13 MISTAKES WE MAKE WITH OUR MONEY

# MoneyMistakes1 :
.
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.
.
*# MoneyMistakes2 :
.
Never spend money you haven't received. Don't
even promise someone money based on a promise
from someone else. Don't hear somebody say,
"Ezra come to my office tomorrow at 9am and pick
2m" and you go buy items on credit hoping to
clear the debt when the promised money comes
in.
.
*# MoneyMistakes3 :
.
If you want to save, whenever you receive money
ensure you don't start spending before taking out
the savings hoping that you'll save what remains.
Normally what remains is zero. And things to
spend on even incite their 'relatives'. whereas
when money to spend is not available we naturally
find a way of managing.
.
*# money mistakes4:
.
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
not be your objective.
.
*# MoneyMistakes5 :
.
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). That's where I recommend that you read
about the different types of investment you can use
to grow savings. I am not necessarily talking about
putting the money in a business because you can
easily lose money on a business. I am talking
about putting it in an investment.
.
*# MoneyMistakes6 :
.
Never lend someone money you are not willing to
lose. By the time you lend money, be contented in
your heart that should the person not pay, you will
not die. You should not even lose the person as a
friend. If you realise the person can fail to pay you
and you are ok then lend. If you find you would
even hate the person's entire clan, please advise
the person to go to the bank.
.
*# MoneyMistakes7 :
.
Never append your signature to guarantee
someone on a financial matter if you are not willing
or able to pay the money. Do I have to explain that
one? No. It's self explanatory.
.
*# MoneyMistakes8 :
.
Avoid keeping within easy reach money you don't
intend to use in the short term - don't for instance
walk with 100k in your pocket when all you plan to
do in a day cost 20k.
.
*# MoneyMistakes9 :
.
Avoid keeping money at inappropriate places eg in
socks, under the pillow, in a pit, in the sitting
room, in the bra, in a travel bag that you will place
somewhere e.g when in a bus..
.
*# MoneyMistake10 :
.
Spending money on an item that you can do
without (at least for the time being). These days
when I pick money from my pocket, before paying
for something I ask myself: What would happen if I
don't buy this? If I find I can live with the
consequences of not having that thing, I smile and
walk away.
.
*# MoneyMistake11 :
..
Paying an amount that's not the minimum you can
get that same value for. In other words, if you pay
70k for a shoe at Topman boutique that you can
get at 30k at a local boutique that's a money
mistake except for those who have already
achieved financial freedom.
.
*# MoneyMistake12 :
.
Wanting to be the saviour of the world by helping
everyone in financial need. My sister, brother you
are not Jesus. If you find it so hard to say No to a
financial demand, you may think you are practising
generosity when in actual sense you are practising
committing (financial) suicide.
.

*# MoneyMistake13 :
.
Consistently spending all you earn or more than
you earn is like having a drum where you have an
inlet that's smaller than the outlet. It will never get
full. And should the inlet ever reduce significantly
the drum will 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.
.
Plan your finances well