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Four Common Financial Mistakes Most People In Nigeria Make - Business - Nairaland

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Four Common Financial Mistakes Most People In Nigeria Make by Dpredictor(m): 5:11pm On May 30, 2018
Here we'll take a look at some of the most common financial mistakes that often lead people to major economic hardship. Even if you're already facing financial difficulties, steering clear of these mistakes could be the key to survival.

Mistake No. 1: Living Paycheck to Paycheck

Many Families are living paycheck to paycheck, and an unforeseen problem can easily become a disaster if you are not prepared. The cumulative result of overspending puts people into a precarious position – one in which they need every dime they earn and one missed paycheck would be disastrous. This is not the position you want to find yourself in when an economic recession hits. If this happens, you'll have very few options.

Many financial planners will tell you to keep three months' worth of expenses in an account where you can access it quickly. Loss of employment or changes in the economy could drain your savings and place you in a cycle of debt paying for debt. A three-month buffer could be the difference between keeping or losing your house.

Mistake No. 2: Not Investing

If you do not get your money working for you in the markets or through other income-producing investments, you cannot stop working - ever. Making monthly contributions to designated retirement accounts is essential for a comfortable retirement. Take advantage of tax-deferred retirement accounts and/or your employer-sponsored plan. Understand the time your investments will have to grow and how much risk you can tolerate.

I have a wonderful business idea that can increase your income by at least 50% monthly. You can see it here. You will thank me later.


Mistake No. 3: Excessive/Frivolous Spending

Great fortunes are often lost one Naira at a time. It may not seem like a big deal when you buy a pack of Pizza every day, have dinner out or visit the Cinema every day, but every little item adds up.

Just 2000 Naira per day spent on dining out costs you =N= 60,000 per month, which could go towards a wonderful online business idea that would yield millions for you within 6 months. If you're enduring financial hardship, avoiding this mistake really matters – after all, if you're only a few Naira away from being broke. Every Naira count, so you should make good use of it.


Mistake No. 4: Not Having a Plan

Your financial future depends on what is going on right now. People spend countless hours watching TV or scrolling through their social media feeds, but setting aside two hours a week for their finances is out of the question. You need to know where you are to know where you are going. Make spending some time planning your finances a priority.

These little mistakes usually result in a large number of people becoming broke virtually all the time. There are countless of them, but unfortunately, I can list out everything. It takes financial wisdom to make the right choice.

The best choice for you would be to have another source of passive income, and this idea is the best you can ever choose.

See source for more

9 Likes 4 Shares

Re: Four Common Financial Mistakes Most People In Nigeria Make by Acidosis(m): 5:18pm On May 30, 2018
Thoughtfully cooked. Well done OP

6 Likes 1 Share

Re: Four Common Financial Mistakes Most People In Nigeria Make by DIYhackers: 6:09pm On May 30, 2018
No. 1 is the koko but wait o, this guy have a way of putting in his affiliate program link. Guys, send me a message now if you want to learn how to start blogging
Re: Four Common Financial Mistakes Most People In Nigeria Make by tsamson(m): 6:11pm On May 30, 2018
indeed,

poor works for money, money works for the rich...


the only difference between the poor and the rich is the way they think...

if you cant earn money even while you're fast asleep, you are not rich, you are just a high earner,

youth should start early, dont really on salary income,

work for expérience, never for money,

Know the difference between assets and liability, then and only then can you acquire through wealth,

for beginners,

Assets is What Put Money in your Pocket, Liabilities are what takes money from your pocket,

before you acquire that Liability, Get an Assets to Fund it... lol.


for those asking if more grows on trees, ask cocoa farmer

10 Likes

Re: Four Common Financial Mistakes Most People In Nigeria Make by Shalomc(f): 6:11pm On May 30, 2018

1 Like 1 Share

Re: Four Common Financial Mistakes Most People In Nigeria Make by Abatsam111(m): 6:15pm On May 30, 2018
Good
Re: Four Common Financial Mistakes Most People In Nigeria Make by lafuria1(m): 6:27pm On May 30, 2018
No way around most of this problem honestly not because one doesn't have sense but because of life unexpectation, you will just be saving o, one time a relative needs help or one's blood needs health attention, health is what eats up most savings in Nigeria.

