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Habits That Kill Financially
02-03-2017, 09:36 PM,
#1
Habits That Kill Financially
There are 5 distinct habits that kill financially which you
might indulge in knowingly or unknowingly. As a friend
advised, no time for epistle, let’s look at them quickly.
1. Excessive Debt
Yes debt. Yoruba call it “gbese” and indeed it is gbese. It
sucks one financially, if you continue taking debt
excessively, you would soon be helping others to earn
while you become their slave. The key to winning the
money game is the answer to the question: “who is
indebted to whom?” If you are indebted to me, you
become my ‘slave’ till the day you finish the debt.
However, there are good and bad debt (talk for another
day). Just know that you need to reduce your debt.
2. Having Only One Source of Income
A single source of income is like a one-legged chair
which you cannot sit on. Having 2 income sources is like
having a two-legged chair, it can’t be sat on too, the
same goes for 3 income sources. Financial advisors
recommend having at least 4 income sources or you
could be overwhelmed by the size of your expenses
unless you are the CEO of Chevron or some other
multinational company. Create multiple income streams
to mitigate the risk of going broke as expenses swallow
your meager income.
3. Impulsive Buying
Some people have bagged first and second degree in this
and have already purchased the Doctorate form in
impulsive buying. Just as Robert Kiyosaki puts it, “the
rich invest first and spend what is left but the poor
spend first and have nothing left to invest”. Beware of
impulsive buying.
4. Spending without Earning
An average Nigerian saves money in the bank and
without adding to it, spends it little by little on non-
income-generating doodads. What causes this mostly is
the aphorism, “counting your eggs before they hatch”.
Why not allow your egg to hatch and then go for the
spending spree?
5. Lack of Financial Goals
This point is supposed to come first but I am mentioning
it last for a purpose. 10 is more than 1, yet it comes
behind. A Financial goal is a goal you must
have aside your life goal else you may end-up
languishing in poverty. You cannot have it if you do not
dream it and if you have it without dreaming of it, you
might lose it quicker than got it. This is why it is
advisable to have a financial goal that you work towards
achieving in a dedicated manner. It is your guide to
achieving financial freedom.
Reply
12-23-2018, 10:35 PM,
#2
RE: Habits That Kill Financially
Testing Testing.
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