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Emily27
4+ REALLY BAD FINANCIAL MISTAKES THAT WOULD SURELY LEAVE YOU BROKE
~2.6 mins read
We all make mistakes, and all mistakes are equal but some are more equal than the others.When I mean that all mistakes are equal, basically almost all lead to regrets later on. However, some lead to temporary regrets, while the rest hang with you almost your whole lifetime and you have to get used to them.Among these mistakes, the most gross have to do with our finances and general future. No matter how big you think your problems are, 95% can be solved with money.You think I lie? Close your eyes, now think of 10 of your problems and what you'd need to solve them. You need a car, clothes, house, quality education, iPhone or what else? Basically even long life can be 'purchased' with money if you learn to adopt healthy living habits, including feeding fine.
However, that's not what we're here to discuss today. There are some really bad financial mistakes that we make that would end up hurting us in the later run.Some of these weren't built in a day like Rome, and everything you struggled to build for two decades could actually go down in 72 hours with a single mismanagement.• JunkPurchasing things you do not need to impress people is so bad. Why buy a shirt because everyone else has that? Do you really need an iPhone? Why borrow to get a $40,000 automobile when you can comfortably get a cheaper one? People forget all those stuff after a year, and most others sincerely do not care.It's be a better idea to build your own wealth with those expenses and at the end of the day, you get yourself natural fans.• SavingI know you'd be thinking that I'm against saving..Lol! Not really, I'm only against letting money sit idly in your bank account.Why not put it somewhere, maybe even a fixed savings that would add up something at the end of the day. One of such opportunities is SumoBank.ng. You should sign-up, save your money with them and at the end of the day, collect it with an interest that your bank account doesn't give to you.• Trying To Get It FastYou can't really be faster than your shadow. Earlier this year, a ponzi scheme was trending and they called it Loom. Most people invested into it because they wanted to get rich without doing anything, and it eventually crashed like MMM and Ultimate Cycler, leading people to losses.All these get rich-quick schemes aren't always get rich quick, they end up making you loose all your investments and should be avoided.• Spending More Than You GetYou can't survive financially if you spend more than you get. It has crashed many businesses and is still to crash more.I remember a top mobile phone manufacturer which shut down because the owner gambled away the companies' funds and left them in dept. I was a fan of the phones, as they always provide quality cameras at affordable rates but they shut down, leaving so many people jobless.
However, that's not what we're here to discuss today. There are some really bad financial mistakes that we make that would end up hurting us in the later run.
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Emily27
9 AMAZING MILLIONAIRE SUCCESS HABITS THAT WILL INSPIRE YOUR LIFE
~6.2 mins read
Have you ever wondered how the rich get rich...and stay rich?Well, you aren’t the only one. As much as we can say “money can’t buy happiness†the truth is, it sure can help you have a better, and more comfortable life. That is what most people want in life. Having a comfortable life, with financial security should an emergency occur. But, it also allows you to have money to enjoy life and do things you enjoy doing. Be it trying out different foods, travelling or hiking. All these things are achievable when you have the financial backing to support your interests.
