In an interaction with my friends a couple of days ago, an awareness session ensued and someone shared these tips. I considered it a piece that should be handy to every individual who wishes to break even financially; any individual who wishes to attain financial freedom and thus held on to it. I haven't been disappointed thus far. You should READ, LEARN and KEEP IT AWAKE IN YOUR MIND at all times and you will surely see a positive difference.
Mistake One
Do not borrow money that accrues interest to begin a business.
Mistake Two
If you want to save, just save it! When you receive money, don’t start spending on the assumption that you’ll save what is left over because usually Nothing Remains As long as money to spend is available, the very many things you can spend it on will always surface.
Mistake Three
Never spend money you haven't received. Money promises based on expected funds is a big money mistake.
Mistake Four
When you have the privilege of meeting 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 getting money from them never be your objective.
Mistake Five
Keeping your seed instead of planting it. By this i mean: do not save your savings, invest them else it will gradually be eaten up by inflation and loss of value.
Mistake Six
Never lend someone money you are not willing to lose. Prepare your mind to lose every money that you lent to someone. If you cannot contain the loss of such a loan, then do not avail it!
Mistake 7
Do not surety a loan that you cannot afford to pay. Well, that in a way relates to Mistake Six above.
Money Mistake 8
Dont hold more money than you will be needing at any point in time. Human needs they say are insatiable. Be wise!
Mistake Nine
Another great mistake is spending funds on an item you can do without, for that mean time.
Mistake Ten
Paying #6k on East Lagoon Mall for a shoe that you can get for #2k at Minimie market is a money mistake except for those who have achieved financial freedom.
Mistake Eleven
Spending more than you earn is a mistake. Cut your expenses to the barest minimum, unless of course you are able to increase your earnings.
Mistake Twelve
Not Considering both short and long term in each of ones financial decision is a mistake. That could result in penny wise, pound foolish
In conclusion I say, let’s take stock of our finances. They say to be fore warned is to be fore armed. Do not allow these mistakes render you bankrupt; they all have the capacity to. Learn today!
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