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5 Financial Mistakes That Keeps Making You Go Broke - Investment - Nairaland

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5 Financial Mistakes That Keeps Making You Go Broke by youngmajor: 10:09am On Mar 30, 2018
Whenever you go broke before your next paycheck, that should be a time you should sit and analyze critically what is going on in your finances. Being broke isn’t magic; it is the little careless financial actions that have drained your finances. What are they and how can you solve them?



Several times we believe that being broke is natural, but that isn’t financial freedom. If you can live the life of your dream with or without a paycheck, then something is definitely wrong.

There is something called the rat race, which 89% of Nigerians have found themselves. That is the simple reason why people work for 10 years in an establishment, and once the salary stops coming in; they are back to where they started from.

Is it supposed to be so?

Hell No! In the last post, I listed out the several ways working class and unemployed people can either create a side hustle or full-time hustle to support their existing source of income.

The reason for this is to help create other sources of income that will complement the main source of income.

Let’s not digress further.

Now there are several financial mistakes that people make, and these same mistakes keep costing them several thousands of Naira. But can we find a way to block these loopholes?

There is only one solution to being broke, and that is to increase your revenue.

“Don’t cut down on your cost, increase your revenue” – Robert Kiyosaki.



What are the Financial Mistakes we keep making?


Saving to buy something

A colleague of mine took a loan just to buy the iPhone 7 when it was newly launched. I called him “the genius of financial stupidity”. I didn’t know the reason for that but trust me that it was one stupid financial mistake that most of us make.

We take loans to buy cars, houses, clothes, shoes, etc. Then we now work hard all the days of our lives to pay back those loans. The issue of credit card loans isn’t common in Nigeria like in America, but it is gradually creeping into the minds of people.

I bought my first car after 1 and a half year of setting up my business. I made so much profit that I had to congratulate myself by purchasing the car. Instead of saving, why not set up a business, then you buy the car from your excess revenue.

Purchasing Liabilities

One of the best financial decisions I took was to attend a seminar on affiliate marketing (cost me 5k) plus an electronic material I purchased for 4k. It gave me the blueprint I needed to become an expert today.

I could have used the money to buy a new phone and all, and then I come on social media to blame the Govt and lament.

Purchasing liabilities with limited funds is something common among youths today. A guy/girl would be comfortable spending 10k on a hangout but can invest just 3k to set up a business that will generate more than $400 on a monthly basis.

It is called financial foolishness.

Depending on One Source of Income



If the world’s richest people are diversifying

If your Employer has several sources of income

Do you then think you can become rich by earning 300k Naira monthly? No!

Your expenses will shoot up as a result of your earnings, and you will struggle to meet up demands from the monthly salary. This leads to the dreaded rat race.

Spend before Save

I hate saving my money in a bank; but for some others, this is their own easy way of accumulating wealth – good for them.

If you intend to accumulate money slowly, then you should do it the correct way. A certain part of your money should be saved before you spend.

But why save money when you can invest it into profitable ventures?

Investing in HYIP programs

In case you have no idea what the HYIP program means, it means High Yield Investment Programs. We have so many of them that have come and gone, but the memorable one was the MMM program. It made thousands of people rich and rendered millions broke.

Another still in existence is the FOREX scheme. These HYIP programs can make you rich in a matter of minutes, and still make you poor the very next second.

If you intend to create a nice business model, then you should ask me for several profitable online businesses you should do and make money.

I spend $25 monthly paying for seminars by professionals on how to increase my earnings on the online business I run. Every time I update my guide to give you insiders tips on how to make money from an online business like Affiliate Marketing – which is the best. So you can join me and let’s make money together and secure financial freedom.

Are you ready to join the financial freedom movement?

See source for more

14 Likes 2 Shares

Re: 5 Financial Mistakes That Keeps Making You Go Broke by youngmajor: 10:10am On Mar 30, 2018
making money online is easy as long as you know your way. i spent 3 years earning pennies on fiverr but the story all changed when i saw THIS PAGE. i made N171, 000 in my first month. all thanks to that page

1 Like

Re: 5 Financial Mistakes That Keeps Making You Go Broke by stancozy(m): 12:09pm On Mar 30, 2018
Can we have a private discussion on Affiliate marking ? I am in dire need of side hustles as my salary is no longer sustainable for the kind of work I do

1 Like 2 Shares

Re: 5 Financial Mistakes That Keeps Making You Go Broke by spartan50(m): 1:03pm On Mar 30, 2018
Giving girlfriends money..

