acknowledge that owning a debt is hollowing in nature. You need to maintain a balance between the good and the bad debt.

The worst part is, your money goes into the DEBT hole even before you get hold of it. Once you get your salary, the bills and debts are already standing there with mouth wide open. A major chunk of your income goes into EMIs and installments.

Make sure that you pay your credit card bills on time and do not fall into the trap of interests being charged. If you have a loan or debt, clear it off asap.

 

  1. Undisciplined and unplanned approach

This is a matter of psychology and behavior how you treat your finances. Lack of planning, discipline, and commitment to your money will cost you big. If you do not treat it well today, it will not treat you well tomorrow. If you wish to keep your money for a long-term and want to sustain the corpus that you make and grow while you are still earning, consider following a disciplined approach towards your money. Have a budget and follow it honestly.

 

  1. Investment mistakes

The next drastic thing your money falls prey to is a poor investment plan. Wrongly managed high performing assets cause much more harm than low performers. It is very important that you take good care of the nuances and time the market properly while you allocate your assets. Also, never make an investment decision based on your emotions. You must aim towards striking the right balance while it comes to selecting and allocating assets.

 

  1. Inflation

Inflation is a silent money eater. Since it is an obvious nation-wide, worldwide thing, it gets nowhere mentioned while managing money or budgeting but in practicality, inflation eats a major chunk of your hard-earned money. Whenever you plan your budget or estimate your assets, never forget to factor in inflation.

 

  1. Emergencies

Another thing that devours a lot of money from you is emergencies. While emergencies are inevitable and we exercise no control over them, there is no denying the fact that they call for a lot of expenses. What is more alarming is when the emergencies arrive and we have no plans to deal with them? It is very critical for mental and physical health that you pre-plan foreseeable emergencies so that when they come, finances are not an issue.

Yes, future is uncertain but that does not stop you from being prepared for it.

Insurance is one approach towards a financially secured future.