Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,420,147 members, 5,427,615 topics. Date: Monday, 17 February 2020 at 03:09 PM

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

Nairaland Forum / Nairaland / General / Business / 3 Terrible Financial Mistakes You Are Making As A Youth (35061 Views)

Reasons Why Others Are Making Money Online and You Are Losing Money / Four Common Financial Mistakes Most People In Nigeria Make / 5 Financial Mistakes New Business Owners Should Avoid (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by uuzba(m): 2:38pm On Oct 02, 2019
BiafranBushBoy:


You said nothing but the truth.

Most Nigerians are mentally lazy towards work and not willing to give it all of it isn't their business.

Little wonder majority of them can't handle a business.
The mental laziness is only WITHIN Nigeria
Take SAME Nigerians overseas, ANY country, and that Nigerian will perform wonders for you.
Once that comfort of village/home is taken away from Nigerians,they start doing well.

3 Likes

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by ChidiAlaigbo: 2:39pm On Oct 02, 2019
Noel1:


What a Shitty Mindset u got here Bros...

I really don't mean to be rude.

What he said is good for reflection, may not be so for motivation.

At the end of the day, it is all rather pointless unless you haven't owned anything. I am a salary earner and I own things that I have not used for years, houses I have never slept in, cars I haven't driven for years, designer stuff I have not touched in years........so sometimes I ask myself what is it for? Maybe because I don't like showing off.
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by ChidiAlaigbo: 2:42pm On Oct 02, 2019
Anuoluwapo3054:
you are on point guy....truth be told, those billionaires won't tell you what lies under their huge investment. tension everywhere

Hmmmm unimaginable tension everywhere...........and in the end the pointlessness of it all!
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by BiafranBushBoy: 2:43pm On Oct 02, 2019
Noel1:


I used to read ur post on Nairaland and I had d impression u were a trouble packaging grin

But u changed my perception with dis GREAT PIECE...

A BIG BANG KUDOS Bros...

lol... thanks for the change in perception. cheesy

Nice day to you
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by BiafranBushBoy: 2:44pm On Oct 02, 2019
ChidiAlaigbo:


What he said is good for reflection, may not be so for motivation.

At the end of the day, it is all rather pointless unless you haven't owned anything. I am a salary earner and I own things that I have not used for years, houses I have never slept in, cars I haven't driven for years, designer stuff I have not touched in years........so sometimes I ask myself what is it for? Maybe because I don't like showing off.

All good till you get fired!

Not your portion though - but many of us have witnessed that process of getting fired from a lucrative job.
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Eddygourdo(m): 2:45pm On Oct 02, 2019
Noel1:


What a Shitty Mindset u got here Bros...

I really don't mean to be rude.
yet you were...... Time and eventualities will validate my mindset after all. So relax
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Americanboy35: 2:48pm On Oct 02, 2019
Anuoluwapo3054:
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
Bless you brother
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by ChidiAlaigbo: 2:49pm On Oct 02, 2019
Netanyahu1:


You sound very experienced, just by reading your post I know you have employed a Nigerian at one point. They are the worse set of people to have as your staffs. Little wonder dangote has foreigners as his top managers .

Any day I'm able to have a lebanies or Indian manage my business then I will know I have arrived .

Arrived where sir? Do you need to arrive at all? Are you seeking money for recognition and fame?
Is that really what money is for? sorry if I offend just thinking out loud.

1 Like

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by johnrash: 2:53pm On Oct 02, 2019
Get Crytpos news everyday check my signature.
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Nobody: 2:55pm On Oct 02, 2019
Eddygourdo:
yet you were...... Time and eventualities will validate my mindset after all. So relax

Bros. I'm sorry I came across dat. way cheesy
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Nobody: 2:57pm On Oct 02, 2019
ChidiAlaigbo:


Arrived where sir? Do you need to arrive at all? Are you seeking money for recognition and fame?
Is that really what money is for? sorry if I offend just thinking out loud.
I had to look through my post again , again and again, I just couldn't see money or fame in the content.

Comprehend before you quote people you know nothing about.

3 Likes 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by ChidiAlaigbo: 2:58pm On Oct 02, 2019
Eddygourdo:
yet you were...... Time and eventualities will validate my mindset after all. So relax

I believe you 100%!!!
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by ChidiAlaigbo: 3:00pm On Oct 02, 2019
Netanyahu1:
I had to look through my post again , again and again, I just couldn't see money or fame in the content.

Comprehend before you quote people you know nothing about.


Okay that was my assumption, for clarity what then do you mean by 'when you arrive'. Just trying to understand sir.
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by freethesheeple(m): 3:01pm On Oct 02, 2019
BiafranBushBoy:
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/


sweet talkers who only aim at peoples pocket

1 Like

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by adeiza4u(m): 3:07pm On Oct 02, 2019
thesicilian:
There are no employees among the list of world's richest men.
This statement alone is laden with invaluable revelation. Thanks so much!