44 Likes 2 Shares

Re: 5 Financial Mistakes That Keeps Making You Go Broke by Chidex2442(m): 1:03pm On Mar 30, 2018
being too careful in reading and doing them all can also make you broke..... Take the risk or forget it
Re: 5 Financial Mistakes That Keeps Making You Go Broke by Tolzeal(m): 1:04pm On Mar 30, 2018
Bla bla Bla Bla Bla .... It’s so self promotion lol
Re: 5 Financial Mistakes That Keeps Making You Go Broke by Nobody: 1:05pm On Mar 30, 2018
What can b done to double d hustle
Re: 5 Financial Mistakes That Keeps Making You Go Broke by femi4: 1:06pm On Mar 30, 2018
Same ol same

1 Like

Re: 5 Financial Mistakes That Keeps Making You Go Broke by sirusX(m): 1:07pm On Mar 30, 2018
spartan50:
Giving girlfriends money..
Gbam!

Singing...
If I hustle my money, you go follow me chop am , na me bring you come Lagos, I resemble your papa

5 Likes 1 Share

Re: 5 Financial Mistakes That Keeps Making You Go Broke by Krafty006: 1:07pm On Mar 30, 2018
Noted.....OK.....shoe biz, learn shoemaking , become independent, https://www.nairaland.com/4405075/new-designs
Re: 5 Financial Mistakes That Keeps Making You Go Broke by Yunjeezy(m): 1:09pm On Mar 30, 2018
N
Re: 5 Financial Mistakes That Keeps Making You Go Broke by JeffreyJames(m): 1:12pm On Mar 30, 2018
Same old shiit to lure people to buy ebooks. Selling ebooks on what they don't practice is what most of these "affiliate marketers" do. undecided

I can't believe this one actually called forex trading Hyip scheme. Smh

16 Likes

Re: 5 Financial Mistakes That Keeps Making You Go Broke by Nobody: 1:13pm On Mar 30, 2018
cry cry cry

Forex own na worse

Watin forex do me I can't tell
Re: 5 Financial Mistakes That Keeps Making You Go Broke by Amehid2: 1:13pm On Mar 30, 2018
Please Forex trading is not HYIP .there are those that trade profitable and live off of FX.
Re: 5 Financial Mistakes That Keeps Making You Go Broke by Premiumwriter: 1:15pm On Mar 30, 2018
Nice points.

1 Like

Re: 5 Financial Mistakes That Keeps Making You Go Broke by David160(m): 1:17pm On Mar 30, 2018
I need help with earning money online?
Re: 5 Financial Mistakes That Keeps Making You Go Broke by Deltayankeeboi: 1:20pm On Mar 30, 2018
OP BUT WHY ARE YOU ADVERTISING YOURSELF. YOUR POST SPEAKS MORE OF YOU THAN THE ACTUAL POINTS YOU GAVE

4 Likes

Re: 5 Financial Mistakes That Keeps Making You Go Broke by Emeskhalifa(m): 1:22pm On Mar 30, 2018
Is IML HYIP too??

2 Likes

Re: 5 Financial Mistakes That Keeps Making You Go Broke by Scholarsticchai: 1:23pm On Mar 30, 2018
Re: 5 Financial Mistakes That Keeps Making You Go Broke by Anuoluwapo3054(m): 1:23pm On Mar 30, 2018
Are u minding the Op?this is how to identify sugar coated mouth marketers...it can't work on me though....everyone has got their mode of accumulating wealth...some spends and save the excesses for big project...OP go and sit down abeg
JeffreyJames:
Same old shiit to lure people to buy ebooks. Selling ebooks on what they don't practice is what most of these "affiliate marketers" do. undecided

I can't believe this one actually called forex trading Hyip scheme. Smh
Re: 5 Financial Mistakes That Keeps Making You Go Broke by Deltayankeeboi: 1:24pm On Mar 30, 2018
"BET9JA VIRTUAL BETTING". THE MAIN REASON WHY NAIJA YOUTHS ARE ALWAYS BROKE. ALL STREET "MEN" KNOW THE STORY. UNIVERSITY BOYS CAN RELATE BETTER. cheesy I HAVE FRIENDS THAT DROPPED OUT OF SCHOOL BECAUSE OF THE SPIRIT OF BETNAIJA. AFTER LOSING YOUR #50000 SCHOOL FEE PLUS ALLOWEE. NA TO STEAL BE THE NEXT IDEA. BETNAIJA HAS RUINNED MANY LIFES. #SAY NO TO BET9JA

