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

Thoughtfully cooked. Well done OP

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

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

Good

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.

thumps up op

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...

Ok
Meanwhile Abuja residents should check my signature

GrammarNazi1:

...this guy has...

they waste your time

DIYhackers:
they waste your time

continentalceo:
Ok
Meanwhile Abuja residents should check my signature

Why only Abuja ?

Nice

continentalceo:
Ok Meanwhile Abuja residents should check my signature

Why only Abuja bro??

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

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 .

Giving people money and supporting lazy family members keeps people in poverty.

Investment is sure way to be financially liberated.

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

KingsJohnson:


Why only Abuja bro??

Because thats where I am

frankputer:



Why only Abuja ?

Because thats where I am

continentalceo:
Because thats where I am

So no hope for us outside Abuja (feeling sad)

KingsJohnson:


So no hope for us outside Abuja (feeling sad)

Sorry Bro

A nice thread.

Another mistake people make is that they don't read.

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

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