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Stats: 2,234,187 members, 4,889,959 topics. Date: Friday, 26 April 2019 at 02:53 AM
|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.
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.
|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.
|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
|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
|Re: 5 Habits That Kill Financially by obamabinladen(m): 2:42pm On Feb 03, 2017|
|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!.....
And now,.. Huh,.
|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
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.
(of a man) engage in numerous acts of poosay-associated financial deposits with no chance of withdrawal.
|Re: 5 Habits That Kill Financially by willian10: 2:44pm On Feb 03, 2017|
6- Dating a gold digger
|Re: 5 Habits That Kill Financially by ednut1(m): 2:46pm On Feb 03, 2017|
keeping up with pple who dont know u exist
|Re: 5 Habits That Kill Financially by sexaddict08(m): 2:46pm On Feb 03, 2017|
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
10 Likes 1 Share
|Re: 5 Habits That Kill Financially by Goldenheart(m): 2:49pm On Feb 03, 2017|
|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|
Ph and Gh
|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|
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
|Re: 5 Habits That Kill Financially by hahn(m): 2:58pm On Feb 03, 2017|
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
|Re: 5 Habits That Kill Financially by Cavenchy(m): 2:59pm On Feb 03, 2017|
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:give but with limit or percentage, like me 10% of my income is what i give anything aside from this, i don't have.
|Re: 5 Habits That Kill Financially by fpeter(f): 3:03pm On Feb 03, 2017|
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.
|Re: 5 Habits That Kill Financially by helinues: 3:03pm On Feb 03, 2017|
|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.
|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!
|Re: 5 Habits That Kill Financially by helinues: 3:08pm On Feb 03, 2017|
The boy is good, apa lo n jebe
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