MONEY MISTAKE 1
never borrow money that accrues interest to start a business. that is to say , never borrow money to start a business expecting that the business will generate income 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 on a promise you have from someone else. If someone tells you; Era come to my office tomorrow at 9am and pick #30k” don’t go out to buy items on credit based on this promised and this will leave you in problems with your creditors.
MONEY MISTAKE 3
IF you want to save, whenever you receive money, don’t start spending hoping that you”ll save what remains. Normally what remains is zero because as long as money to spend is available, the numerous things you can spend is available. And things to spend on even incite their relatives so that you spend even more than you had planned. when money to spend is not available, we naturally find a way of doing without it. that’s why i’ve learnt to save with an INVESTMENT CLUB. once i send money there l assume l no longer have it. Before you spend any money, put your savings aside then spend what is left after saving.
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 may even choose to give you money on their own after seeing that your ideas are great, but let money from then 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 lifestyles especially after retirement .When you save, your savings are seed; plant it. When you just keep the seed ( saving money ) some seeds begin to die ( eaten by inflation and the like). that”s why i recommended that you read about the different types of investment vehicles you can use to grow your savings iam not necessarily talking about putting the money in a business, because you can easily lose money in business. iam talking about putting it in an investment.
MONEY MISTAKE 6
Never lend someone money you are not willing to lose. by the time you lend someone money, be contented in your heart that should the person fail to pay, you will not die. you should ot even lose that person’s friendship if they fail to repay the money you lent them. if you feel the person might fail to pay relationship with them, then lend them money. if their failure to pay would make you hate this person’s entire clan, please advise the person to go to the bank
MONEY MISTAKE 7
Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money on their behalf. do i have to explain that one ? No, it’s self- explanatory,
MONEY MISTAKE 8
Avoid keeping money you don’t intend ti use in the short-term with easy reach. For instance, don’t walk with #100k in your pocket when all you plan to do in a day costs #20k .Like l mentioned in money mistake 3, there are always expenses available to gobble any money that is within reach, so if you don’t want to lose it, put it away in a safe place
MONEY MISTAKE 9
Avoid keeping money in inappropriate placed e,g, in socks, under the pillow, in a pit , in the sitting room, in the bra, in a travel bag that you will place somewhere in a bus… impulse buying is a devil that will keep you busy
MONEY MISTAKE 10
Spending money on an item that you can do without (at least for the time being ). these days who pick money from my picket ir wallet, before paying for something i ask myself; what would happen if i didn’t buy this ? if i find i can live with the consequences of not having that thing, i smile and walk away
MONEY MISTAKE 11
Paying an amount for something that’s not the minimum you can get that same value for. in other words, if you are along east legon road and you pay #5k
for a shoe that you can get at #3k at makola market, that’s a money mistake except for those who have achieved financial freedom
MONEY MISTAKE 12
Consistently spending all you earn or more than you earn. it’s like having a drum where you have an inlet that’s never get full. And should the inlet ever reduce significantly the drum run dry. if you do it the other way round and the inlet is bigger, it will get full and even overflow. Hence, we have to always ensure we are widening the inlet while narrowing the outlet – all the time. Your side hustle comes in handy
MONEY MISTAKE 13
Thinking about short- term only and forgetting about long-tern and forgetting about the short-tern. for instance, Lydia was told that there’s money in land.she saved money over a lonjg period of time and bought 30 acres of land. Now she has the land but she is always complaining. she’s disgruntled and doesn’t seem to herself earning from the land in the near future. Now, let’s ask ourselves;’ Having 30 acres land and no money to fed your family or take a child to hospital, id that wealth or poverty? I think Lydia only looked at long-term needs and forgot that she has short-term needs that require money. What of those who find thy are one paycheck away from salary? Are they thinking about the long-term needs?
