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5 Money Lessons You Can Learn From Your Friends Who Are Broke - Business - Nairaland

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Ex-Billionaire Goddy Anabor Goes Broke: His Tragic Fall / Lending Money To Friends Who Hardly Pay Back: how to get your money back / 5 Money Saving Mind Tricks (2) (3) (4)

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5 Money Lessons You Can Learn From Your Friends Who Are Broke by Wizeboy(m): 7:42am On Oct 01, 2014
Having good friends is one of the best parts of life, especially if you have friends you can trust during the good and the hard times. It’s great to have people who share interests with you, who you can confide in, and who you can have fun with. Many of us struggle with having a natural competitive attitude when we are around our friends, and it is easy to fall into the pattern of wishing we had all that our friends do, whether that includes looks, money, or possessions.

However, sometimes part of being friends with someone is seeing the other person lose out or suffer. No one wants to see a true friend hurt, but in addition to comforting your friends when necessary, you can also learn from them. As tempting as it is to fall into the trap of wanting what your friends have, if you choose to, you can really learn from your friends’ mistakes — especially financial mistakes.


1. Don’t peer pressure spend

Yes, your friend’s new car is awesome, and it might look even better in your own driveway. However, if purchasing a new car would put you in serious debt, it just isn’t worth it. Most likely, you have seen firsthand what debt can do to someone. According to Debt.org, debt can have a huge emotional effect on a person. When we don’t have enough money, our choices are limited. Debt, of course, can also affect your ability to pay other bills, as well as your credit score. As tempting as it is to want to have what your friends have, remember to pay attention to those friends who have spent so much money that they are now truly suffering. Don’t take money from savings, make huge purchases, or borrow to play catch-up with your friends.


2. Start saving early

This is another lesson you can learn from your friends who are broke: start saving early. As fun as it is to spend recklessly and to believe you have years to start saving, this just isn’t true. The sooner you start saving, the better. You may already have friends who have maxed out their credit cards, or have purchased big houses and fancy cars and have no money left to put toward retirement or other types of savings. Or you may have older friends who warn you (either literally, or by the way they live) that failing to save enough can be detrimental to your future. While it’s important to set money aside for fun activities, it’s really essential to start saving money as early as you can.


3. Take your job seriously

With so many people looking for jobs, you probably have at least one friend who is living at home with his or her parents, or hasn’t had a job for months. Many people are out of work by no fault of their own (there just aren’t enough jobs in their field), but some people are out of work because they didn’t take their jobs seriously. You undoubtedly have a friend who partied too hard, came into work late too many times, or was just disrespectful or lazy too often. That friend is paying the price, and you don’t want to follow in their footsteps. Regardless of your age, or how far into your career you are, it’s important to take your job seriously. If you become too complacent, you could easily be broke in a few months.


4. Be wary of student debt

If you are considering a college education, be careful about which college you choose, because student debt is a huge problem for many people. According to USA Today, 71 percent of students took out loans in 2012, and the average student debt reached almost $30,000 in 2012. If you haven’t attended college yet, think carefully about what might happen if you amass a large amount of debt and then you can’t find a job to pay it off.

If you are years out of college, but you are considering graduate school, look around you. Graduate school might be the best bet, but there are many people who took on graduate school, or extra certificates, and are now drowning in debt and can’t pay those loans back. If you are considering paying for your kids’ college tuition, you also need to be think carefully about the amount of money you are willing to spend as well. As great as some expensive colleges are, sometimes at least starting at a more affordable school is a better idea


5. Don’t rush to get married

In no way should you avoid getting married if you have met the right person and you are deeply in love and ready to make wise decisions together. However, don’t rush into marriage without thinking carefully about how you want the rest of your life to pan out. Take time to consider important financial decisions before you get married. Determine if you plan to have kids, think about your savings goals and your work goals, decide if you want to rent or buy over the next few years, and figure out who will manage the money, and if you will combine your assets. You can always mutually change your mind later, but since financial disagreements often lead to relationship problems, you will be giving your marriage a strong foundation if you handle these issues ahead of time. Divorce can be very expensive in addition to being heartbreaking.

It’s great to have friends, and hopefully you and your friends will mostly heed these five warnings. However, whether you have a friend who experienced a nasty and expensive divorce, or a friend who didn’t take their job or bills seriously, you can certainly learn from them

34 Likes 6 Shares

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by temmy2011(m): 8:54am On Oct 03, 2014
Nice one op... This is surely a front page material.

