MISTAKES YOU MUST AVOID THIS YEAR IF YOU DON’T WANT TO BE BROKE.

MISTAKES YOU MUST AVOID THIS YEAR IF YOU DON’T WANT TO BE BROKE.

I was going through and article and something caught my attention, the writer said POOR people means People Overlooking Opportunity Regularly. I can’t see why he is not correct. As an expert in financial managements, I have come to realize that 90% of most problems are money related. And, it appears if money problem is removed 90% of your current problem would be solved. I have also found out that men fear poverty more than death. Hence one secret is that your financial success in life is greatly determined by your habit. The habit you establish early in life can have very positive impact on your finances. Ten percent of your life is made up of what happens to you, 90% of your life is decided by how you react. And, we have no control over the 10% of what happens to us, but we have control over the remaining 90%.

When someone is broke they face two problems, the lack of money and the thought of it. So, when you see these red light signals in your financial life this year, it would be wise to have a re-think and take decisive actions.

1.     Lack of a financial goal. A goal is the state of affairs that a plan is intended to achieve and that (when achieved) terminates behavior intended to achieve it. If you don’t have a goal in life you will aim at anything. This is true financially speaking. Make a pursuit of a financial goal this year; it will save you from financial embarrassment.

2.     Lack of financial intelligence. A lack of financial intelligence always leads to disgrace. If you are ashamed to beg, please get financial intelligence and avoid its deficiency. You can take classes to avoid this if possible.

3.     Poor saving habits. If you spend all you earn, then you will never be wealthy in life. If you eat all your grains, you will never have grains for planting when the season comes. This year try to save even if it is little, this habit when formed can lead to financial freedom in the future.

4.     Spending more than you earn. Many people spend more than they earn, hereby end up borrowing or dipping your hand into your savings. This is a strong signal of debt mismanagement. It means you will be broke.

5.     The lack of control over buying impulse. Impulsive buying is buying anything at first sight because it is good to the eye. This will lead you deeper into debt. How many impulsive gifts have you received from strangers? Why give up your hard earned money without proper consideration of people who are out to get people into this category; going for your money, especially when you minimal thinking.

6.     Buying things to show off or impress. Most men do this to woo women so that t makes it easy for the woman to like them. This otherwise called ego spending. This bad habit has destroyed many finances and left so many bankrupt.

7.     Allowing people to compel you to spend the money you don’t have or don’t want to spend. The money-making process is a personal one; don’t allow unnecessary pressure make you spend it anyhow.

8.     Expecting luck to bring huge sum like lottery or other means. Such money making schemes are designed to make money for the owners not you.

9.     Cultivating a poor mindset which believes that your income is insufficient and the only means of survival is borrowing

10.                        Refusing to invest, or start a business. These are other financial income generators. Even with a paid employment, to become wealthy, you need at least one of these income generators.

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