What You Need To Avoid When You Start Getting An Income - Career

What You Need To Avoid When You Start Getting An Income - Career - Nairaland

Nairaland Forum › Nairaland General › Career › What You Need To Avoid When You Start Getting An Income (48949 Views)

What You Need To Avoid When You Start Getting An Income by Djboosting(op): 5:10pm On Dec 07, 2015

If you still haven't gotten the lesson yet that you should be investing almost all the money you have, whether you're a wealthy gentleman or you're just starting into the world of making tons of money or creating wealth.

The majority of your money should be going into Two things :

1. Life Experience
2. Self investment (i.e. your own personal development)
If it is not going into one of those two things, then it's definitely not worth it.

The WORST place by the way you can be spending it, is on MATERIAL bullshit;
that is not going to increase your creativity and better Identity (E.g. 30k shoes, 59k Georgio Armani watch, 10k sunglasses, this k, that k .etc)

Here is the Fact. With an increase in income there is usually an increase in people's expenses. And by the time they are old they end up super dependent on pension because they have been doing a lot of spending ever since they got their first salary.

It's wrong. Very wrong.

But then, there is a formula for spending. I have mentioned it before here, but I have to repeat it. Christmas is around the corner now and spending rate is going to rise exponentially.
So here it is...

Here is the formula.

Save 10 % of your income or more first before you start spending the rest.

Don't spend before saving. Saving should come first.

Also, if you must spend make sure you have something paying for it. That is, you need an investment.

That's what your saving should be for.

Poor people save to spend on things that won't bring back money to them. But rich people, people who really understand how money works save so as to have money they can invest with.

That, too, should be your own strategy.

Best way to spend your income for proper effectiveness is..

1. Self investment - i.e. Reading good books, watching good movies of actors which u can model..etc..

2. Life experiences : traveling, workshops, live-performances of successful models, take the best courses, learning from the right people who are better than you ..etc.

Always increase your Personal value, be it your game, Influence, Status, your Health, whatever it is.
Because as your personal value increases, okay, NOT only will you attract more Success and more women, but you'll also attract more opportunities.

Because the world will tend to reward people who have High Personal Value.

Try this for 90days, I guarantee your life shifting from mediocre to SUCCESS.

I'm Djboosting..
Happy Harmattan.

Cc. Czar, lalasticlala ,dearpreye

209 Likes 34 Shares

Re: What You Need To Avoid When You Start Getting An Income by Nobody: 5:32pm On Dec 07, 2015*

Thanks for sharing this. I concur with almost all of your points. Very bitter experiences have taught me to manage my finances much better. Needless to mention, I've considered it illegal to spend more than 80% of my monthly income. The rest goes for saving/investing.

The current times call for financial prudence, modesty and long-term vision.

38 Likes 4 Shares

Re: What You Need To Avoid When You Start Getting An Income by denisbath(m): 5:43pm On Dec 07, 2015

slow network cost me my FTC

8 Likes

Re: What You Need To Avoid When You Start Getting An Income by denisbath(m): 5:44pm On Dec 07, 2015

BrB

Re: What You Need To Avoid When You Start Getting An Income by Berrylite: 5:44pm On Dec 07, 2015

Okk

Re: What You Need To Avoid When You Start Getting An Income by Echelle(m): 5:45pm On Dec 07, 2015

Not with diz govt.

1 Like

Re: What You Need To Avoid When You Start Getting An Income by mazizitonene(m): 5:45pm On Dec 07, 2015

interesting shiiiiii...............

Re: What You Need To Avoid When You Start Getting An Income by elipheleh(m): 5:45pm On Dec 07, 2015

Women

3 Likes

Re: What You Need To Avoid When You Start Getting An Income by elipheleh(m): 5:45pm On Dec 07, 2015

Avoid Women

38 Likes 1 Share

Re: What You Need To Avoid When You Start Getting An Income by yomalex(m): 5:46pm On Dec 07, 2015

Important
Invest in Self and re-invest in business like my Bulk SMS & Mobile Marketing portal check my signature.

