Today, I am writing on the sure ways to know you clearly live above your income (ie if you have any) or your means. I am writing on this because from everyday observations and interactions, I have discovered that most people especially the youths actually consume more than they earn. The ones with the least income are the ones who consume the most. Don’t get me wrong dear, I know its your life and you can do whatever it is you like and I am not judging you too but we all need a sense of direction at some point in our lives… Yes we all do because no one knows it all! I want to ask you a question, and I need an answer!
IS LIVING ABOVE YOUR INCOME OF ANY ADVANTAGE?

I don’t want to deviate, so let me get down to letting you know that you the signs that you spend or consume more than you earn.

SIGN 1: You don’t have a saving. When you live above your income, Its hard to save money. You spend over 90% of what you are bringing in so where will the saving come from? Any money that you happen to get, you are running to the next boutique meanwhile you have clothes in your wardrobe that are new and you have obviously forgotten because you buy more than you actually need. How can you save when the 1st thing that comes to your mind on getting a credit alert is how to buy things that are not really relevant in order to impress folks that don’t really care.

SIGN 2: You are a habitual debtor. This is very common with people who spend above their means or beyond their income. They do not have self control when it comes to buying things. They live a false life and desperately want to be categorized among the “Happening” babes and guys. They will collect or buy everything on credit. I once knew a girl who doesn’t even have a job but will be the one to buy clothes the most. She ended up incurring so much debts and was disgraced at the end of the day.

SIGN 3: The money that is yet to come, has already been spent. Take a look at the first and second sign again and you will discover that these 3 signs are linked and related to one another. If you are a habitual debtor, it means every kobo you are yet to have has already been spent. That is because you have to pay the debts you owe. And if the money you are yet to receive is already spent, how do you have a saving?

SIGN 4: You can not differentiate between your needs and wants. Anyone who has this problem, is prone to spending to spending above their means. There is a great difference between what you need and what you want. Not knowing this is risky to your financial growth and security. That explains why you are all about trends. That explains why you must buy something because you like it.

SIGN 5: You live to impress people. When your life or existence on earth is all about impressing people… Then my dear, you will find your self spending above your means. You want them to say “Awwwwww, she is a big girl, don’t you see how she dresses?” You go about borrowing and owing just to always be up to date. You buy the latest and trending outfits, phones and so on because you want to be classified as rich or happening. But let me tell you something, we all know the ones who are DOING WELL, whether they use the poorest phones or repeat clothes.

These are just the few signs to know you live above your means or income. This problem like every problem has solutions.

SOLUTION 1: Be able to differentiate between your wants and needs.

SOLUTION 2: Be real with yourself and your life. Be particular about functionality and values instead of big names and wanting to belong.

SOLUTION 3: Put into practice the principle of “Opportunity Cost” in most of your dealings. I am sure most of us did economics at least in secondary school.

SOLUTION 4: Do it yourself (DIY) helps to some extent. Instead of going to that salon every week just to paint your nails, you can buy your nail polish and do it at home thereby saving your transport fare and workmanship fee.

SOLUTION 5: Start Saving.

SOLUTION 6: Have a budget and try to live by it. Occasional extra spending is natural but living by a budget will make you aware of all your spending.

SOLUTION 7: Pay off your debt, and if you must buy on credit, let it be just for that thing you badly need.

Most young people have this problem of living above their means. It boils down to displacement of priorities. But its not too late to retrace one’s steps.

Living within your income or means may not be very easy but I assure you that it is very beneficial and when you start to do so, you will face reality and be a step closer to achieving your goals and ambitions and enjoying a sweeter and less stressful life.Annapolis

Read More at: http://www.naijaolofofo.com/signs-live-income-solutions/

well said Op hope d party concern with adhere to d advice given

booked

This is front page materia.
Shey una don hear op ? all u cartoons

op, I have a gift for u

This is good.

Nice one. Never live your life to impress people.

omophunky: This is front page materia.
Shey una don hear op ? all u cartoons

aw many yards ?

Khaynet:
aw many yards ?

Like 10 yards

Some people buy want they don't need,with money they don't have,to impress people they don't know.

A friend got one LG-180 dual phone for 33,500 on Monday at slot,he called me Wednesday to loan him 10k,I ignored him. This is someone having two phone-Samsung S4,and the new LG. whose price is above 100k..

omophunky: Like 10 yards

shey dat 1 go fit reach to cover FP like dis?

Makes a whole lot of sense......nice one @OP
I've donated a 'like'.

Recommended for front page.

Well written, OP. Posts like this can make one sit down and re-evaluate your life.

The world we live in now places what we want before what we need. Talk about buying a plasma tv or latest phone before considering buying 'nepa' recharge card, then going ahead to bypass the metre or placing emphasis on buying a new car instead of renewing the papers of the old one. Our priorities these days are really twisted.

Living below your means is one of the key ways to be rich. Find ways to Save! Save! and Save!.

YourHealthlabs: Living below your means is one of the key ways to be rich. Find ways to Save! Save! and Save!.

Dozzybaboon, so na here u cum hide after yoruba E-insurgents don finish u for politics section. Amadioha fire that your akpu smelly mouth there

6. Avoid alcohol and friends who abuse alcohol...not being able to control yourself when it come to the bottle would make you wretched and miserable.

7. Having so many girl friends or being a chronic womanizer. You follow anything in skirt like a metal on a bar magnet. You forget that after getting a listening from these girls, you spend money to take them on dates, you send them recharge cards, you send money to their bank accounts...etc. If you practice such lifestyle, believe me it would be very difficult to have any form of savings.

8. Unnecessary movement. Ok fine you've gotten yourself a car (not your dream car) but at least its something. You want to tour the whole state. Today you're in Ikorodu, tomorrow Lekki next tomorrow Abeokuta. These trips are unnecessary but you can't help it. You want your friends to know you've arrived. You pick girls at random, lavish money on them, drive them to their home and park there and begin a 2 hour unnecessary discussion with your engine and car ac on.

Weeks go by and your car develops a fault. You've spent so much already that you barely have any finance left for your welfare let alone repair a car. Believe me, you'll become a borrower.

Fine post! ✔✔✔✔✔
Most of the problems are caused by keeping / maintaining bad companies!
If you avoid some certain class of company in your day to day life, you'll certainly overcome most of these challenges!

I won't lie I think I spend above my means, but what of situations where siblings and parents are on one's neck, one has to shell out the little reserve to help the home front.