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5 Habits That Kill Financially - Business - Nairaland

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5 Habits That Kill Financially by Kazrem(m): 6:15pm On Feb 02, 2017
By Kazeem Abolore

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.



http://www.opinions.ng/5-habits-kill-financially/

35 Likes 8 Shares

Re: 5 Habits That Kill Financially by HungerBAD: 6:23pm On Feb 02, 2017
Giving too much can bring you down.

Forget the bible verse that says God loves a shareful giver.

Not happening again.

31 Likes

Re: 5 Habits That Kill Financially by ssolaoye: 6:33pm On Feb 02, 2017
Stay Organised - Manage your business, clients and invoices from a single application. Your records are accessible on any device, anywhere.

https://invoice.ng
Re: 5 Habits That Kill Financially by Kazrem(m): 9:00am On Feb 03, 2017
lalasticlala help move this to fp
Re: 5 Habits That Kill Financially by Obiossy(m): 9:12am On Feb 03, 2017
simple n nice

1 Like

Re: 5 Habits That Kill Financially by AfonjasMustProsper(m): 2:41pm On Feb 03, 2017

Everything in your list is correct except "Having only one source of income"

I just accessed you with that dumb comment

My uncle only had one source of income which was exporting palm oil and he was rich as fucck

I followed his footsteps too

Now, mention any rich person that has more than 1 source of income, I'm waiting

6 Likes

Re: 5 Habits That Kill Financially by obamabinladen(m): 2:42pm On Feb 03, 2017
.

5 Likes

Re: 5 Habits That Kill Financially by wunmi590(m): 2:42pm On Feb 03, 2017
If by Monday our president is not back, they should declare Tuesday and Wednesday public holidays so that all of us will go and look for our president. Our president can't go to London and be missing like that.... Let them open boarder, we all go to London and look for him....

Only in this country Nigeria ,
It started from:
Missing Chibok girls!.....
Missing Certificate!...
Missing Budget!....
Missing Moon!....
And now,.. Huh,.
Missing President!!...

13 Likes

Re: 5 Habits That Kill Financially by Nobody: 2:42pm On Feb 03, 2017
6. Investing in MMM and baba Ijebu

7. Flying abroad to treat malaria, ear infection, brain leakage, sharp tongue

8. Taking loans to buy cars for people that have more than they need

9. Spending your salary on Valentine forgetting how you would enter bus to work the next day

25 Likes 2 Shares

Re: 5 Habits That Kill Financially by ibkgab001: 2:43pm On Feb 03, 2017
Dating more that one girl

Ijebu two sure


MMM

By the way I can see the number one snake master to viewing this topic

1 Like 3 Shares

Re: 5 Habits That Kill Financially by JellyBean190(m): 2:44pm On Feb 03, 2017
OP, you forgot womanising.

womanize /ˈwʊmənʌɪz/
verb
(of a man) engage in numerous acts of poosay-associated financial deposits with no chance of withdrawal.

8 Likes

Re: 5 Habits That Kill Financially by willian10: 2:44pm On Feb 03, 2017
6- Dating a gold digger sad

5 Likes

Re: 5 Habits That Kill Financially by ednut1(m): 2:46pm On Feb 03, 2017
keeping up with pple who dont know u exist

9 Likes

Re: 5 Habits That Kill Financially by sexaddict08(m): 2:46pm On Feb 03, 2017
Debt !
Debt !!
Debt !!!

my people fear debt.
fear loan ...
instead of debt, have savings and don't live above what u earn.

11 Likes 3 Shares

Re: 5 Habits That Kill Financially by infogenius(m): 2:47pm On Feb 03, 2017
Keeping chains of girlfriends
Clubbing and hanging out regularly.
Alcoholism and excessive smoking
Gambling

10 Likes 1 Share

Re: 5 Habits That Kill Financially by Goldenheart(m): 2:49pm On Feb 03, 2017
cool

Dating Karachikas.

