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3 Terrible Financial Mistakes You Are Making As A Youth - Business - Nairaland

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3 Terrible Financial Mistakes You Are Making As A Youth by BiafranBushBoy: 11:22am On Jul 17, 2019
Hi Guys, I am back again with something I believe will affect you positively.

Several times I have seen people complaining about finances and how they have been unable to break even in their finances.

Most times I hear people talking about one of the following or even both;

-) How they aren’t making enough money
-) How the money they make has yielded anything fruitful in term of having enough savings for the rainy days.

This post will aim to show you some financial mistakes you are making, and some possible solutions to them. If you are interested in improving your financial status, then do well to read this post from top to bottom.

If you are depressed about your current financial state, then two things are responsible for the depression.

Either you aren’t making the amount you expect to make, or the ones you make aren’t resulting in anything tangible in your life.

Let’s assume you are paid a Hundred Thousand Naira monthly; you have worked for 6 months, yet you don’t have a savings of more than Two Hundred Thousand in your account.

I can get several reasons why I shouldn’t have that amount as an asset, but you should know that excuses don’t result in anything tangible.

On the other hand, you have been making 150k (One hundred and Fifty Thousand Naira) as a monthly income for the past 6 months, with no increase. There are so many reasons why you shouldn’t increase your monthly pay – but excuses don’t translate to anything tangible.

How can you overcome such hassles and press higher-up in your financial status?

Let me show you some Financial Mistakes you are making at the moment




Depending on One Source of Income

If you were to have access to several lives to enable live longer in this world, how many would you have? I guess it wouldn’t be just one life. So why should you be running on a single source of income?

Spoiler Alert: Your CEO/MD/GMD has more than one source of income.

I presently have three solid sources of income, and I just recently opened two more which are still in their infant state.

Having several financial sources that will keep giving birth to babies (cash flow) for you at the end of every month is the key to financial success.

Check out big corporations like Facebook, Microsoft, Amazon, they are all diversifying and opening up new channels. You have to think like a Smart Person – hence you “Think Smart and Work Hard.”

Source of income for those with little capital is different from those with a Huge Capital.

As a young guy who is earning less than Three Hundred Thousand Naira (300k) monthly, you don’t need a passive investment; you need an Active one.

“Passive investments are liquid portfolios like Stocks, fixed deposits, etc; while active investments are like side hustles – businesses, offline or online”

Unless you are willing to take the huge risk of investing in high yield investments with a huge amount of risk, then you need to set-up an active investment. You work on it day and night – alongside your day job, to create one source of income.

How can you do this?

“I will be speaking about this at an Event, where we will be discussing How to Move from Zero to Millions by Creating your own Business on the July 20th – Where I will show you how to create side hustles and improve your financial status. It is a FREE event and you are all welcomed.”


Saving with No Financial Gain


My mum used to tell me “make sure you save part of your salary”; then I never asked the question I was supposed to ask. Now I realized that what is stopping most people from achieving their financial goal is because they grew up with the “make sure you save money mentality”.

For every cash you leave in the bank, you are empowering the banks and making them richer. The banks, in turn, use your money to trade and make other rich who need your money to become richer.

You don’t save for rainy days – that is a bulls*t mentality!

Let’s assume you save a million Naira – something pops up and you need cash, you go back to the bank and make withdrawals. The money automatically reduces; then you start afresh again, saving for rainy days.

You will never become rich; a time will come and the situation upon situation pops up, then the money vanishes into thin air.

All because you kept saving for rainy days – instead of saving for financial gains.

Please don’t read this and start searching for the best investments in Nigeria, they are all the same and won’t make you rich if you don’t have a huge capital base.

There are other ways to transform your little cash into a huge financial flow; I will be explaining more at the event.


Spending with No Gain


If it doesn’t have the capacity to turn in revenue, don’t spend huge on it. Why do you need an expensive iPhone X, when all you wanna do is feel big, snap pictures and woo girls?

Why do you need a haircut of Three Thousand Naira, when you can still get the same for Five Hundred Naira?

If it won’t get in revenue for you, don’t spend huge.

Here are the steps to Get Started in your Finances;

Set a financial target – E.g. 1 Million Naira in 4 months
Open up several sources of income to help you achieve the target
Save 40% of your income
Invest back 10% into your business promotion
Once you hit your target, increase the target and start all over again.


Doing this all the time would make you a multi-millionaire in a few years; it is possible and achievable.

P.s. No Excuses – we all have excuses about life!!!

You can add-up others in the comment section.

Source: https://topwritersden.com/financial-mistakes/

85 Likes 20 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by BiafranBushBoy: 11:24am On Jul 17, 2019
Join the contribution and tell me, which other financial mistakes do you think people are also making?

lazy ass people always filled with complaints!!

Nawa for some 9ja youths who prefer BB9ja over setting up something for themselves!!!


Looking to invest?

Click here to See the best investments in Nigeria

6 Likes 3 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by UrVillagePpl: 9:18am On Oct 01, 2019
BiafranBushBoy:
Join the contribution and tell me, which other financial mistakes do you think people are also making?

lalasticlala, over to you

quite informative and would be very useful.

i pray i make the best out of this
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by milkyworld(m): 1:36pm On Oct 02, 2019
4. Not using the fastest paying bookie in the market. Check my signature for further details.
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Tumbulum: 1:37pm On Oct 02, 2019
Hahahahahaha. Easier said than done. Test book business men everywhere.