2 Likes

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by maasoap(m): 3:13pm On Oct 02, 2019
Tumbulum:
Hahahahahaha. Easier said than done. Test book business men everywhere.

He didn't say anything that is not practical in nature. This goes beyond text book approach, it is just piece of information and it's priceless.
Remember, the topic says Terrible Mistakes and which is very common, it's not everything one criticises now. At least, no basis for criticising this topic
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by maasoap(m): 3:18pm On Oct 02, 2019
ednut1:
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

Laughing. This is one of the worst investments. How much will one three bedrooms flat cost, including cost of land to the provision of borehole? Then how much will be the cost your fair annual rent?
Instead of wasting money to build house for rent, why not simply buy land and prepare its documents if you are afraid of active investment?

ednut1:
land of 450k in 2003 in ikotun is now 16m. Land of 500k i bot in ibeju lekki 2015 is now 2m. Forget

You validated my submission with your last comment. Lol

1 Like 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by maasoap(m): 3:22pm On Oct 02, 2019
Eddygourdo:
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.


Something will eventually kill a man. At least when you die, you will leave something behind for your wife and children to cushion the effects of your demise
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by PapaAdanna: 3:33pm On Oct 02, 2019
Don't save to spend
Save to invest




LONGRICH is the most profitable MLM presently and their products are so organic.
Contact me to register so you can help your income by earning weekly
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by maasoap(m): 3:34pm On Oct 02, 2019
b0rn2fuck:
the moment you keep saving and watch your friend die while starving himself of hunger, only for you to open his account and found millions, this also remind me of a man who they try to borrow 50 only to complete his operation, walahi, baba die in mowe after but 170k was found in his account, I live to save but not starve myself because tommorow death can come but at least roof your head with your own house even if na one room and business of your own but I won't save and play with my health and food, I don't care about cloth or car

That man case is beyond normal. I have a friend like that too. He needed spinal cord surgery, urgent one. Family members were running up and down looking for money, this guy had money in his account but kept mute. He didn't contribute one naira despite having like 2m in his account. He could have died or become paralysed in all fours, he didn't care. Wasn't that beyond what this thread is about?

2 Likes

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by castro316(m): 3:39pm On Oct 02, 2019
Tumbulum:
Hahahahahaha. Easier said than done. Test book business men everywhere.

It is those who don't understand that are the first to condemn. I am sure you want everything to work like magic for you. I enjoy This mans topic because I recon with it. I am living this life and I am so happy. I work in a company and earn about 50k a month. I worked tirelessly and I was able to secure a beat up tricycle. My colleagues laughed at me behind my back and sometimes ask whether I am OK. My dad thought I was a disgrace because someone at my level is not supposed to ride one not mention a beat up one. I arranged my assets and liabilities and figured out I can work it through. 6 months into my side hustle after all the frustrations of going to the mechanic and several break downs, I have started getting connections and I have used my proceeds to apply for certification program. People respect me and they see me as someone who can manage money. Someone who has nothing cannot be entrusted with money. Some of my mockers now ask me how they can get one. Now I am the one to laugh last. the truth is that many nigerians want to live a comfortable life without paying the price. I am sorry for you if you are not paying the price now that you are young. Probably its when you have 4 or 5 children your eyes will clear. The truth is that if you don't enter one, you will not learn. But pls make sure you have a mentor who will guide you all the way because mehn the biz will sap you of energy and emotional stress
BiafranBushBoy:


So that you copy and spoil the market?

Don't you have brains to be innovative and solve a problem?
Ride on my brother some guys here just wallow in ignorance and try to influence others to follow their path. I one doesnt know what's up, let them shut up and learn. Cheers man

3 Likes 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Eddygourdo(m): 3:55pm On Oct 02, 2019
maasoap:


Something will eventually kill a man. At least when you die, you will leave something behind for your wife and children to cushion the effects of your demise
we both agree on something. There was no gain to the man. Other people gained. Many of whom possibly despise the man.

One must work hard, ball hard and play hard when his or her sun is still shining. Won't be long when the sun will set on him anyway. The sun will eventually set on all of us, guess the man who worked and played hard will have the least regrets.