5 Likes

Re: Four Common Financial Mistakes Most People In Nigeria Make by bobokeshington: 6:29pm On May 30, 2018
thumps up op
Re: Four Common Financial Mistakes Most People In Nigeria Make by GrammarNazi1(m): 6:29pm On May 30, 2018
DIYhackers:
No. 1 is the koko but wait o, this guy have a way of putting in his affiliate program link. Guys, send me a message now if you want to learn how to start blogging
...this guy has...
Re: Four Common Financial Mistakes Most People In Nigeria Make by continentalceo(m): 6:29pm On May 30, 2018
Ok
Meanwhile Abuja residents should check my signature
Re: Four Common Financial Mistakes Most People In Nigeria Make by DIYhackers: 6:45pm On May 30, 2018
GrammarNazi1:

...this guy has...
they waste your time
Re: Four Common Financial Mistakes Most People In Nigeria Make by GrammarNazi1(m): 6:57pm On May 30, 2018
DIYhackers:
they waste your time
tongue

1 Like

Re: Four Common Financial Mistakes Most People In Nigeria Make by frankputer: 7:04pm On May 30, 2018
continentalceo:
Ok
Meanwhile Abuja residents should check my signature


Why only Abuja ?
Re: Four Common Financial Mistakes Most People In Nigeria Make by Sheungbengar(m): 7:04pm On May 30, 2018
Nice
Re: Four Common Financial Mistakes Most People In Nigeria Make by KingsJohnson(m): 7:10pm On May 30, 2018
continentalceo:
Ok Meanwhile Abuja residents should check my signature
Why only Abuja bro??
Re: Four Common Financial Mistakes Most People In Nigeria Make by egopersonified(f): 7:12pm On May 30, 2018
Same points a friend came to tell me that her pastor preached about this morning.

ehh but sir, this losing your house in number one is for our people in diaspora wey dey take 10 years take pay for one house, then move to a bigger house and pay another 20 year mortgage. here, you can't lose your house for any reason except you build for government land, under high tension, land wey no be your own, etc
Re: Four Common Financial Mistakes Most People In Nigeria Make by jibs4lv(m): 7:13pm On May 30, 2018
DIYhackers:
No. 1 is the koko but wait o, this guy have a way of putting in his affiliate program link. Guys, send me a message now if you want to learn how to start blogging
check your mail bro, I want to learn too .
Re: Four Common Financial Mistakes Most People In Nigeria Make by obowunmi(m): 8:10pm On May 30, 2018
Giving people money and supporting lazy family members keeps people in poverty.

1 Like

Re: Four Common Financial Mistakes Most People In Nigeria Make by Keywordconcept(m): 8:14pm On May 30, 2018
Investment is sure way to be financially liberated.
Re: Four Common Financial Mistakes Most People In Nigeria Make by Geosystem(m): 8:46pm On May 30, 2018
egopersonified:
Same points a friend came to tell me that her pastor preached about this morning.

ehh but sir, this losing your house in number one is for our people in diaspora wey dey take 10 years take pay for one house, then move to a bigger house and pay another 20 year mortgage. here, you can't lose your house for any reason except you build for government land, under high tension, land wey no be your own, etc
Abi o. tell them. what works for us citizens cannot work for us here oh. Assets over liabilities
Re: Four Common Financial Mistakes Most People In Nigeria Make by continentalceo(m): 9:05pm On May 30, 2018
KingsJohnson:


Why only Abuja bro??
Because thats where I am
Re: Four Common Financial Mistakes Most People In Nigeria Make by continentalceo(m): 9:06pm On May 30, 2018
frankputer:



Why only Abuja ?
Because thats where I am
Re: Four Common Financial Mistakes Most People In Nigeria Make by KingsJohnson(m): 9:26pm On May 30, 2018
continentalceo:
Because thats where I am
So no hope for us outside Abuja (feeling sad)
Re: Four Common Financial Mistakes Most People In Nigeria Make by continentalceo(m): 9:43pm On May 30, 2018
KingsJohnson:


So no hope for us outside Abuja (feeling sad)
Sorry Bro
Re: Four Common Financial Mistakes Most People In Nigeria Make by DivinelyBlessed: 10:02pm On May 30, 2018
A nice thread.

Another mistake people make is that they don't read.
Re: Four Common Financial Mistakes Most People In Nigeria Make by Esijoy: 11:40pm On May 30, 2018
tsamson:
indeed,

poor works for money, money works for the rich...


the only difference between the poor and the rich is the way they think...

if you cant earn money even while you're fast asleep, you are not rich, you are just a high earner,

youth should start early, dont really on salary income,

work for expérience, never for money,

Know the difference between assets and liability, then and only then can you acquire through wealth,

for beginners,

Assets is What Put Money in your Pocket, Liabilities are what takes money from your pocket,

before you acquire that Liability, Get an Assets to Fund it... lol.


for those asking if more grows on trees, ask cocoa farmer

Kiyosaki fan spotted wink

2 Likes

Re: Four Common Financial Mistakes Most People In Nigeria Make by Crossboy(m): 11:12pm On Jan 16
DIYhackers:
No. 1 is the koko but wait o, this guy have a way of putting in his affiliate program link. Guys, send me a message now if you want to learn how to start blogging
how can i start blogging bro

(1) (Reply)

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