I really learnt alot from the post.

1 Like

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by DAVE5(m): 2:57pm On Oct 03, 2014
Learnt a few new things, thanks esp numbers 2 and 3
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Nobody: 2:08pm On Oct 04, 2014
Ok
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by 0nyegame(m): 3:25pm On Oct 04, 2014
Nice write-up

1 Like

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by ifyalways(f): 8:36am On Oct 05, 2014
Copy and paste.

Student loan does not " apply" in Nigeria. Thank you cheesy

15 Likes

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by ChiSun27(m): 10:35am On Oct 05, 2014
Why is this not on FP?
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Moneyb: 10:39am On Oct 06, 2014
Good post OP, what i will add is this; let every prospective undergraduates start thinking and planning for their future early i.e doing menial jobs and saving for the raining day. If after graduating there is no govt work u can use your savings to start biz on ur own.
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by ohkingdavid(m): 1:52pm On Oct 20, 2014
Good day All,

Please I received a proposal from one company over seas & would love to have ideas on how to handle this opportunity.

Kindly see ascert from the company's representative that sent me the proposal.

......We are currently looking for a consultant who can help us in penetrating into the Nigerian markets. We provide solutions to the stock brokers and stock exchanges in India and we would like to enter into the Nigerian Markets . Our target customers are stock exchanges, financial institutions and stock brokers who are into Capital Markets .

We would like to know the following information.

1. Potential Customers i.e. Brokers and Traders in Nigerian Stock Markets.

2. Vendors Information i.e. Competitors’ Analysis –Similar Products which are used in the Nigerian Markets ,its features ,price and the name of the clients which are using products.

3. Marketing Strategy- Understand the customers’ Problems and Requirements and their specific needs.

4. Internet/Digital Marketing and Brand Management Strategy


We request a proposal from you on the above mentioned requirements including the cost of the services you provide.


Thanks to you if you can assist me, direct me, link/connect me to people in this trade/business, or advise me.

you can reach me on: ohkingdavid2@ gmail.com.
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by CR77(f): 8:57am On Jun 06, 2015
Ask google.ng
ChiSun27:
Why is this not on FP?

1 Like

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by DrSage(m): 8:58am On Jun 06, 2015
Bottom line : Mix up with friends who spend nt because of environmental pressure but because it is necessary. Going out with such friends goes a long way into moulding someone into a prudent individual.
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Slimmos(m): 8:58am On Jun 06, 2015
okay
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by softnipples(f): 8:59am On Jun 06, 2015
Who else thinks this is trash? undecided

1 Like 1 Share

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Briareos(m): 8:59am On Jun 06, 2015
Damn!

Another silly copy and paste article. The job situation in USA is quite different from that of Nigeria? Why can't our bloggers sit down and pen something original for a change.

You'll see the same article circulating round the Nigeria cyberspace; nairaland, Lindaikeji, facebook etc

No wonder it's so easy to disseminate misinformation in Nigeria. One blog will concoct a fake story, the others will lash at it like parasite.

4 Likes

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by bornmekus: 9:00am On Jun 06, 2015
Experience is the best teacher,R u there?
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by MrChukwudiChuks(m): 9:00am On Jun 06, 2015
Lesson noted...


Land for sale.
location of the land is at Ospa London Lekki, Lagos.
it is a standard full plot of land (120×60m) and it's located very close to the Lekki express way. The land has an 8bedroom duplex on it with a structural defect. it could be demolished or fix by professional engineers

Price: N47million last price.

On the Land is an already built 8bedroom duplex apartment but it has some structural defect which could be corrected by professional Engineers or it would be demolished and that's why I'm selling it as just the land. I am in charge of it's sales.

Title: Deed of Assignment

Benefits for purchasing this property includes:
● Quick access to the Lekki Expressway
● Quiet Environment
● perfect for a school, office or residential
● Few minutes drive to Beaches, Shop rite and Malls
● Tarred road and Drainage system.
● Not water Logged

If interested in this property, we could scheduled a meeting for viewing and inspection.
Call 08101736162
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Nobody: 9:01am On Jun 06, 2015
Nice one op
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Hysmady(m): 9:01am On Jun 06, 2015
Nice points-1,2,3...4 is not applied in Naija
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by adonismuller(m): 9:02am On Jun 06, 2015
6) Don't date flashy/expensive girls


7) Don't have more than one girlfriend/ don't have too many female friends


cool Don't associate yourself with friends that drinks too much


9)Don't compare yourself with people,mostly rich men's kids.

