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Top 5 Habits That Kill Financially by pcei: 9:13am On Feb 04, 2017 |
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.
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