₦airaland Forum

Sholapey:
*Money Mistake 1*
Never borrow money that accrues interest to start a business . That is to say, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest.

*Money Mistake 2*
Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. If someone tells you: "Ezra, come to my office tomorrow at 9am and pick #30K"don't go out to buy items on credit based on this promise, with the hope that you will pay off your creditor when the promised money comes; it may not come as promised and this will leave you in problems with your creditors.

*Money Mistakes 3*
If you want to save, whenever you receive money, don’t start spending hoping that you’ll save what remains. Normally what remains is zero because as long as money to spend is available, the numerous things you can spend it on are also available. And things to spend on even incite their 'relatives' so that you spend even more than you had planned. When money to spend is not available, we naturally find a way of doing without it. That's why I've learnt to save with an INVESTMENT CLUB. Once I send money there I assume I no longer have it. Before you spend any money, put your savings aside then spend what is left after saving.

*Money Mistake 4*
When you get an opportunity to meet a very wealthy person, never ask for money. Ask for ideas on how to make money. They may even choose to give you money on their own after seeing that your ideas are great, but let getting money from them never be your objective.

*Money Mistake 5*
Keeping your seed instead of planting it. Many people stop at saving. It's very, very difficult to save and have all you need to maintain your lifestyle especially after retirement. When you save, your savings are seed; plant it. When you just keep the seed (saving money) some seeds begin to die (eaten by inflation and the like). That's why I recommend that you read about the different types of investment vehicles you can use to grow your savings. I am not necessarily talking about putting the money in a business, because you can easily lose money in business. I am talking about putting it in an investment.

*Money Mistake 6*
Never lend someone money you are not willing to lose. By the time you lend someone money, be contented in your heart that should the person fail to pay, you will not die. You should not even lose that person's friendship if they fail to repay the money you lent them. If you feel the person might fail to pay you and this will not affect your relationship with them, then lend them money. If their failure to pay would make you hate this person’s entire clan, please advise the person to go to the bank.

*Money Mistake 7*
Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money on their behalf. Do I have to explain that one? No, it's self explanatory.

*Money Mistake 8*
Avoid keeping money you don't intend to use in the short-term within easy reach. For instance, don’t walk with #100K in your pocket when all you plan to do in a day costs #20K. Like I mentioned in Money Mistake 3, there are always expenses available to gobble any money that is within reach, so if you don't want to lose it, put it away in a safe place.

*Money Mistake 9*
Avoid keeping money in inappropriate places e.g. in socks, under the pillow, in a pit, in the sitting room, in the bra, in a travel bag that you will place somewhere in a bus ... impulse buying is a devil that will keep you busy!

*Money Mistake 10*
Spending money on an item that you can do without (at least for the time being). These days when I pick money from my pocket or wallet, before paying for something I ask myself: What would happen if I didn’t buy this? If I find I can live with the consequences of not having that thing, I smile and walk away.

*Money Mistake 11*
Paying an amount for something that's not the minimum you can get that same value for. In other words, if you usually visit the Supermarket and you pay #5K for a shoe or any commodity that you can get at #3K at Your local market, that's a money mistake except for those who have achieved financial freedom.

*Money Mistake 12:*
Consistently spending all you earn or more than you earn. It's like having a drum where you have an inlet that's smaller than the outlet. It will never get full. And should the inlet ever reduce significantly the drum will run dry. If you do it the other way round and the inlet is bigger, it will get full and even overflow. Hence, we have to always ensure we are widening the inlet while narrowing the outlet – all the time. Your side hustle comes in handy!

*Money Mistake 13:*
Thinking about short-term only and forgetting about long-term or thinking about the long-term and forgetting about the short-term. For instance, Lydia was told that there's money in land. She saved money over a long period of time and bought 30 acres of land. Now she has the land but she is always broke. She is always complaining. She's disgruntled and she doesn't seem to see herself earning from the land in the near future. Now, let's ask ourselves: Having 30 acres of land and no money to feed your family or take a child to hospital, is that wealth or poverty? I think Lydia only looked at long-term needs and forgot that she has short-term needs that require money. What of those who find they are one paycheck away from salary? Are they thinking about the long-term needs?

Let’s take stock of our finances. How many mistakes are you guilty of? Do you now feel Better reequipped to do better with these tips? Good luck, savers! Share this knowledge with your friends because it will not benefit you if you are selfish with it.

God bless you as you work on your financial prudence and objectivity.

.-Spend Wisely
God be with you.

lexy2014:
Yes, he will have that as a priority. because we d citizens aren't putting them under any pressure to perform. George Floyd was killed & d reaction of US citizens sent shock waves around d world. D docility of Nigerians in d face of unwarranted provocation & oppression is amazing

ahiboilandgas:
Please what the vision ,mission,and objectives of big brother Nigeria .....for the company i understand income but for the voters?i seems not to undeestand abi abi old school

Justdogood:
Nigeria is on autopilot.
I repeat, Nigeria is on autopilot.