2 Likes

Re: What You Need To Avoid When You Start Getting An Income by OKUCHI11(m): 5:46pm On Dec 07, 2015

op what abt retirees

Re: What You Need To Avoid When You Start Getting An Income by SuPeRq(f): 5:48pm On Dec 07, 2015

Thanks Op, NYSC taught me management

11 Likes

Re: What You Need To Avoid When You Start Getting An Income by meritamarachi(f): 5:48pm On Dec 07, 2015

interesting.

1 Like

Re: What You Need To Avoid When You Start Getting An Income by Welcomme: 5:48pm On Dec 07, 2015

Money wey no even reach to eat sef! Abi man go allow hunger kill am because e wan save?

Bottom line: Avoid women, nijabet, surebet, babaijebu, pool, like plague, cuz they can cost u not only ur money n savings but also ur life.

57 Likes 5 Shares

Re: What You Need To Avoid When You Start Getting An Income by Nobody: 5:49pm On Dec 07, 2015

Nice.

And you're right with increase in income comes the desire to spend more,especially for things you previously couldn't afford

2 Likes

Re: What You Need To Avoid When You Start Getting An Income by Nobody: 5:49pm On Dec 07, 2015

Aiit

Re: What You Need To Avoid When You Start Getting An Income by igbsam(m): 5:50pm On Dec 07, 2015

Women and Extravagant lifestyle

10 Likes

Re: What You Need To Avoid When You Start Getting An Income by Chimaritoponcho: 5:50pm On Dec 07, 2015

gaskiya its nairabet.
those guys have dealt with many of our youths including myself

22 Likes 1 Share

Re: What You Need To Avoid When You Start Getting An Income by leksy07(m): 5:50pm On Dec 07, 2015

gud idea

Re: What You Need To Avoid When You Start Getting An Income by pheyikemi: 5:50pm On Dec 07, 2015*

Nice one @ Op, most youths prefer spending on flashy material things like phones, brazilian hair, junks et al rather than save for the rainy days. Like my mom used to say : "IF YOU CAN'T SAVE WHEN YOU HAVE SO LITTLE, WHEN YOU EARN BIG, YOU WOULD FIND IT DIFFICULT TO SAVE".

7 Likes 1 Share

Re: What You Need To Avoid When You Start Getting An Income by jude33084(m): 5:52pm On Dec 07, 2015

Djboosting:
If you still haven't gotten the lesson yet that you should be investing almost all the money you have, whether you're a wealthy gentleman or you're just starting into the world of making tons of money or creating wealth.

The majority of your money should be going into Two things :

1. Life Experience
2. Self investment (i.e. your own personal development)
If it is not going into one of those two things, then it's definitely not worth it.

The WORST place by the way you can be spending it, is on MATERIAL bullshit;
that is not going to increase your creativity and better Identity (E.g. 30k shoes, 59k Georgio Armani watch, 10k sunglasses, this k, that k .etc)

Here is the Fact. With an increase in income there is usually an increase in people's expenses. And by the time they are old they end up super dependent on pension because they have been doing a lot of spending ever since they got their first salary.

It's wrong. Very wrong.

But then, there is a formula for spending. I have mentioned it before here, but I have to repeat it. Christmas is around the corner now and spending rate is going to rise exponentially.
So here it is...

Here is the formula.

Save 10 % of your income or more first before you start spending the rest.

Don't spend before saving. Saving should come first.

Also, if you must spend make sure you have something paying for it. That is, you need an investment.

That's what your saving should be for.

Poor people save to spend on things that won't bring back money to them. But rich people, people who really understand how money works save so as to have money they can invest with.

That, too, should be your own strategy.

Best way to spend your income for proper effectiveness is..

