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The 14 Money Mistakes You Must Avoid To Become Wealthy

No 1

Never borrow money that accumulates interest in starting a company (except if you pay through your salary); just borrow to expand your business. This is because business takes a long time to gain ground and start making profit, yet most repayments of loans have to be made within a month of borrowing, or even earlier. So never borrow money to start a business.

No 2:

Never spend money that you are yet to receive. Not even when you are expecting money from anyone based on a commitment you have. When someone tells you: "guy, come to my office tomorrow at 9 a.m. and pick N10,000"don't go out to buy credit products based on that offer, assuming you'll pay off your creditor when the promised money comes; maybe it won't come as expected and that would become extra burden on you.

No 3:

If you want to save, don't start spending if you obtain money with the expectation that you can save what is left. Normally what remains is zero and as long as there is money left to invest, there's usually many items tempting one to buy.

No 4:

Never ask for money when you get an chance to meet a really rich person. Ask for ideas about how to make profits. They can even want to give you money on their own after seeing your ideas are fantastic, but never let your target be to get money from them.

No 5:

Keep your seed instead of having it planted. A lot of people stop to save. Especially after retirement, it's very, very difficult to save and have everything you need to sustain your lifestyle. If you save, seed is your savings; grow it. Many seeds start to die (eaten by inflation and the like) when you just keep the seeds (saving money). Make your money work for you instead of working for money all your life.

No 6:

Never lend money to someone you don't want to lose. Be contented in your heart by the time you lend money to someone that if the person refuses to pay, you won't die. You shouldn't even lose friendship with that person if they don't repay the money you've lent them.

No 7:

Never add your signature to guarantee someone on financial matters if you are unwilling or unable to pay on their behalf for the money. Do I have one to explain? No, it's self-serving.

No 8:

Stop holding capital within easy reach which you don't want to use in the short term. For example, don't walk in your pocket with N5,000 when everything you 're planning on doing in a day costs N2,000. Expenses are always there to absorb any money within reach, so if you don't want to risk it, put it away in a safe spot.

No 9:

Avoid keeping money in inappropriate places , for example, in socks, under the pillow, in a pit, in the sitting room, in the bra, in a travel bag that you'll put in a bus somewhere ... Purchasing impulses is the devil who will keep you busy!

No 10:

Spending money on an item you can do without (for now, at least). When I take money from my pocket or wallet these days, before I pay for something I ask myself: What would happen if I don't buy this? I smile and walk away, if I feel that I can live with the consequences of not getting that thing.

No 11:

Paying an amount for something which isn't the minimum for which you can get the same value. In other words, if you're at Spar and you're paying N15,000 for a shoe you can get at N3,000 in Alaba international market, that's a money error except for those who've achieved financial freedom.

No 12:

Stop playing the role of the world's savior by helping everybody in financial need. My dad, my sister ... you 're not Jesus. If you find it too difficult to say no to a financial demand, you may think that when you commit (financial) suicide, you practice kindness. Here, we do not learn to be miserable; we learn to live within the limits of reality.

No 13:

Spending more money than you invest. It's like having a drum, where you've got a smaller inlet than the outlet. It never fills up. And should the inlet ever decrease the drum runs dry considerably. If you do it round the other way around and the inlet is bigger it will get full and even overflowing. Therefore, we must always make sure we widen the inlet

No 14:

Only think about the short-term and forget about the long-term or the long-term, and forget about the short-term. Mr. Pius, for example, had been told there is money in land business. Over a long period of time, he saved money and bought 15 hectares of land. Now he's got the land but he's still broke. The next thing would be for him to sell off the land to ensure survival because he never had both short-term and long-term in plans together.

Let's stock up on our finances. How many wrongdoings are you guilty of here?