The 7 worst financial blunders you can make

1. Not 'Renting My Fun'

Is it worth it to buy a snowmobile you'll only use eight weekends a year? Maybe. It might be around the top of your bimodal passion graph.

2. Decrease Spending vs. Increase Income

Spend less in this world of credit card debt, budgets, and depleting emergency money. Saving money is simplest that way. We can do it now. Spend less!

3. Listening to Mr. Market

We're over-developed, risk-averse monkeys. Fear is natural. However, we must distinguish between illogical reactions to fear and reasoned reactions to facts.

4. Caring About the Joneses

It's something we've all heard before. "Keeping up with the Joneses." Purchasing nice items solely because your peers, the Joneses, do.

5. Hunting Mice, Not Gazelles

Avoid hunting field mice with money. A common money mistake. Our life should reflect this mental process. Applied to time management. This makes sense at work. It makes sense in personal finance.

6. Servant or Master?

Money is only a tool. Nothing more, nothing less. The tools help us build. But you definitely know certain "tools," and you don't want them to rule you!

7. No Budget, No Clue

Failure to set and follow a budget leads to irresponsible spending, increasing debt, and financial disarray, which is a formula for disaster.