Financial freedom is available to those who learn about it and work for it - Robert T Kiyosaki
The bitter truth about life is that we cannot be all rich. The poor will always be among us, but the lesser known fact is that #financial freedom is attainable to those we know and learn from their mistakes# .If you want to be financially free, here are some financial mistakes you should try as much as possible to avoid.
This list comes in no particular order.
Money Mistake 1
NEVER BORROW MONEY THAT ARRCUES INTEREST TO START A BUSINESS
Debt servicing is the major problem that hinders the economic growth and development of most Africa Countries. Their leaders tends to "over borrow ". The cost it takes to service (pay back the interest) debt is outrageous and it tends to accumulate over the years. The same thing is applicable to business. Am not saying borrowing in it entirety is bad but the interest should be flexible enough so that the business can thrive. Look before you leap.
Money Mistake 2
NEVER SPEND MONEY YOU HAVEN'T RECEIVED YET
A bird at hand is worth thousands in the bush. If someone say to you, "I will give you $1million tomorrow". At that present moment till you physically see or get a notification about the money, you ARE NOT YET A MILLIONAIRE.
Don't go out to buy things on credit base on this promise. The money you can't physically touch is not your own yet. Humans can disappoint, it's our nature.
Money Mistakes 3
IF YOU WANT TO SAVE, SPEND WHAT'S LEFT AFTER SAVING AND NOT SAVE WHAT'S LEFT AFTER SPENDING
Human wants are insatiable and our scale of preference is endless. Necessity is the mother of invention, When money to spend is not available, we instinctively find a way of doing without it. Always put your savings aside before you budget any money for spending.
Money Mistake 4
WHENEVER YOU MEET WEALTHY PEOPLE, NEVER ASK FOR MONEY ASK FOR IDEAS
Ask for ideas on how to make money. When you ask wealthy people for money, is like asking for fish to eat for a day, 2weeks or maximum a year. The money will eventually finish sooner or later.
But when you ask for ideas, it's like learning how to fish ( which is an ASSET) which will last you for a life time and you can even teach your children the skills.
ALWAYS REMEMBER LEARN HOW TO CATCH YOUR OWN FISH
Money Mistake 5
DON'T KEEP YOUR SEEDS, PLANT IT
When you save, your savings are seed; plant it, with the right nurturing and watering, it will germinate to produce FRUITS.
Matthew 25:14-30. The 1st and 2nd servant that were given 5 and 2 talents respectively traded with it, they SOW (they invested) their seeds and at the end of the day it was fruitful, they reap more seeds. But the 3rd servant that was given 1 talent went ahead to save it and we all know what happened to him at the end of the day.
If you store your seed for a very long time, it may get contaminated / eaten by weevil (economic recession). But if you sow/invest, there is assurance that you will definitely reap fruit if your seed germinate, and it may even grow up to be a VERY BIG TREE.
Money Mistake 6
NEVER LEND SOMEONE MONEY YOU ARE NOT WILLING TO LOSE
Just like gambling, the chances of you getting back the money you lend out is (30/20)/50:
30%:The person either pay you back on time,
20%: delay your money
50%: doesn't pay at all.
We are all humans: flesh and blood. The bible says "Love your neighbor as yourself not more than yourself".By the time you lend someone money, be contented in your heart that should the person fail to pay, you will not die. So, just like gambling, I will advise you to "stake what you can afford to lose"
.......................**to be continue **............................
Thank you for taking your time to read this. If you have any contribution /suggestions please leave it in the comment.
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