MONEY MISTAKE TO AVOID

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
 

Augusta

VIP Contributor
The truth in all your points I tell people all the time that having money comes with a principle and until we abide by them then we might keep up making the same mistakes. I just like your list it is from a place of deep knowledge. especially the one on getting knowledge from the rich than asking for money. The thing is that with money you would finish it within days but you can use the knowledge gained to make money forever. I hope the rich would also open up to people that really need this knowledge because some of them are just fond of giving people peanuts than teaching people how to fish
Another thing is that people needs to save and learn to save again and again. This is the only way one can live above all the brokeness that might want to happen in the future

Another money problem I can't wrap my head around it is when people begin to spend money they are get to receive. This is one is a very serious financial issue that one needs to deal with because if one continue this way then living above expenses will be difficult as you would be in need always.
 

Chibson

VIP Contributor
Very good advice. so many people make a mistake of spending money they have not received and I think that is one of the mistakes or should I say financial mistakes many people make that will eventually lead them into bad debts. It is also very important to make proper budget.
 

btaliat

VIP Contributor
This is one of the articles I am glad I read on this forum. I love the last point. Some people keep their seeds and never plant them. A person wishing to be wealthy don't really have a fat account. All would have gone into various investment he can ever think of.
 

Sotherefore

VIP Contributor
Borrowing money to start up a business is another mistake a lot of people are doing and this can actually lead to serious debt if care is not taken and maybe your business collapses, number two is very important and this is what we needs to consider as private individual especially when it has to do with money we have not received.
 

kayode10

VIP Contributor
I think I fall in the second mistake. Sometimes I buy things on credit in order to pay later in the future. But this usually becomes a problem for me whenever I want to pay or be reminded that I am owing. I have make up my mind never to get things on credit again. I will wait for the time I have enough funds to buy whatever I want to buy.
 

Abigael

Valued Contributor
This is very good advice that I will follow. I have never heard anyone mention that when you meet a wealthy person, ask for ideas of how to make money and not just borrow money from them. Indeed that is the best thing to do. Also, that of planting money as a seed is very important. Investment is much better than just saving.
 

kayode10

VIP Contributor
You should never acquire liability for yourself. Liability is something that takes money out of your pocket always. If you have more liability in your life you will always go broke and if care is not taken you can file for bankruptcy which can lead to depression. Your main focus should be to acquire more assets things that will put money into your pocket.
 

Kingsley

Valued Contributor
You really did a fantastic job with those advice on money, infact money is something that we must truly learn to handle properly else we will still tend to poverty despite any amount of money we will be given. I have seen people who were very rich yesterday suddenly becoming poor today as a result of messing up with some of the steps you listed above. And amazingly since most of us are Africans we have a strong spiritual belief system that is strongly controlling our thought process and many tends to think that when they are faced with financial misfortune then it has to be a spiritual problem or spiritual attacks, but this is indeed far from the truth in most cases. People are just not having enough financial literacy. This is why they tend to spend somuch and yet they have little or nothing to show for it.

People should always make healthy plans ahead before accessing funds this will go a long way to help them manage funds as soon as they get those funds. Money has a way of always trying to make it way out of the hands of those who finds it. So we must ensure we do all wetin our powers to ensure judicious use of it,
 
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