Tips of day

 

                                                     Money Mistakes

                                                        (part one)

 1.

 Never borrow money with interest to start a business (except for salary loans); only borrow to grow your business. This is because business takes a long time to gain ground and begin making profit yet for most of the loans you begin paying back a month later or even earlier. Hence,  never borrow to start a business expecting that business to be the one to pay back the borrowed money plus the interest.

 2.

 Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. Don't hear somebody say, "Ezra come to my office tomorrow at 9am and pick 2m" and you go and buy items on credit hoping to clear when the promised money comes. 

3. 

If you want to ever save, whenever you receive money ensure you don't start spending before taking out the savings hoping that you'll save what remains. Normally what remains is zero. And things to spend on even incite their 'relatives' while when money to spend is not available we naturally find a way of managing.

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 can 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.

 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 it some seeds begin to die (eaten by inflation and the likes). That's where I recommend that you read about the different types of investment you can use to grow savings. I am not necessarily talking about putting the money in a business because you can easily lose money on a business. I am talking about putting it in an investment.