All our leaders are brain dead. Even the military heads

Gerrard59:
Emotional Investments: This is investing when the numbers don’t support the reason(s). One of the things I have learnt to respect especially regarding finances & economics is numbers. Once the numbers don’t support the reason, I refrain from doing it or supporting it. This happened twice with my parents. Initially, my dad spent millions building a house in his village even when I cautioned him about the economic necessity for doing so. This was when 1$ = 100N and economic growth was largely positive. My reasons were based on numbers and geography. The closest town had little economic activities except the state capital which was kilometres away. But he decided to build; today, he cannot stay there as there is no economic activity. Waste of money, total waste. Same with my mom, also in her village which is too far from the state’s capital. Fortunately, we have enough to cancel out those losses. But imagine the economic calamity it would have on those who don’t have strong buffer systems? In both scenarios, the numbers didn’t support these investments (worth more than 10M excluding cost of lands). It would have been better they saved in dollars, which is another point. If you have nothing to invest your money due to lack of investment opportunities, little understanding, distance, current job etc., it is better you save the bulk of your money in a currency that is not highly susceptible to inflation & devaluation. Do not invest when the numbers don’t support the reason. Building a house in a place where you cannot lease or resell at a higher level makes no sense. Moreover, the so-called real estate investment in Nigeria is either misplaced or overrated. There are a lot of dead real estate investments in Nigeria (please Google “PwC Nigeria dead capital”. That is, they have no value whatsoever. Look at FESTAC, the infrastructure has deteriorated over the years to warrant investing there or whatever place in Nigeria where the infrastructure deteriorates rather than improve (largely due to the dysfunctional political leadership I mentioned earlier).

Others include: burial costs (the culture of spending huge amounts of money on burials when there is no economic benefit whatsoever is absolutely ridiculous!), buying of items one does not need etc. My advice remains: you reside in a place bedevilled with dysfunctional leadership (don’t hope for the best, rather prepare for the worst), it behoves on individuals to meticulously plan for themselves. Don’t leave things to chance.

Iogobenz:
You know it will be better if you join the protesters and bear the risk with them head on..
Anyone can hide behind a group and fund "terrorism",but coming out in the open is what matters most if you want your voice to be heard properly and will make you the hero you so much desire to be.
So why not join them so we can take your cause seriously?
If you want to better Nigeria,come back home and open a business especially in your field of expertise.
Barbarism and stupidity has never made any nation progress.
Vanderbilt,Rockefeller,Dangote,Rothschild,etc... all contributed to the progress of their various nations by creating empires and not destroying them by acts of civil unrest.
Vandals/economie terrorists will be met by acts of fury from the Nigeria armed forces.
Be wise!

kingzizzy:
They see IPOB do it and they think it is easy. Come and protest now!

ahiboilandgas:
very serious......i attended the Lagos one by stadium but crowd not much....am am on ground in Abuja am here tomorrow 8 am.....

ahiboilandgas:
we have a proverb that a Good friday start with Wednesday....so of the wed is fantastic the chances of the friday been superb is big.....the human resources and structures available to drive Nigerian from insanity to sanity is sannity is not there or not available.....more revenue accrued to Nigeria state means more looting and more executive consumption and more white elephant project .....what happen to the 7.5 vat increase and 1 trillion dollars earn from 1999 to 2020 ?........the structure that can deliver any meanful developments with small revenue (like 7km apapa port to ijora) who magic will the structure/system perform with 50 tax increases...notting but more car to dino malaye ....soon senator will start buying private jets .
.

ahiboilandgas:
Nigeria is it currently structure is for consumptions and not developments ....774 money sharing points called local govt consumps 23 percents of all resource and they cant even built a standard's culvert....30 state will collapse without faac allocations,the fgn is been sucked dry by meanless Mdas over 602 and another conduit pipe called the National assemble....they the presidency is more of a royal kingship than governance...the presidential airfleets comprise of over 14 aircrafts larger than any private own commercial airline company operating in Nigeria ....each governor has over 30 cars in his convoy that collective over 1000 cars on the move by 36 governor overseening non bankable projects called states ...add dep gov ,speaks chairman minister senator ......

ultron12345:
Poverty is not the cause. It is greed and pure wickedness. And this sense of entitlement Nigerians always have. That once you're doing well, it automatically becomes your responsibility to take care of them, and that they also have a right to enjoy your money.

