#1. Shortcuts.
Shortcuts in life as well as wealth creation have recorded many financial loses than gains.
Shortcut is such a threat to building a sustainable financial career that anyone who wants to do more, earn more and give more in life should not entertain.
The truth be told, “there is no shortcut to greatness”.
People who follow shortcuts end up losing the little they have spent years to accumulate within a small fraction of time
Proverbs 21:5 ” The plans of the diligent leads to profits, but anyone who is hasty comes to poverty”
Plan with what you have.
Start with what you have at where you are.
Success is not achieved overnight. It takes time, dedication and persistent efforts.
But in the end, I would worth more than the wait, the efforts and the sweat. Set Goals, PLAN about your goals, Act on your goals, Keep Doing, Do more and Success would be waiting at the destination.
#2. Trying to impress people.
Another common mistake that I’ve seen among today’s youth is the habit of “trying to impress people”.
Creating impressions is actually not a bad thing. But the question is;
- How costly is your impression?
- How genuine / true is the impression?
- Can you continue to impress people all the time?
- Is it worth the cost?
The best impression i have known is honesty and due delligent of oneself.
Because it comes at no cost and it lasts more than you can imagine.
So instead of trying to impress people by showing off and displaying luxury to portray rich when you are not, why don’t you portray your true self and champion the course for long lasting success.
One of the greatest distinctions between the rich and the middle class with the poor is that, ‘the rich BUYS LUXURY LAST whereas ‘the POOR AND MIDDLE-CLASS buys luxury first’.
Don’t be deceived.
Don’t let anyone put pressure on you.
You are not in any competition of luxury display with anyone!
Enough of the outside gentility, home cry!
Be real. so that you can attract real people into your life.
Say No to mediocre!
Remember that wealth is not what you spend, but rather, what you accumulate.
#3. Impulse Buying
Another mistake people make with money is that they spend them on things that they have no urgent need of instead of saving or investing them in something more profitable.
Impulse buying means unplanned purchase or buying something that you have no prior intentions of.
This act is normally triggered by emotions and the best remedy for it is proper planning and financial discipline
Money, they say, have wings and yet it does not disappear or get lost. it only moves from an unplanned environment, Pocket, accounts and wallets and morphs from idea to action.
This is why it is very important that you plan far in advance with your money before it becomes real. Else it won’t stay with you nor multiply.
The only way to overcome the habit and subsequent mistakes of impulse buying is to be decisive.
Certain things can wait.
You can only wear a pair of shoes at a time.
Buy what you need because it’s urgent not only because you have the means.
As you aspire to build a good financial career, develop the power to control your money instead of allowing money to control you.
Spend less!
Learn more!
Earn more!
Save more!
Accumulate more!
Invest in a long-term profitable venture and watch it grow and multiply over time.
In all things, don’t forget to support the act of charity and kindness.
Be a blessing to other people and give back to society anytime needful.
#4. Excessive Borrowing.
Sometimes in life, we go through financial crises that we are tempted to resort in borrowing.
Borrowing is not a bad thing but its excessiveness is what we have to avoid.
I have personally gone through the philosophy and profiles of some great personalities and learned that, a substantial amount of their wealth were acquired through a well- structured and planned borrowing.
But unfortunately for our youth and some people, we borrow with uncertainties and loose the money before we realize we didn’t even need the money at the time we borrowed it.
As someone who desire to achieve financial freedom, I have come to realize that not all situations call for borrowing and that’s the reason I am sharing this piece with you.
A delayed borrowing decision gives room for effective thinking, planning and careful examining of the past.
Sometimes, we lose what we have so that we can learn the lesson of handling and putting money into efficient use.
In your time of financial struggles, LEARN from your MISTAKES.
in times of financial difficulties, EVALUATE YOUR NEEDS.
when you are tempted to borrow, THINK OUTSIDE THE BOX.
some hard -earned properties have been seized by money lenders, friends, banks and other financial institutions due to a borrower’s unfulfilled obligations.
I advise everyone who has read to this point to be more careful about the habit of borrowing.
Borrow for a genuine purpose.
Borrow for work not to spend.
Borrow with certainty and hope.
If possible, don’t borrow what you can’t pay back within the time frame and Terms and conditions given.
If you have any outstanding debt, settle it before it starts to haunt you down and take life out of you.
There’s always a hope for a better future for those who prepare adequately today for the unseen tomorrow.
PLAN WELL!
LIVE WELL!!
BORROW LESS and PAY WITH SMILES!
#5. Blind Investment.
One serious mistake that I would advise everyone who aspires to achieve financial freedom to avoid, is investing in fields that they have little or no knowledge of, which I refer to as blind investment.
As a young entrepreneur, I have learned to always invest time before money. In as much as there is always not a 100% guarantee of success in investing in areas that that you have in-depth knowledge about, it helps to reduce the loss.
Your level of knowledge about a certain adventure you want to take on as an entrepreneur is key to your success in that endeavor.
People who invest blindly are likely to loose their investments without a doubt.
#6. Living without a budget.
Another common mistake that most people are found of doing, that everyone who aspires to master the act of building a stable financial plan should learn to avoid, is living a life without budget.
Waiting to get rich before you start taking care of your money is synonymous to waiting to get married before you start dating.
This mistake is very common among people.
Your ability to plan, budget and monitor your income and expenditures is a great step in gaining control over your finances.
Most people think budget is meant for organization and businesses. That is why most people suffer financially regardless of their take home salaries,
Just as every well-structured organization has budgets that they work within, so must every home or individual have.
By preparing a personal budget, you are able to ascertain the areas and things you must avoid or reduce to save money. It helps you account for every penny you spend just as you appropriately apportion what amount needs to be spent on what.
If you don’t have a personal budget, begin by getting yourself one. And it will save you great amount of money.
Witten by Richard Amponsah