Hi! My name is Michael or Miky. I am a bit stumped on the followin questions.

1)List 3 mistakes you think people could make in their personal money management

2) What type of additional expenses do you think people face once they have children (list at least 6)

3)What financial needs do people need to plan for?

I detect the unmistakeable whiff of spam here. How on earth did this "discusssion" get approved?

An assignment?

Its an assignment

Looked like an assignment to me, and I tend to approve those. No links to financial planning sites, so why would you think it was spam CJ?

Apologies to Miky - fair enough to do some research here, I guess.

However, I'd suggest that it's good practice to say that's what you're doing up front.

I understand that's the ethical thing to do when conducting research. Surely your teacher/s mentioned it somewhere?

Only three mistakes?

Here goes

1 (and absolute FIRST) fail to understand or provide for a ‘foul wind’.

Hence, lack both insurance or do not bother to save against a down turn.

2 fail to prioritise / budget their spending and almost invariably do not budget to save.

3 fail to understand how money borrowed has to be repaid.

I could go on for pages

Other popular monetary errors are

Fail to recognize how ‘return’ is a function of ‘risk’ (add most of the professional bankers into this category)

Completely ignore the adage "if it sounds too good to be true, it probably is"

Get drawn along on the wave of popularity or unpopularity (= being cyclical instead of counter-cyclical)