Some money mistakes you shouldn't make.

#imagessource www.opra.com

Here are some mistakes you should avoid when it comes to money thus:

Never borrow money that accrues interest to start a business (except if you are paying for it through your salary) only borrow to grow your business. This is because business takes a long time to gain ground and begin making profit, yet most loans repayments have to be made within few months of taking the loan or even earlier. Therefore, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest

Never spend money you haven't receivedDon't even promise someone money based on a promise you have from someone else. Come to my office tomorrow and pick 30K"don't go out to buy items on credit based on this promise, with the hope that you will pay off your creditor when the promised money comes; it may not come as promised and this will leave you in problems with your creditors.

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 it on are also 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. You can learn to save with an INVESTMENT CLUB. Once u send money there, assume u no longer have it. Before you spend any money, put your savings aside then spend what is left.

Don't just keep it, plant 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 the seed (saving money) some seeds begin to die (eaten by inflation and the like). That's why I recommend that you read about the different types of investment vehicles you can use to grow your savings. I am not necessarily talking about putting the money in a business, because you can easily lose money in business. I am talking about putting it in an investment.

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 won't get screwed, lose that person's friendship if they fail to repay.

Avoid keeping money you don't intend to use in the short-term within easy reach Don't walk with 100K in your pocket when all you plan to do in a day costs 20K. Just as I said earlier , 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 place not easily accessible.

Don't spend on things you can do without (at least for the time being) A times when I pick money from my pocket or 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.

Avoid paying for something that's not the minimum you can get that same value for In other words, if you are along TBS road and you pay 5K for a shoe that you can get at 3K at Marina with same quality, that's a mistake except for those who have achieved financial freedom.

Avoid Consistently spending all you earn or more than you earnIt's 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. Hence, we have to always ensure we are widening the inlet while narrowing the outlet – all the time. Your side hustle comes in handy!

Thinking about short-term only and forgetting about long-term or thinking about the long-term and forgetting about the short-term - Jane was told that there's money investing in land(property)She saved money over a long period of time and bought 30 acres of land. Now she has the land but she is always broke. She is always complaining. She's disgruntled and she doesn't seem to see herself earning from the land in the near future. If I may ask, having 30 acres of land and no money to feed your family or take a child to hospital, is that wealth or poverty? Jane only looked at long-term needs and forgot that she has short-term needs that require money. What of those who find they are one paycheck away from salary? Are they thinking about the long-term needs?