1. Self investment - i.e. Reading good books, watching good movies of actors which u can model..etc..

2. Life experiences : traveling, workshops, live-performances of successful models, take the best courses, learning from the right people who are better than you ..etc.

Always increase your Personal value, be it your game, Influence, Status, your Health, whatever it is.
Because as your personal value increases, okay, NOT only will you attract more Success and more women, but you'll also attract more opportunities.

Because the world will tend to reward people who have High Personal Value.

Try this for 90days, I guarantee your life shifting from mediocre to SUCCESS.

I'm Djboosting..
Happy Harmattan.

Cc. Czar, lalasticlala ,dearpreye

Love you guy, nice one. kiss

3 Likes 1 Share

Re: What You Need To Avoid When You Start Getting An Income by austinbrown: 5:53pm On Dec 07, 2015

I'm not serving anything, I have suffered a lot

4 Likes

Re: What You Need To Avoid When You Start Getting An Income by abdulkayus(m): 5:53pm On Dec 07, 2015

We all need this. Kudos to u OP

Re: What You Need To Avoid When You Start Getting An Income by Sijo01(f): 5:54pm On Dec 07, 2015

Nice and educative write up

1 Like 1 Share

Re: What You Need To Avoid When You Start Getting An Income by LaurelP(m): 5:57pm On Dec 07, 2015

Run away from girls grin

BUt on a more serious note, you need to also enjoy the fruit of your labour ie your money.
Make sure you have good fun once in a while, especially after accomplishing something or getting a promotion etc. Dont suffer yourself in the name of frugality.

22 Likes 1 Share

Re: What You Need To Avoid When You Start Getting An Income by bigpastor(m): 5:57pm On Dec 07, 2015

dearpreye:
Thanks for sharing this. I concur with almost all of your points. Very bitter experiences have taught me to manage my finances much better. Needless to mention, I've considered it illegal to spend more than 80% of my monthly income. The rest goes for saving/investing.

The current times call for financial prudence, modesty and long-term vision.

So how much of your monthly income do you consider "legal"to spend huh

Re: What You Need To Avoid When You Start Getting An Income by Nobody: 5:57pm On Dec 07, 2015*

This is nice. I have learned a great deal of lessons. Albeit, I don't have penchant for luxuries. I like me.

In addition, one shouldn't just save and accumulate money into one's account all in the name of saving. Let the money work for you because of the time value of money.

These are very difficult times. Those in E&P would understand what I mean. Spend wisely and save for the rainy days.
If you still wanna continue buying those IPads, IPhones, IWhatever that add no no value to your life, be my guest!

#my2cents

5 Likes

Re: What You Need To Avoid When You Start Getting An Income by abdulkayus(m): 5:58pm On Dec 07, 2015

Chimaritoponcho:
gaskiya its nairabet.
those guys have dealt with many of our youths including myself

I have stop that sh$t and stop it for good. Betting no make sense no matter how calculative u are. I have only won once which is 600naira only LOL. All in all in my betting, I have loss not more than 3k cos am only betting 100naira, LOL.

4 Likes 1 Share

Re: What You Need To Avoid When You Start Getting An Income by codemaster2much: 5:58pm On Dec 07, 2015

What investment can one spend on

Re: What You Need To Avoid When You Start Getting An Income by cremedelacreme: 5:59pm On Dec 07, 2015

Nice write up.
I used to be an impulse buyer, misused almost all my earning during my first 2 years of working. Spent almost all my salary on material things. But now i know better. I save and invest every one kobo. No more excess partying and grooving. No more frivolities and babes. tongue

1 Like 1 Share

Re: What You Need To Avoid When You Start Getting An Income by abdulkayus(m): 5:59pm On Dec 07, 2015

austinbrown:
I'm not serving anything, I have suffered a lot

Hahahahahahahahahahahahahahahaha, austinbrown y nah huh

Don't u know if u don't save, u wilk suffer more.

1 Like

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