17 Misconceptions And Mistakes People Make About Money

17 Misconceptions And Mistakes People Make About Money

MoneyMistakes: 1.

Never borrow money with interest to start a business (except for salary loans); only borrow to grow your business. This is because business takes a long time to gain ground and begin making profit yet for most of the loans you begin paying back a month later or even earlier. Hence,  never borrow to start a business expecting that business to be the one to pay back the borrowed money plus the interest.

MoneyMistakes: 2.

Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. Don't hear somebody say, "Ezra come to my office tomorrow at 9am and pick 2m" and you go and buy items on credit hoping to clear when the promised money comes.

MoneyMistakes: 3.

If you want to ever save, whenever you receive money ensure you don't start spending before taking out the savings hoping that you'll save what remains. Normally what remains is zero. And things to spend on even incite their 'relatives' while when money to spend is not available we naturally find a way of managing.

MoneyMistakes 4

When you get an opportunity to meet a very wealthy person never ask for money. Ask for ideas on how to make money. They can even choose to give you money on their own after seeing that your ideas are great, but let getting money from them never be your objective.

MoneyMistakes: 5.

Keeping your seed instead of planting 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 it some seeds begin to die (eaten by inflation and the likes). That's where I recommend that you read about the different types of investment you can use to grow savings. I am not necessarily talking about putting the money in a business because you can easily lose money on a business. I am talking about putting it in an investment.

MoneyMistakes: 6.

Never lend someone money you are not willing to lose. By the time you lend money, be contented in your heart that should the person not pay, you will not die. You should not even lose the person as a friend. If you realise the person can fail to pay you and you are ok  then lend. If you find you would even hate the person's entire clan, please advise the person to go to the bank.

MoneyMistakes: 7.

Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money. Do I have to explain that one? No. It's self explanatory.

MoneyMistakes: 8.

Avoid keeping within easy reach money you don't intend to use in the short term - don't for instance walk with 100k in your pocket when all you plan to do in a day cost 20k.

: MoneyMistakes: 9.

Avoid keeping money at inappropriate places eg in socks, under the pillow, in a pit, in the sitting room, in the bra, in a travel bag that you will place somewhere eg when in a bus..

MoneyMistakes: 10.

Spending money on an item that you can do without (at least for the time being). These days when I pick money from my pocket, before paying for something I ask myself: What would happen if I don't buy this? If I find I can live with the consequences of not having that thing, I smile and walk away.

MoneyMistakes: 11.

Paying an amount that's not the minimum you can get that same value for. In other words, if you pay 70k for a shoe at Topman that you can get at 30k at Kejetia/Kanta. Arcade, that's a money mistake except for those who have achieved financial freedom.

MoneyMistakes: 12.

Wanting to be the saviour  of the world by helping with ethane in financial need. My sister, brother you are not Jesus. If you find it so hard to say No to a financial demand, you may think you are practising  generosity when in actual sense you are practising  committing (financial) suicide.

MoneyMistakes: 13.

Consistently spending all you earn or more than you earn is  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. If you do it the other way round and the inlet is bugger, it will get full and even overflow. Hence, we have to always ensure we are widening the inlet while narrowing the outlet - all the time.

MoneyMistakes: 14.

Thinking about short term only and forgetting about long term or think  about the long term and forgetting about the short term. What of those who find they are one paycheck away from salary? Are they thinking about the long term needs?

MoneyMistakes: 15.

This is peculiar to the youths, institutions, media and parents: This applies to parents who over pamper and overspoil their kids by over lavishing on them undue wealth, opulence or affluence: The children want this and that, parents always want the children to feel they can always be their kids and wards everlasting hero and ATM machine there by making this kids over spoilt without a sense of my parents won't always be there forever. This gives the kids an undue sense of ego out of fear of insecurity that they are better than others who are not so privilege thereby undermining their own prowess and limiting themselves how far they can go or achieve without mummy and daddy's aides. Another side of this story is the false hype a lot of our kids and wards get from watching TV and Movies, Attending Super dupers and Hyped Churches and Pastors who make you believe God prints bank notes in the Bank of heaven and generously distributes ATM and POS machine because you are born again or your a child of God Forgetting that these so called clergy men are out to dupe and suck their gullible victims and not revealing to you the truth about money and wealth creation but believing your misery is their own success while they continue to enrich themselves at your own detriment and soul mortgaged as they continue to get richer while your life in the real sense if not going in the opposite direction could remain the same without a change in the name of seed sowing, kingdom investment, offering, tithing and unknown pledges. 

As far as am concerned, I believe only a thief and lazy young man with all the arms and legs and all the 5 sense organs intact will tell you God is calling or has called him into the Heavenly Ministry. Being in God Ministry is a big or the biggest appointment as you cannot feed Gods flocks and sheep if you Dont have a job in the 1st place except your ready to suck the sheep blood dry with a straw or your ready to suck their milk and cheese dry. If you must be a pastor, make sure you have a partime Job or pre existing businesses because the anointing of hunger can make you shortchange the holy spirit and betray God like Judas Iscariot did in the Bible twisting God's prophecy; By saying God said when in the actual sense God said nothing. You may never know these until your 30years older than you are right now. This where a lot of work needs to go down in educating alot of we Africans that you Dont have to be a dumb serving God under the anointing of an unknown pastor without a record or reference in heaven. I am a proud Christian, I may not be a wolf nor a sheep but a sheep dog!

MoneyMistakes: 16.

For Men who believe there wife should never work because they feel they have enough to go round, try and continue it and sooner or later you will discover you have dug your own grave with your hands and have shot yourself in the leg. For women who believe that their men or partner is mandated by law and constitution to cater for all your needs, the earlier you cut out of that your delusions, the better. Same with men who believe a working class women is a means to an end, my dear, you are killing yourself worse still as your financial struggle could have just be legally commissioned! These funny norm is visible in an average African home or relationship settings.

MoneyMistakes: 17.

The Spirit of gambling is something you should loath and disdain with a passion. Risk taking is a very good thing and the reason why your ever in business in the 1st place, but to be disciplined in anything related to finance, avoid anything that looks like gambling as there's what is called clean money or dirty or filthy money; that is money whose means or source is unjustified. Avoid anything or friends that gambles as sooner or later it will affect you and affect your family. Quote me any where, gamblers all over the world be it rich or poor always have an obscured ideology of wealth and value. If you find out that your dealing or doing business with a gambler, you should possibly desist from such association as such people Dont always have a sane and healthy reasons why they are in business but just after the money and profit. A lot of Igbo's insult the Yorubas that they are poor at business, but its not true, its just that an average Yoruba man to an extent and by culture understand contentment and also believe in the language "Calculated Risk." This is not to say that a lot of Yoruba's Dont patronize sport bets and pappy Ijebu, believe me, I know a lot of Yorubas who do as the case is usually misery makes strange bedfellows.

In Summarily, don't expose your success too quickly in life.I learnt that from playing "WHOT"! Once you just say "Last Card", you will see your enemies coming out of the woods... You'll just be hearing Pick 2, General Market, Hold On, etc.. "As if they never had such weapons."

By Adewale Oladipupo

For those interested in Agricultural services call or for Industrial or Estate development in Nigeria, call or Watsapp  08141208884, DOT SVC & Co, Olutayo Shopping Complex, Opposite Royal Spring Hotel, Oshogbo, Osun State. Also our Lagos address is Suite 35, Road 5, Ikota Shopping Complex Ajah, Lagos.