10) Spend according to your income

1 Like

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Nobody: 9:03am On Jun 06, 2015
So how am i to start saving from my #19,800? cry


Funny life; we try to save,yet we save to spend.

2 Likes 1 Share

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Ayietim(m): 9:03am On Jun 06, 2015
Any time your attempt to achieve an aim fails,
and you are at your tether's end, you don't know what to do again,
check out the stories of most of those who made it,
count the number of times they failed before they eventually made it,
let their failures encourage you and let their successes inspire you,
let their stories strengthen those weakened hands and those weakened legs
and, give life to the numbed brains, to work again, to walk again and to think again,
for although there would be delay,
but with persistent success will come at the end.
http://ayietim.

1 Like

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by daniel56(m): 9:04am On Jun 06, 2015
Ok
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Nobody: 9:06am On Jun 06, 2015
Nice write up op,thumbs op!i actually gat friends to learn from dem not jusr for fun.
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Joshuadon: 9:07am On Jun 06, 2015
ifyalways:
Copy and paste.

Student loan does not " apply" in Nigeria. Thank you cheesy

And that was all you learnt from the article...

2 Likes

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Adesiji77: 9:07am On Jun 06, 2015
Right
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Nobody: 9:10am On Jun 06, 2015
ifyalways:
Copy and paste.

Student loan does not " apply" in Nigeria. Thank you cheesy
Just what i was about to say.
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by jaybee3(m): 9:12am On Jun 06, 2015
1 and 5 makes perfect sense
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Nobody: 9:12am On Jun 06, 2015
If you will agree with me every Akjepako like me knows these things. Guess what?We are accustomed to being broke
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Nobody: 9:13am On Jun 06, 2015
Barr. Phillip Butulezi
EMAIL: barrphbutulezi@myway.com
Hello,
I am Barr. Phillip Butulezi, an attorney of law to a deceased Immigrant property Magnate, who was based in the U.K, also referred to as my client.
On the 25th of July 2000, my client, his wife, and their two Children died in the Air France concord plane crash bound for New York. They were on their way to a world cruise.
Prior to that accident and since then, I have been managing Mr Schoeler's properties here in the U.K. Some of these properties, at the time of the accident, were already put on sale. I, as his attorney, monitored the sale of the properties, and the depositing of the proceeds into Mr Schoeler's main U.K bank account. I have contacted you initially to assist me in repatriating the money, and possibly ownership of some of the property left behind by my client; this is to prevent ownership of both reverting to the state. By U.K law, ownership of funds in current bank accounts unattended for six years will automatically revert back to her majesty's government treasury. However, the legal procedure to activate this takes about three months, of which there are just about two months left.
The bank has recently issued me a notice to provide details of any of Mr Schoeler's next of kin within a short period of time, this thereby triggers off the procedure of reverting ownership of the funds to her majesty's government. My Late client's main Uk bank account is valued at fifteen million, five hundred thousand U.S dollars ($15.5m). Since I have been unsuccessful in locating any relatives of my late client in the last six years; and with the bank indicating that they now wish to shortly start the procedure of reversion of ownership of the funds to the state, I now seek your consent to present you as the next of kin of the deceased, so that the proceeds of this account can be paid to you. And then you in turn can send me my share of the money. The ratio for the sharing of the funds will be fifty per cent (50%) to me, forty per cent (40%) to you, and ten per cent (10%) for miscellaneous expenses that might arise. I have all the necessary information that will be used to back up any claim we may make..
All I require is your honest co-operation and confidentiality to enable us sees this deal through. I guarantee that this will be executed under a legitimate arrangement that will protect you from any breach of the law. Trust me, as Mr Schoeler's attorney; this is a risk-free transaction. Please send me your full names, address, and your telephone and fax numbers to enable us discuss this matter further.
I very much look forward to a swift response from you.
Kindest regards,
Barr. Phillip Butulezi
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by bennydaniel878: 9:16am On Jun 06, 2015
Nice

Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Nobody: 9:16am On Jun 06, 2015
Hmm broke niggah be lik,wher is d moni
Re: 5 Money Lessons You Can Learn From Your Friends Who Are Broke by Chitexs250(m): 9:18am On Jun 06, 2015
Nice piece..

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