*Money Mistake 1*
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.
*Money Mistake 2*
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, with the hope that you will pay off your creditor when the promised money comes; it may not come as promised and this will leave you in problems with your creditors.
*Money Mistakes 3*
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. And things to spend on even incite their 'relatives' so that you spend even more than you had planned. When money to spend is not available, we naturally find a way of doing without it. That's why I've learnt to save with an INVESTMENT CLUB. Once I send money there I assume I no longer have it. Before you spend any money, put your savings aside then spend what is left after saving.
*Money Mistake 4*
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.
*Money Mistake 5*
Keeping your seed instead of planting it. Many people stop at saving. It's very, very difficult to save and have all you need to maintain your lifestyle especially after retirement. When you save, your savings are seed; plant it. When you just keep the seed (saving money) some seeds begin to die (eaten by inflation and the like). That's why I recommend that you read about the different types of investment vehicles you can use to grow your savings. I am not necessarily talking about putting the money in a business, because you can easily lose money in business. I am talking about putting it in an investment.
*Money Mistake 6*
Never lend someone money you are not willing to lose. By the time you lend someone money, be contented 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. If you feel the person might fail to pay you and this will not affect your relationship with them, then lend them money. If their failure to pay would make you hate this person’s entire clan, please advise the person to go to the bank.
*Money Mistake 7*
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.
*Money Mistake 8*
Avoid keeping money you don't intend to use in the short-term within easy reach. For instance, don’t walk with #100K in your pocket when all you plan to do in a day costs #20K. Like I mentioned in Money Mistake 3, there are always expenses available to gobble any money that is within reach, so if you don't want to lose it, put it away in a safe place.
*Money Mistake 9*
Avoid keeping money in 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 in a bus ... impulse buying is a devil that will keep you busy!
*Money Mistake 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 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 smile and walk away.
*Money Mistake 11*
Paying an amount for something that's not the minimum you can get that same value for. In other words, if you are along east Legon road and you pay #5K for a shoe that you can get at #3K at Makola market, that's a money mistake except for those who have achieved financial freedom.
*Money Mistake 12:*
Consistently spending all you earn or more than you earn. It's 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 bigger, 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. Your side hustle comes in handy!
*Money Mistake 13:*
Thinking about short-term only and forgetting about long-term or thinking about the long-term and forgetting about the short-term. For instance, Tola was told that there's money in land. She saved money over a long period of time and bought 30 acres of land. Now she has the land but she is always broke. She is always complaining. She's disgruntled and she doesn't seem to see herself earning from the land in the near future. Now, let's ask ourselves: Having 30 acres of land and no money to feed your family or take a child to hospital, is that wealth or poverty? I think Tola only looked at long-term needs and forgot that she has short-term needs that require money. What of those who find they are one paycheck away from salary? Are they thinking about the long-term needs?
Let’s take stock of our finances. How many mistakes are you guilty of? Do you now feel better-equipped to do better with these tips? Good luck, savers! Share this knowledge with your friends because it will not benefit you if you are selfish with it.
ngexclusive.com cares.
The Independent National Electoral Commission (INEC) has said that it will begin e-transmission of results with the July 14 governorship election in Ekiti State.
The e-transmission, which entails transmitting the reports from polling units to Abuja as the votes are being counted, is part of the novelties being introduced into the electoral process.
The Resident Electoral Commissioner (REC) in Ekiti State, Prof. Abudulganiyu Raji, represented by an Electoral Officer, Mr. Ajayi Olusola, urged the people to collect their Permanent Voter’s cards (PVCs).
The REC said that the commission is fully prepared to monitor the activities of political parties before and during the election.
Raji stated this yesterday when the Coalition on Non-governmental Organisation under the auspices of New Generation Girls and Women Development Initiative (NIGAWD) and Youngsters Development Initiative, held their ‘Vote not Fight’ advocacy programme in Ido-Ekiti.
The Founder and Executive Director of NIGAWD, Mrs. Abimbola Aladejare, speaking at the programme, funded by National Democratic Institute (NDI), United Kingdom Agency for International Development (UKAID) and United States Agency for International Development (USAID), said there was need to engage critical stakeholders on the need to eschew bloodshed during the election.
Meanwhile, the Commissioner of Police, Mr. Ahmed Bello, represented by the Area Commander in charge of Ido-Osi, Ijero, Moba, Ilejemeje and Efon local councils, Mr. Adegbepa Adetoye, assured the voters that the command was resolute to provide adequate security of lives and property.
In another development, the campaign organisation of Ekiti State Deputy Governor and People’s Democratic Party (PDP) governorship candidate, Prof. Kolapo Olusola, has condemned the wanton destruction of its campaign billboards by political thugs.
It said: “Only politicians with electoral failure staring them in the face will go about destroying posters and billboards as if that will translate into votes.”
The Kolapo Olusola Campaign Organisation (KOCO), in a statement issued yesterday by its Director of Media and Publicity, Lere Olayinka, said billboards and posters in Omuo-Ekiti, Ikole-Ekiti, Ikere-Ekiti, Ado-Ekiti and other towns were destroyed.
Prison Inmates at the Medium Security Prisons Oji-River Centre in Enugu State will join other sport loving Nigerians to watch the 2018 World Cup following the provision of a viewing facility in the centre.
The Controller, Nigeria Prison Service, Enugu State, Ndubisi Ogbodo, made the disclosure in Oji River on Monday during a facility tour of prisons in the state.
Ogbodo said it was part of recreational activities meant to fast track the reformation of the inmates.
The controller said the inmates would watch the tournament under a controlled environment manned by social welfare staff of the prisons.
“We provide the recreational facilities like televisions to enable them have access to religious and sporting programmes to keep them busy and prevent them from thinking about escape.
“We also conduct sporting competitions for inmates and other social activities as part of reformation,’’ he said.
Ogbodo expressed satisfaction at the state of facilities at the centre and described it as `one of the best in the country’ in terms of facilities and welfare of inmates.
“The environment is even something of joy as there is enough ventilation and the inmates are properly taken care of.
“You can see that the inmates are healthy and this showed that they are being well taken care of.
