sunnystar
Active member
Money Mistake: 1
Never borrow money with interest to start a business (except for salary loans); only borrow to grow your business. This is because business takes a long time to gain ground and begin making profit yet for most of the loans you begin paying back a month later or even earlier. Hence, never borrow to start a business expecting that business to be the one to pay back the borrowed money plus the interest.
Money Mistake: 2
Never spend money you haven't received. Don't even promise someone money based a promise you have from someone else. Don't hear somebody say, "Mumuni come to my office tomorrow at 9am and pick 2m" and you go buy items on credit hoping to clear when the promised money comes.
Money Mistake: 3
If you want to ever save, whenever you receive money ensure you don't start spending before removing the savings hoping that you'll save what remains. Normally what remains is zero because as long as money to spend is available what to be spent on is also available. And things to spend on even incite their 'relatives' while when money to spend is not available we naturally find a way of managing.
Money Mistake 4
When you get an opportunity to meet a very wealthy person never ask for money. Ask for ideas on how to make money. They can even choose to give you money on their own after seeing that your ideas are great, but let getting money from them never be your objective.
Money Mistake: 5
Keeping your seed instead of planting it. Many people stop at saving. It's very, very difficult to save and have all you need to maintain your lifestyle especially after retirement. When you save, your savings are seed; plant it. When you just keep it some seeds begin to die (eaten by inflation and the likes)
Love you all
Never borrow money with interest to start a business (except for salary loans); only borrow to grow your business. This is because business takes a long time to gain ground and begin making profit yet for most of the loans you begin paying back a month later or even earlier. Hence, never borrow to start a business expecting that business to be the one to pay back the borrowed money plus the interest.
Money Mistake: 2
Never spend money you haven't received. Don't even promise someone money based a promise you have from someone else. Don't hear somebody say, "Mumuni come to my office tomorrow at 9am and pick 2m" and you go buy items on credit hoping to clear when the promised money comes.
Money Mistake: 3
If you want to ever save, whenever you receive money ensure you don't start spending before removing the savings hoping that you'll save what remains. Normally what remains is zero because as long as money to spend is available what to be spent on is also available. And things to spend on even incite their 'relatives' while when money to spend is not available we naturally find a way of managing.
Money Mistake 4
When you get an opportunity to meet a very wealthy person never ask for money. Ask for ideas on how to make money. They can even choose to give you money on their own after seeing that your ideas are great, but let getting money from them never be your objective.
Money Mistake: 5
Keeping your seed instead of planting it. Many people stop at saving. It's very, very difficult to save and have all you need to maintain your lifestyle especially after retirement. When you save, your savings are seed; plant it. When you just keep it some seeds begin to die (eaten by inflation and the likes)
Love you all