97 Likes 4 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by thesicilian: 1:37pm On Oct 02, 2019
There are no employees among the list of world's richest men.

18 Likes 4 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by KIDfurniture(m): 1:37pm On Oct 02, 2019
cry
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Madibah: 1:38pm On Oct 02, 2019
All my savings is for flexing on Sunday night grin

24 Likes

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by EdmundChidera(m): 1:38pm On Oct 02, 2019
I can't see having a girlfriend

That should be no.1

30 Likes 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by madenigga(m): 1:38pm On Oct 02, 2019
What's the use of all this long articles when most youths don't even have a job talkless of depending on a source of income

66 Likes 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Freemanbobble: 1:39pm On Oct 02, 2019
Okay

1 Like 2 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Premiumwriter: 1:39pm On Oct 02, 2019
I think reckless spending is something I have to deal with.


I need to get more calculative with the small I have and not throw around like I have much


Some nigaz be hailing you like you have much, go broke first and you'll see their real side

30 Likes 2 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Laycan(m): 1:39pm On Oct 02, 2019
Yahoo

4 Likes 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Ugosample(m): 1:39pm On Oct 02, 2019
Tumbulum:
Hahahahahaha. Easier said than done. Test book business men everywhere.

this is not textbook

4 Likes 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by helixmanager: 1:40pm On Oct 02, 2019
Start from re-engineering your mindset!

Step one: Read a book titled “Think and grow rich” and thank me later.

7 Likes 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by passyhansome(m): 1:40pm On Oct 02, 2019
I Have Never Met A RICH Person Who Has Never lost Money but I Have Met A Lot Of POOR People Who Has Never Lost A Dime-Robert Kiyosaki-

The Primary Difference Between The RICH & The POOR Is How They Handle FEAR in Investment -Robert Kiyosaki-

Have Positive mindset about investment. You can NEVER be Rich if you are too SCARE of losing Money

SALARY alone can not solve your money problems. You need Secondary Source of income to balance

SALARY is the MEDICINE for managing POVERTY, it doesn't CURE it. Only your BUSINESS or INVESTMENT Cure Poverty

Be FINANCIAL INTELLIGENT

25 Likes 2 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by ednut1(m): 1:40pm On Oct 02, 2019
If i slap that ya face. Naso i go do cat fish business in the name of multiple source of income. One naira i no make. As a youth if u have money buy land and build houses for rental income

39 Likes 2 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by VicM6: 1:40pm On Oct 02, 2019
baba forget this level... na condition make crayfish bend.... at 23,my mate dey receive 100,000 pounds for old tafford. buy anything they want without thinking twice but man dey this Nigeria dey hustle like Jacky while politicians dey drive cars of 100millon naira.

26 Likes 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Tumbulum: 1:40pm On Oct 02, 2019
Ugosample:


this is not textbook
lol textbook
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by BiafranBushBoy: 1:41pm On Oct 02, 2019
Tumbulum:
Hahahahahaha. Easier said than done. Test book business men everywhere.

Oopps... Sorry you are wrong. I live it practically...

1 Like

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by nnamdibig(m): 1:41pm On Oct 02, 2019
Tumbulum:
Hahahahahaha. Easier said than done. Test book business men everywhere.

They should show their businesses and how the said plans have worked.
The best person to advise how to make money is someone like Dangote, Elumelu, J Ovia, not an unemployed youth somewhere struggling to make ends meet like everyone else.

18 Likes 2 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Kendumazy(m): 1:41pm On Oct 02, 2019
Ok
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by BiafranBushBoy: 1:43pm On Oct 02, 2019
nnamdibig:


They should show their businesses and how the said plans have worked.

So that you copy and spoil the market?

Don't you have brains to be innovative and solve a problem?

10 Likes

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by bobokeshington: 1:44pm On Oct 02, 2019
Nice info

1 Like

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by cooljoe(m): 1:45pm On Oct 02, 2019
This is insightful

1 Like 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Maldini212(m): 1:45pm On Oct 02, 2019
Let boys profit on the net


This year my woman must pay

2 Likes

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by MrNipplesLover(m): 1:45pm On Oct 02, 2019
grin
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Eddygourdo(m): 1:46pm On Oct 02, 2019
Happiness in life is not dependent on how much you make, but how much problems you face.

You might make 50k and all ur problems are worth 20k, while someone else might make 100k and all his problems are worth 95k. Who exactly has it best in life? That's higher earner? I doubt that.

Work hard, love alot, try to be happy and merry with the little your hard work gives you. Because death is always knocking and soonest it could be time for the door to open.

What does it profit a man to save all an invest all, suffering himself in the process only to use the money to treat and manage an ailment which will eventually kill him anyway.

26 Likes 2 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Anuoluwapo3054(m): 1:46pm On Oct 02, 2019
don't mind them...that's how they keep ruining the lives of people via unprofitable investment. if anyone must invest, i will advise such person goes into real estate, land acquisition, e.t.c
Tumbulum:
Hahahahahaha. Easier said than done. Test book business men everywhere.

7 Likes 2 Shares

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by AmazingELixir: 1:46pm On Oct 02, 2019
grin
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by BabaIbo: 1:47pm On Oct 02, 2019
I don hear, next!

1 Like

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