Evans the kidnapper had accumulated millions of dollars from kidnapping yet he never stopped.
Hushpuppi was not poor yet he still continued engaging in fraud.
Our senators and politicians are not poor yet they still loot.
We've seen bank managers engage in fraud and even assist in kidnapping people.

One way to minimize this risk of kidnapping is not to showoff and keep a low profile if where you live isn't that secure. A businessman I know who lives and does business in one of the small, least important, poorest states in the south west. He can boast about being in the top 1% of earners in his state and among the top 3% in Lagos. But he still drives an old, small Toyota corolla and lives in a rented apartment with other tenants. When he wants to enjoy his money, he tells his neighbors he's going to the village. From there he flies to his mansion and cars on Lagos Island. At least, it's much safer there. When he's done, he'll wear one squeezed, tattered shirt and one dirty bag, enter uber to the airport and off he goes to his state.

If you see him at home in his state, you can't think of kidnapping him. Instead, you'll be feeling pity for him.

emmanuelewumi:
The only option left is for them to continue taxing the private sector.

I learnt the budget of CBN is over N1 Trillion, NNPC is operating at a loss

What happened at NDDC is the normal thing in almost all the MDAs from CBN to NNPC, NPA, FAAN, FIRS, JAMB, INEC etc.

3% of the profits of oil companies are used to fund NDDC, what stops the government from allowing the oil companies to carry out projects and development in Niger Delta.

Thank God for the tax credit given to Dangote and others which enabled them to use what they would have paid as taxes to be used by them to develop critical infrastructures at Apapa axis

King44:
they are absolutely the same. I didn't say PDP is better but instead I said they started the mess and APC is here to make it permanent.

King44:
All Chinese infrastructural contracts should be reviewed.... If this things are not done we will regret.

We the masses would regret it the most... It us better not to let the case go under the rug like other cases... Zambia is now a Chinese colony, Ethiopia etc..

Nigeria is in line... The only trick they uses loan, infrastructure construction etc

Go to YouTube and confirm what I said.

On other thread I just said my mind, not knowing that it is actually happening..

Chinese would give you bronze and collect platinum from you that is how it is

Apc would finish us but I won't only blame them pdp started it.

emmanuelewumi:
Too late to realise that the N14 million he used in buying a new BRT bus in 2010, would have bought a house or fixed income Investment since his job as an Investment banker will not give him the time to monitor the business effectively

ahiboilandgas:
A labanese popular ice cream company was lock down for using milk that are days to expire to make ice cream ..he goes aboard get about to be expired milk ship to Nigeria..baam make ice cream and bribe off health inspectors , futher lunder proceeds to dubai where his family reside...

emmanuelewumi:
Political, religiosity and ethnic discussions are quite controversial. We should focus on what unites us which is investment

emmanuelewumi:
I said invested in a conservative mutual fund that gave a below average returns of 8%.

emmanuelewumi:
The property bought for N12 million in 2004 which is currently worth N18 million in 2020 over a period of 16 years.

Gave a poor returns of about 2.5% per annum compounded over a 16 year period, either the property was overpriced when he bought it

That N12 million invested in a very conservative money market fund at a below average return of 8% would have compounded to N40 million in 16 years..

You can do the maths.


Compound interest, this is what some people don't know. But fixed income Investors understand it so well.

deepwater:
Lol

Are you guys still under lockdown in Nigeria


"I will never believe that there is a god/God called Mr. Allah and Mr. Muhammad is His Prophet, because I commented on a thread about kano state and Salah break.

Just read this thread and explain why I have to swear to comment -
https://www.nairaland.com/6007995/kano-suspends-eid-el-kabir-festivities-over

Seun, you lost the opportunity you had.

Nairaland was supposed to be the best online export from AFRICA.

Today it is a terrorist site promoting Jihad!

As way back 2006, akinalabi was a member of this forum!!!! You were the owner

Akin went on to do his thing and accepted people regardless of their belief system. Today you know where he is, you are still here giving Al-Q-ae-da moral support

MasterRahl:
You are 100% right! The street rules bro. Imagine killing yourself because of accusations from.a woman? The guy should have stayed off the social media and then tackle the case offline. Maybe the lambasting from the social media made him to give up hope.

achierosion:
hahahaha
You don't hate that shiiit the way I hate it, I never opened any thread discussing about BBnaija

naijanaso:
What will the mask do for them? Did they tell you that the man died of COVID-19? This is weird though, but don't be surprised that this will be copied and people will start doing it

Elder0001:
You are just shouting ignorant ignorant ignorant up and down.

You started this fvckery, not me.
I'm not oblivious to the fact that screen resolution, processor and network signal etc contribute to or affects battery life.

Go and school someone else, idiot.

You can continue quoting me but this will be my last response to you.