1 Like

Re: 5 Habits That Kill Financially by RUGGEDWEAVER(m): 2:50pm On Feb 03, 2017
Sure thing, spend wisely...
Re: 5 Habits That Kill Financially by Eobiabo(m): 2:51pm On Feb 03, 2017
Nice write up, number 2 caught my attention... Especially in this era of Job volatility
Re: 5 Habits That Kill Financially by fpeter(f): 2:53pm On Feb 03, 2017
I'm curbing the impulsive buying habit. Randomly going online to KONGA, JUMIA and co.
Re: 5 Habits That Kill Financially by sexymoma(f): 2:56pm On Feb 03, 2017
Ponzi Schemes
Ph and Gh

2 Likes

Re: 5 Habits That Kill Financially by EmekaBlue(m): 2:56pm On Feb 03, 2017
Gambling,Alcohol,Drug,Spending more than u earn,excessive gfs and giving out so much
Re: 5 Habits That Kill Financially by hahn(m): 2:57pm On Feb 03, 2017
AfonjasMustDie:

Everything in your list is correct except "Having only one source of income"

I just accessed you with that dumb comment

My uncle only had one source of income which was exporting palm oil and he was rich as fucck

I followed his footsteps too

Now, mention any rich person that has more than 1 source of income, I'm waiting

This is known as the power of concentrated forces. This works too

But that is an exception and not the norm. It is safer to have two or more sources of income

Like your uncle for instance, did he sell other palm related products like the seeds? Did he have more than one buyer? Does are ways by which you can create more than one source of income from one source of income

7 Likes

Re: 5 Habits That Kill Financially by hahn(m): 2:58pm On Feb 03, 2017
fpeter:
I'm curbing the impulsive buying habit. Randomly going online to KONGA, JUMIA and co.

Get a scale of preference. Write a list for your shopping and stick to it

When you go online and see a product you like, if it is not on the list don't add it to the current list but write it on the next list

3 Likes

Re: 5 Habits That Kill Financially by Cavenchy(m): 2:59pm On Feb 03, 2017
AfonjasMustDie:

Everything in your list is correct except "Having only one source of income"

Now, mention any rich person that has more than 1 source of income, I'm waiting

Infact some of the richest people do. Donald Trump, Richard Branson, Dangote, E-money, Damon Dash, Mark Cuban. Not everyone has the skills or opportunity to manage multiple businesses all at once in the beginning. But perhaps if you start with one then gradually the others should come along with time, the goal should be to expand and break into new markets in the same industry, before adding on more in other industries e.g acquiring other companies, taking up part ownership, investing in start-ups with high growth potential etc.

6 Likes 1 Share

Re: 5 Habits That Kill Financially by akaahs(m): 3:00pm On Feb 03, 2017
HungerBAD:
Giving top much too can bring you down.

Forget the bible verse that says God loves a shareful giver.

Not happening again.
give but with limit or percentage, like me 10% of my income is what i give anything aside from this, i don't have.

1 Like

Re: 5 Habits That Kill Financially by fpeter(f): 3:03pm On Feb 03, 2017
hahn:


Get a scale of preference. Write a list for your shopping and stick to it

When you go online and see a product you like, if it is not on the list don't add it to the current list but write it on the next list


Last year,I saw a colleague of mine doing something that jolted me to reality. This babe writes down he needs for the month down to the cost of her transportation, tithe, feeding, electricity bills etc and miscellaneous. I have never made plans like that before, I decided to try it out this years.

1 Like

Re: 5 Habits That Kill Financially by helinues: 3:03pm On Feb 03, 2017
Yes
Re: 5 Habits That Kill Financially by viki84(m): 3:04pm On Feb 03, 2017
You Forgot To Mention Virtual Soccer And The Family Members #reppingMOUAU
Re: 5 Habits That Kill Financially by waleadex(m): 3:04pm On Feb 03, 2017
You nailed it @ op...but my concern is the area of having more than one source of income. One might not be lucky by having more sources of income because of distraction. Distraction can kill all sources at a time. A source of income,if properly run,can just be the very best.

1 Like

Re: 5 Habits That Kill Financially by Fabulouski(m): 3:06pm On Feb 03, 2017
Too much sowing of seed and launching.
Some seeds don't grow. Be wise!

1 Like

Re: 5 Habits That Kill Financially by helinues: 3:08pm On Feb 03, 2017
HungerBAD:
Giving too much can bring you down.

Forget the bible verse that says God loves a shareful giver.

Not happening again.

The boy is good, apa lo n jebe grin

3 Likes

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