1 Like

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Tumbulum: 3:58pm On Oct 02, 2019
castro316:


It is those who don't understand that are the first to condemn. I am sure you want everything to work like magic for you. I enjoy This mans topic because I recon with it. I am living this life and I am so happy. I work in a company and earn about 50k a month. I worked tirelessly and I was able to secure a beat up tricycle. My colleagues laughed at me behind my back and sometimes ask whether I am OK. My dad thought I was a disgrace because someone at my level is not supposed to ride one not mention a beat up one. I arranged my assets and liabilities and figured out I can work it through. 6 months into my side hustle after all the frustrations of going to the mechanic and several break downs, I have started getting connections and I have used my proceeds to apply for certification program. People respect me and they see me as someone who can manage money. Someone who has nothing cannot be entrusted with money. Some of my mockers now ask me how they can get one. Now I am the one to laugh last. the truth is that many nigerians want to live a comfortable life without paying the price. I am sorry for you if you are not paying the price now that you are young. Probably its when you have 4 or 5 children your eyes will clear. The truth is that if you don't enter one, you will not learn. But pls make sure you have a mentor who will guide you all the way because mehn the biz will sap you of energy and emotional stress

Ride on my brother some guys here just wallow in ignorance and try to influence others to follow their path. I one doesnt know what's up, let them shut up and learn. Cheers man
oya na. Now that you have red his textbook, goan and become a millionaire.

3 Likes

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by ibechris(m): 4:08pm On Oct 02, 2019
To some people money is a seed while for others it is simple a paper meant to be spent.

Everything u said is the actual reality of life and u know,in Nigeria many will not agree with u because of their stubbornness.
Saving for investment is the key to achieving financial balance in life.

I could remember when I used to mind what I eat,how much to spend in a day, and what to spend on. That is how to start to avoid things that will eat up ur money.
And today,I am 36 and happy I achieved those set goals because I no longer have to work to pay my children school fees,house rent and feeding but investment will do it for me.

1 Like

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by ednut1(m): 4:27pm On Oct 02, 2019
maasoap:


Laughing. This is one of the worst investments. How much will one three bedrooms flat cost, including cost of land to the provision of borehole? Then how much will be the cost your fair annual rent?
Instead of wasting money to build house for rent, why not simply buy land and prepare its documents if you are afraid of active investment?
land of 450k in 2003 in ikotun is now 16m. Land of 500k i bot in ibeju lekki 2015 is now 2m. Forget

1 Like 1 Share

Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Budline1(m): 4:44pm On Oct 02, 2019
In Summary: Multiple source of income, Savings and Prudence. Nice one.
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by BiafranBushBoy: 4:50pm On Oct 02, 2019
freethesheeple:



sweet talkers who only aim at peoples pocket

Bitter talkers who wallow in extreme poverty!
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by BiafranBushBoy: 4:53pm On Oct 02, 2019
Tumbulum:
oya na. Now that you have red his textbook, goan and become a millionaire.

You sound like someone who is frustrated. Seek help and you will get.

Not everyone is broke with no hope like you.

Seek help
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by castro316(m): 4:55pm On Oct 02, 2019
Tumbulum:
oya na. Now that you have red his textbook, goan and become a millionaire.

Boy its about being financially free and not about being a millionaire. Keep moving higher as you learn
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by BiafranBushBoy: 4:57pm On Oct 02, 2019
Unik3030:
dont mind them, a motivational speaker will tell u he has been making 10 million naira per month since 10 years ago n he's still staying in a rented apartment. many of them loose touch wit reality


What is the motivation speech in what I wrote?

Don't let hatred blind your sense of reasoning.
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by LiaKnitter: 4:57pm On Oct 02, 2019
[quote author=SoNature post=82770878]Biafranbushboy, some of these points are debatable. When you do business in Nigeria, you will understand that Nigeria's peculiarities beat common sense.

A good investment article will break down how much you should invest, in what venture and what you are likely to make over what period of time. It goes without saying that there will be some calculations.

You see, running a business in Nigeria is no child's play. Go and ask people. A lot of people who keep shouting investment up and down know next to nothing about it.

Look, in Nigeria, if you are not the one running your business yourself, people will frustrate you. A typical Nigerian has a very bad intent...we are only interested in what we gain from our company.

It's even worse that some employees steal from the same company that pays them monthly salaries. They don't have sympathy at all.

More importantly, any business you don't understand perfectly, don't do it on Nigeria. Most Nigerian workers are criminals in suit and coveralls.

Also, you invest in people's businesses with an agreement that they will pay you a particular profit. Later, they come back to tell you stories because the payment date is due. Yes, they know that if you arrest them, they can only tell the police that they will pay you peanuts in a period of 10 years.

Finally, it's better you leave your hard-earned money in your account and wake up to see it every day than get into a silly business because you want to have multiple streams of income. In the long run, you just lose everything. [/quot


Perfect one.
Some poeple arw very good with word and make you feel like you're not doing the right thing. Nothing is easy, especially in this Nigeria.

Thanks.
Re: 3 Terrible Financial Mistakes You Are Making As A Youth by Tumbulum: 5:14pm On Oct 02, 2019
BiafranBushBoy:


You sound like someone who is frustrated. Seek help and you will get.

Not everyone is broke with no hope like you.

Seek help
really? How do they sound?

(1) (2) (3) (4) (Reply)

EFCC Recovers N27.7b From Six Banks For Withholding Tax / Folorunsho Alakija: Without A University Degree, I Became A Billionaire / I Want To Become Bet9ja Agent

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 195
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.