This is why we have done the research and found a few habits that millionaires do that will also inspire your life. And, who knows, you might take a few tips and become a millionaire too. So, for a glimpse of what makes millionaires successful, read the article below.They have multiple streams of incomeSuccessful millionaires are not dependent on one source of income. Whether they’re playing online betting in South Africa and hitting the jackpot when they take part in the mega millions draw time. Or they venture into different businesses to make sure they have more than one cash flow. Now, after hearing about online bettings, you may be wondering how to play mega millions in South Africa. But, the key take away here is that they know that having more than one source of income will ensure they’re stable enough to undergo economic challenges. Other ways to make more money is by investing in property or having an additional business on the side. And, there are many benefits to having multiple streams of income. It can: ◠Help you to get out of debt faster, allowing you to have more money to spend on things that matter. ◠Helps ensure you have financial security.◠Provides you with a safety net should your life changes. For example, if you want to quit a job you hate or have a hospital emergency. ◠Allows you the opportunity to take more risks.◠It increases your income to expense ratio.They read to uplift themselvesMillionaires make it a habit to read books that help to change their circumstances. Apart from reading books as a stress reliever or a form of entertainment, it can be used for educational purposes. Because you’re never too old to learn new things, so why not learn things that are going to better your life.They live within their means A habit everyone should live by is to live within your means. Living within your means ensures you retire earlier, have financial freedom and can get out of debt. What you see on television about how rich people live isn’t entirely true. Most millionaires don’t live lavishly or blow their money on flashy cars. Instead, they invest and spend their money on items that will improve their lives, and help them to make more money. So, a helpful tip to take from this article if you wish to become a millionaire or live comfortably is to live within your means and don’t act rich. When purchasing anything, refrain from splurging on assets which will depreciate rather than grow in value.They stick to their budgetMillionaires know that if they want to stay a millionaire, they need to be strict when it comes to money. They don't believe in spending money blindly. They rather have a solid budget that they will use religiously, every month, that caters to their needs and expenses. The reason why millionaires stick to their budget is that they want to ensure they do not spend money recklessly. And, over time, this will teach you how to be in more control of your money and your spending habits. Ways in which you can stick to your budget is: ◠Avoid spending money you don’t have.◠Have a grocery list whenever you go to the store. And, don’t go on an empty stomach as you’ll splurge on food items you did not budget for. ◠Track your spending at all times.◠Avoid impulse spending and practise delayed gratification,◠Remind yourself what your financial obligations and goals are. ◠Lastly, avoid wastage. They only get into debt when they have toDebt isn’t bad when you know how to use it to get ahead. And millionaires do. They don’t fall into the trap of consumer debt, instead, they only take out financing when it’s going to help them achieve their goals in life. Yes, credit can give you a good credit score, which, in turn, can help you on your path to success in the future. But, millionaires are also careful and know that debt can be bad if not managed properly. Set goals for themselves A habit that successful people have is that they set goals for themselves. They set daily goals, short, mid and long term goals for themselves that will help them grow. And even when they’re millionaires, they know that they still need to set goals for themselves in order to maintain the success they want. Millionaires understand that having daily habits and goals will help you focus on what’s important; whether that is financial freedom, getting out of debt or building your business. They’re financially literateYou can have all the money in the world, but if you don’t know how to manage your money, you won’t go far. Millionaires make sure they educate themselves on how to make more money and, more importantly, how to use it wisely. There is a fine line between being frugal and knowing how to spend your money, and being an overspender. And without the correct management skills, the lines can get blurred. They are do-er’s Becoming a millionaire is hard work and it needs someone who is proactive. A vast majority of people spend their time thinking about doing something and how it can bring them money. Whereas millionaires spend their time doing what they’re thinking. This is also what helps them to reach their goals faster because they aren’t waiting for someone to do their work for them. They’re willing to do it themselves. They build strong connections with people There are few things in this world that you can truly do alone, and becoming a millionaire isn’t one of them. Millionaires believe in the power of networking and what it can do for you.
By building strong relationships with people, it will help you to achieve business opportunities that you may have never considered at all. And, apart from business opportunities, networking can also help you find mentors who can help you. Because at the end of the day, no matter how rich you are, at times you’ll still need people to guide and coach you so that you can stay on the right path. Millionaires are also good at people’s skills and are sure to leave an impact on anyone they talk to.Final thoughts Now that you have an idea of the habits that ensure millionaires stay wealthy, it's time to put them into action for your own life. So, make sure you establish what you want for yourself and your life. Be it building sustainable wealth, making better money choices or staying out of debt, either way, you need to know what you want in order to put it into play. Once you know what you want, then follow these tips and you’re sure to see a change in your life
This is why we have done the research and found a few habits that millionaires do that will also inspire your life. And, who knows, you might take a few tips and become a millionaire too. So, for a glimpse of what makes millionaires successful, read the article below.
By building strong relationships with people, it will help you to achieve business opportunities that you may have never considered at all. And, apart from business opportunities, networking can also help you find mentors who can help you. Because at the end of the day, no matter how rich you are, at times you’ll still need people to guide and coach you so that you can stay on the right path. Millionaires are also good at people’s skills and are sure to leave an impact on anyone they talk to.
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