Here we go again on the money matter. Today I will discuss simple and common money mistakes that people make. I made some of them and learn from them. Some I observed. Pls RT from here to see the full thread
1. Never ever lend money that is kept in your custody. There is a reason you were chosen to keep the money. People do not joke with their money and so they carefully choose who keeps corporate funds. Even thieves chose trusted people to keep their money. #MoneyWithGab
When you betray d trust of people for whatsoever reason, U've soiled ur name. That is very hard to undo. Whatsoever happened, it'll be hard for people to forget. My dad will not touch d original money. If you numbered your money, you will get it back the same way #MoneyWithGab
I learnt this the hard way. A friend came with a need. He told me he had funds in the bank but it did not clear and the next day was a public holiday. I loaned him money that someone gave me. That person refused to sign a contract with me because he trusted me #MoneyWithGab
I was suppose to get the money on the next working day. Till today the next working day nefa reach. I had to go to the guy who gave me the money to keep for him, spoke a lot of English and paid back though I missed the day we earlier agreed. It was sad but I learnt #MoneyWithGab
2. Avoid Impulse & Unplanned Expenses. No budget, no spend. Spending without a budget is misappropriation. It doesn't apply only to politicians. Have a budget & stay on it. People will say what they want to say but instilling financial discipline is more important #MoneyWithGab
Budgets creates boundaries. Without a budget, U are on the speed lane to debt and she is cruel. Plan plan plan. There might b surprises but a plan keeps U in order. You must not buy every AsoEbi. ATM cards are sweet to swipe but hard to check balance #MoneyWithGab
3. The Money Will Come. U r old enough now to know dat d money will not always come. Things happen. Have a buffer for emergencies. D diff between politicians & biz people is that politicians do not understand why d money didn't come. Biz people work for money #MoneyWithGab
4. Spending Based On Other People's Purse. Don't plan your wedding with the hope that you uncle will foot d bill. It is setting yourself up for frustration. Don't plan to fly biz class with the hope that someone else will pay. Spend based on what you have #MoneyWithGab
Responsible people spend within their means. Dey may not have Rolex or iPhones but Dey hardly ask for help on predictable things like house rent, school fees. Ur kids shud b in schools u can afford. Pple have come to me for fees of school that my kids cannot attend #MoneyWithGab
Don't buy withing with the hope that someone else will pick the bill. Try and agree upfront for joint transaction. For the fact that someone paid upfront might mean that s/he expect repayment. Don't think s/he is wicked when repayment is expected #MoneyWithGab
5. Spending money before it gets to U. things happen. Until money enters ur account, don't go & pick something with the hope that you will pay when you get the money. That habit will pay you into the red. I try not to make promises to people based on expected money #MoneyWithGab
6. Money Sent Me On Errand. I have seen people who were given a raise, upgrade their lifestyle in a heart beat. Fly biz class d next day. Buy an expensive toy they never planned for. This is what happens to lottery winners. They pursue d appearance of wealth #MoneyWithGab
The appearance of wealth are those things that makes it look like u've arrived. It is the reason people snap sitting on cars, same reason musicians record videos in mansions and nice cars. Gang stars wear fur coat. Same when pple buy TV with their first salary #MoneyWithGab
7. Depending on the generosity of strangers. This is living life with the hope that somehow someone else will show up at the nick of time to pick your bills. It leads to living in debt and hoping that those you are indebted to with forget the money #MoneyWithGab
These pple can come to U with their family to thank U for d debt forgiveness you have rendered them. Meanwhile you have said nothing of such. They always convert their debt into forgiven loans by themselves. They quarrel if you do not forgive. Money problems abound #MoneyWithGab
8. Keeping up with the Joneses. Oh the Kardashians. This money mistake involves trying to impress the people you think are in your class. Most times those people are not even looking. Back in Uni, I knew some girls who were competing with anoda of our class mate #MoneyWithGab
What they got by keeping multiple ungodly alliances, the other girl got directly from her dad. They were always plotting to outdo her and she was living her life oblivious of their scheme. Arms race with those not racing. #MoneyWithGab
In life some people will have more than U & some will have less than U. It does not mean anything. It is what it is. Just like some people are taller than you and some are not. The Joneses don't exist except you invent dem. When U do, then you have to give them life #MoneyWithGab
9. Borrowing To Fund Normal Life Expenses. There is time to take danfo, there is a time for UBER. Don't borrow to fund ur UBER rides. Jump into the yellow bus. Yeah let them yab you. It will not be for forever. Enjoy every phase of life. That is what makes life nice #MoneyWithGab
10. Under Pressure To Perform. Never put yourself under undue financial pressure. It leads to stealing, worry, anxiety, high BP. If you cannot afford the AsoEbi, pls say so. You cannot take the boys to d club, say so. You will be laughed it but u will be fine #MoneyWithGab
The rich are so because they do not do crazy things with hard earned money. Pls RT this thread from the beginning #MoneyWithGab