23 Likes 2 Shares

Re: 5 Financial Mistakes That Keeps Making You Go Broke by kabarka(m): 1:30pm On Mar 30, 2018
Following, my mentor .
Re: 5 Financial Mistakes That Keeps Making You Go Broke by MichaelSokoto(m): 1:35pm On Mar 30, 2018
Oga, I can swear by my grandmommas' fav cookin pot wey she take dey cook owo say if u dey earn all those bi-big money wey u dey call so, we can neva c u on nairaland hia. biko park well.

7 Likes 1 Share

Re: 5 Financial Mistakes That Keeps Making You Go Broke by Nobody: 1:36pm On Mar 30, 2018
Where are the mistakes now? I can't seem to find them?



My brother, you have made ZERO point.
Re: 5 Financial Mistakes That Keeps Making You Go Broke by oladayo63(m): 1:37pm On Mar 30, 2018
Forex is not HYIP. Don't say what you don't know please, or rather do your research before making your facts.

To those crying blood because of losses in Forex, if you don't master the game, you can't win. Forex didn't do you anything; you did all that happened to you. If you win, it's you; and when you lose, it's you.

You can't fund your account and start clicking your mouse buttons in the name of trading Forex. Instead of crying blood, learn how the game should be/is played.

Forex is the most difficult job in the world for a reason.

Ciao
Re: 5 Financial Mistakes That Keeps Making You Go Broke by MichaelSokoto(m): 1:39pm On Mar 30, 2018
David160:
I need help with earning money online?
my broda, u need yahoo + + grin
Re: 5 Financial Mistakes That Keeps Making You Go Broke by lymelyte(m): 1:43pm On Mar 30, 2018
amani63:
cry cry cry

Forex own na worse

Watin forex do me I can't tell
grin
Re: 5 Financial Mistakes That Keeps Making You Go Broke by MichaelSokoto(m): 1:43pm On Mar 30, 2018
Deltayankeeboi:
"BET9JA VIRTUAL BETTING". THE MAIN REASON WHY NAIJA YOUTHS ARE ALWAYS BROKE. ALL STREET "MEN" KNOW THE STORY. UNIVERSITY BOYS CAN RELATE BETTER. cheesy I HAVE FRIENDS THAT DROPPED OUT OF SCHOOL BECAUSE OF THE SPIRIT OF BETNAIJA. AFTER LOSING YOUR #50000 SCHOOL FEE PLUS ALLOWEE. NA TO STEAL BE THE NEXT IDEA. BETNAIJA HAS RUINNED MANY LIVES. #SAY NO TO BET9JA
u deh spoil dia mkt, dem gor assasinate u oo! grin
Re: 5 Financial Mistakes That Keeps Making You Go Broke by iykepromotions: 1:44pm On Mar 30, 2018
David160:
I need help with earning money online?
Check my thread on domain flipping or visit julanky.com for direct mentorship, tools and guidelines. it's all about buying and selling domain names.

3 Likes

Re: 5 Financial Mistakes That Keeps Making You Go Broke by lenghtinny(m): 1:47pm On Mar 30, 2018
More talk less action as usual.....
How much is your ebook angry

2 Likes 1 Share

Re: 5 Financial Mistakes That Keeps Making You Go Broke by kokakola: 1:50pm On Mar 30, 2018
I'm an Undergraduate and I have a good Laptop and Modem of my own. Which Online business can I start to gradually earn Profit?

1 Like

Re: 5 Financial Mistakes That Keeps Making You Go Broke by InvertedHammer: 1:57pm On Mar 30, 2018
Saving up money to plough into CryptoCurrency or forex knowing fully well that on the short term, profits will be made. But on the long term, the investor will be wiped out. Brokers understand this concept and lure gullible noobies to Golgotha for slaughter. There is a 90% failure rate in trading but the good news is that everyone believes that they belong to the 10% survivors until the inevitable happens.

Data available from www.cnbc.com shows that for the Quarter ended (Jan-March 2018), bitcoin alone has a total value of $114 billion wiped out. Oh well...


/

1 Like 1 Share

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