Tips of the day

   

                                               Money Mistakes (part 2)

Welcome to a new week and perhaps the last day in the month of July. Should in case you missed the first part Money mistakes(part 1).

6.

 Never lend someone money you are not willing to lose. By the time you lend money, be contented in your heart that should the person not pay, you will not die. You should not even lose the person as a friend. If you realise the person can fail to pay you and you are ok  then lend. If you find you would even hate the person's entire clan, please advise the person to go to the bank.

 7.

 Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money. Do I have to explain that one? No. It's self explanatory. 

8. 

Avoid keeping within easy reach money you don't intend to use in the short term - don't for instance walk with 100k in your pocket when all you plan to do in a day cost 20k. 

9.

 Avoid keeping money at 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 e.g when in a bus.. 

  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, before paying for something I ask myself: What would happen if I don't buy this? If I find I can live with the consequences of not having that thing, I smile and walk away.

11.‎

 Paying an amount that's not the minimum you can get that same value for. In other words, if you pay 70k for a shoe at Topman that you can get at 30k at Kejetia/Kanta. Arcade, that's a money mistake except for those who have achieved financial freedom.

 12.

 Wanting to be the saviour  of the world by helping with ethane in financial need. My sister, brother you are not Jesus. If you find it so hard to say No to a financial demand, you may think you are practising  generosity when in actual sense you are practising  committing (financial) suicide. 

13.

 Consistently spending all you earn or more than you earn is  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 bugger, 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.

14.

 Thinking about short term only and forgetting about long term or thinking about the long term and forgetting about the short term. What of those who find they are one paycheck away from salary? Are they thinking about the long term needs?

Cheers To Your Success.

Conveyer.... Sirhman