Thread by @TheAbojani

10 Money Mistakes [THREAD]

1️⃣ Never borrow money that accrues interest to start a business. That is to say, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest.

>>2

2️⃣ Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. If someone tells you: "Ezra, come to my office tomorrow at 9am and pick #30K" don't go out to buy items on credit based on this promise.

>>3

3️⃣ If you want to save, whenever you receive money, don’t start spending hoping that you’ll save what remains. Normally what remains is zero because as long as money to spend is available, the numerous things you can spend it on are also available.

>>4

4️⃣ When you get an opportunity to meet a very wealthy person, never ask for money. Ask for ideas on how to make money. They may 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

5️⃣ Keeping your seed instead of planting it. Many people stop at saving. It's very difficult to save and have all you need to maintain your lifestyle especially after retirement. When you save, your savings are a seed, plant it.

>>6

6️⃣ Never lend someone money you are not willing to lose. By the time you lend someone money, be content in your heart that should the person fail to pay, you will not die. You should not even lose that person's friendship if they fail to repay the money you lent them.

>>7

7️⃣ Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money on their behalf. Do I have to explain that one? No! It's self explanatory.

>>8

8️⃣ Avoid keeping money you don't intend to use in the short-term within easy reach. For instance, don’t walk with Ksh 1000 in your pocket when all you plan to do in a day costs Ksh 200. There are always expenses available to gobble any money that is within reach.

>>9

9️⃣ Avoid keeping money in inappropriate places e.g. in socks, under the pillow, in a pit, in the sitting room, in the bra or in a travel bag that you will place somewhere in a bus. Impulse buying is a devil that will keep you busy!

>>10

🔟 Spending money on an item that you can do without. These days when I pick money from my pocket or wallet, before paying for something I ask myself: What would happen if I didn’t buy this? If I find I can live with the consequences of not having that thing, I walk away.

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