Life in its entirety is not void of mistakes. For every mistake we make it should be a learning process for us to do things better. Thomas Edison once said “I have not failed. I’ve found 10,000 ways that won’t work”. Here are a few tips to help you avoid some financial mistakes most people fall into.
1. Taking a loan to buy personal liabilities. A liability is something that takes money away from you. Invest your resources buying assets that will put money back into your pocket. To have a broader understanding of the difference between an asset and a liability, you can read my write up on the subject here http://wp.me/p3tXYw-1X
2. Planning to become MD by rising through the ranks. Be rest assured as you are climbing that ladder you can’t see beyond the person ahead of you, for how long will you keep looking at someone else’s back? Secondly, how certain or of surety you are that the ladder you’re climbing is leaning on the right wall? Have you sat back to imagine what happens if the ladder collapses tomorrow? Put your imagination to work.
3. Staying on one job with one income stream. It is dangerous, it is suicidal to have only one income stream. If you have only one income stream you’re wicked to yourself, you are like a man seating on a one legged chair. Anything can happen! You need multiple streams of income! Reference made here http://wp.me/p3tXYw-2F
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Be wise, be financially free!!!
Categories: Financial Intelligence