One mistake people make is thinking that they’ll have the same opportunities that they have today, especially financial opportunities. Some people think they are going to keep making money. This is a common mistake that people make, and they regret it for the rest of their lives. People don’t talk about increasing their expenses until they start making money.
Increasing your expenses when you start making money is caused by many things, but the number one thing that causes an increase in your expenses is expectation. A lot of people have some expectations in their heads and when they start making money, they want to meet those expectations. They believe earning around some figures,  should be able to give them XYZ life which is the reason why most people increase expenses.
Another reason why people increase their expenses is peer pressure. Peer pressure makes people buy things that they don’t really need and some of these things are liabilities, they put pressure on their income. Some of these things you may not need because of peer pressure you get them and at the end of the day all of these things are just there to increase your expenses and not add any value to your life.
Another mistake that people make is being unable to control the ego. Looking for people's validation, buying expensive things, living a lavish life so that people can give me respect. This becomes a big problem because you begin to set a standard and you must maintain the standard so that people can keep giving you respect and you keep increasing your expenses, which makes it difficult for you to save or plan your future well.
An increase in income does not guarantee an increase in income
An increase in income doesn’t guarantee an increase in expenses. Sometimes the opportunity that you have today, you may not have the same opportunity tomorrow and when you miss the opportunity you have today it might be dangerous, not only on your finances, but also on your life because this might mean a lot for your financial life. The way you manage the opportunity now will determine whether you will still be in a good financial state in the future or not.
It is very important we learn how to manage our money just because we have money to buy something doesn’t mean we can afford it and also we must learn how to put our money to good use.  How we manage finance will determine the kind of life we are going to live and also the kind of life our offspring are going to live.
Thanks for your time.
