Money. You might tend to think it slips out of your hands so easily because you don’t make enough or because you need a better job / business strategy. This may be true but it is definitely not the only reason.
The fact of the matter is this : if you spend like a poor person, you’ll live like one. And this stands regardless of how much money you bring in per month.
Here are 7 things you should never do when it comes to your hard earned cash :
1. Don’t Gamble With It
Gambling seems very tempting at first sight, after all, you simply place a bet of 1000 naira and who knows you might just end up with 100,000 naira, no big deal right? Wrong. Gambling, betting and lotteries all rely on luck and there is a high chance that you’ll loose the money you’ve put into it and even more. Not to mention it can become addicting. Why not save the money and put it to better use?
2. Never Spend It To Impress People
Many people tend to fall into the traps of peer pressure and social media influence. They see their friends wearing designer clothes so they feel obligated to wear the same and even better ones just to impress others. This is a total waste of your money. Not that buying expensive things is wrong but if you buy them because you want people to praise you (especially knowing that you can’t afford them) , then think twice about that purchase.
3. Stop Buying Things That Will Rot Your Brain And Health
This piece of advice will be a hard pill for some to swallow but it’s an important one. You should never waste your money on things that will damage your health. You know what I’m talking about already. If you currently do, stop buying cigarettes, hard drugs and excessive alcohol. These things are not helping you move foreward in life and they’re definitely not making your wallet any fatter.
4. Don’t Tell People How Much You Make
Why anyone would even do this remains a mystery to me. The amount of income you make is nobody’s business expcet your own and you shouldn’t go around telling people about it. Once they know how much you make, some friends, will believe that they have a right to spend it with you. They may try to guilt trip you into giving them money and call you names if you don’t. You also open yourself up to potential danger. Do yourself a favor and stay quiet about your money.
5. Don’t Spend It All At Once
This tip is for everyone. It doesn’t matter how much you make, whether it’s very much or just a little bit do not spend all your cash at once! This only creates the need for more money. Understandably, you have expenses to cover but try to make sure that you keep a portion of what you make. Put that portion somewhere safe and don’t touch it for any reason. It’s easier to say than to do but it’ll benefit you in the long run if you can do it consistently.
6. Don’t Lend It To Family /Friends If You’ll Need It Back Soon
So many people fall victim to this mistake. Borrowing money to friends and family can be tricky sometimes especially when it’s time to get the money back. If your friends or family members need money for an emergency, it totally fine to help them ( if you’re able to) but you shouldn’t expect to get the cash back soon if even at all. So if you know you’re going to need the money soon, bear in mind that you probably shouldn’t loan it out.
7. Never Invest In What You Don’t Understand
Don’t ever put your money into things you don’t understand. You might see your friend making huge amounts of cash from something with crypo currency or forex trading or advertisements saying how ‘easy’ it is. Don’t fall victim to this trap. It might make money for them because they get how it works. If you ever want to invest your money, don’t rush into things and do adequate research first!
So there you have it. Those are 7 mistakes you should never make when it comes to money. Remember : it’s not always about how much money you make but how much you keep.