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Common Mistakes People Make With Money

Common Mistakes People Make With Money

Common Mistakes People Make With Money

 Common Mistakes People Make With Money

Common Money Mistakes People Make

We’re all guilty of it at one point or the other, but if we want to have more control over our finances and make money work better for us, it is best to learn to avoid these common money mistakes that can have such detrimental effects on our finances. Here are 8 common mistakes people make about their finances.

1. Spending Money On An Expected Income

You might be tempted to splurge on one or two things and tell yourself you’ll replenish the money with your next income, however, when the income comes, you quickly realize other pressing commitments come up which you have to take care of.

Ultimately, you end up overspending and being broke till the next paycheck comes. This will then put you in a tight and very uncomfortable financial position in the meantime and you might even end up borrowing to make ends meet; this is likely to launch you into a vicious cycle of debt (unless you’re able to discipline yourself enough to make the necessary sacrifices to get out of it).

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2. Small Purchases  That Lead to Big Expenses

Spending N500 here for a biscuit, then another N500 there for an exotic drink, might not seem like such a big deal at first especially when chilling on vacation. If you continue spending that way for a week, you would have spent N2500 more than you budgeted for and, though little, it can easily become a significant amount of money if you continue spending that way for a month. Little purchases add up, and rather than spending money frivolously, you can be using it to take care of important expenses like groceries. Pay attention to your ‘little’ expenses, if not you’ll be surprised at just how big they can become.

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3. Not Keeping an Emergency Or Backup Fund

Never make this mistake because when these inevitable times come, they can leave you completely destabilized if you’re not adequately prepared for them. It is best to have some money saved in an emergency fund or bank account, which you can earn interest on, till an emergency occurs. On the bright side, if an emergency never occurs, you would have accumulated a significant amount of money that you can enjoy or re-invest wisely to make more money.

Common Mistakes People Make With Money

You can not help everybody that comes to you for financial assistance. Learn to put a limit on your expenditure. It is good to be of assistance to people in need, but when they know you are a relentless giver, they would take it for granted.

4. Spending Above Your Income

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You either spend less than you earn or earn more than you spend- this is a simple principle. Your spending should never be equal to your earning (because you need to keep some money aside for emergencies) or exceed your earning (because this can lead to debt and avoidable ‘crisis’). Living from paycheck to paycheck (that is, spending as much as you earn) or accumulating debt because you spend more than you earn, are very inconvenient ways to live. The importance of being disciplined with your spending cannot be overemphasized and you should make the necessary sacrifices or lifestyle changes to make your spending align better with what you earn.

5. Not Having an Allowance for Entertainment Spending

There really isn’t much more that can be said on this topic than for you to ensure you have a budget for your entertainment expenses, which you must be disciplined enough to strictly adhere to. One thing that can help in creating an efficient budget for your entertainment expenses, is to understand your entertainment needs and set up a budget based on that understanding. Discipline then comes in, to help you determine the things you can in fact do without and the things you have to do without because you can’t afford them. You can then comfortably settle at a middle point, setting aside an average range for your entertainment expenses that you’re more likely to adhere to.

Common Mistakes People Make With Money

6. Indiscipline 

Money is very delicate to manage and handle because it feeds on the vulnerability of man’s lack of discipline and greed.  When money comes into your hand and the next thing is spending it, it will only take a matter of time before you run out of it. Self-discipline with regards to money is very essential and must be imbibed to have good financial stability.

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7. No Investment Plan Or Budget

Savings in good, Investment is the best. No rich man today got there by savings alone. When you save, save for investment in the future. There are so many businesses that can secure the future in the long run that you can partake in today. Those that saw the light in bitcoin when it was way cheaper and invested in it are smiling today because it has grown beyond projections and has made many to enter their millions just by investing in hundreds. Always have an investment plan, alongside your earnings.

8. Careless Generosity

You can not help everybody that comes to you for financial assistance. Learn to put a limit on your expenditure. It is good to be of assistance to people in need, but when they know you are a relentless giver, they would take it for granted. Just know that you are not the only one that can help them. Give but give judiciously no lasciviously

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I Am A God-kind Gospel Blogger, Gospel Content Writer, Evangelist, Songwriter, Teacher and Soul-Winner and the Chief-editor of ThePreachersPortal.Org. Right here, you will get access to the Latest and Trending Gospel songs worldwide, Live Streams, Audio Messages, Motivational Articles and Inspirational content as we share them for free. Follow me on social media to learn more about this movement. -ThePreacherMan

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Audio Messages

Download Managing Your Funds – Rev Sam Adeyemi

Download Managing Your Funds – Rev Sam Adeyemi

Download Managing Your Funds – Rev Sam Adeyemi

ABOUT AUTHOR: Rev Sam Adeyemi

Pastor Sam Adeyemi was born on the 3rd of February 1967 in Ndayaka, Niger state, but he’s a native of Odo-Ere, Yagba Kogi state, Nigeria. He grew up in Niger state, and also studied Civil Engineering at Kwara State Polytechnic. And in 2008, he went to the University of Exeter and graduated with an MSc degree in Leadership Studies in 2011. After that, he went to Regent University in Virginia, USA, where he obtained
a Doctorate degree in Strategic Leadership.

ALSO, CHECK DOWNLOAD Rev Sam Adeyemi BOOKS PDF

Sam Adeyemi is the General Overseer of Daystar Christian centre which was established on the 18th of November 1995. He is married to Nike Adeyemi, and their marriage is blessed with three children.

In this teaching, Rev Sam Adeyemi shared some powerful insights about how to manage your funds. Download, listen and be blessed.

Managing Your Funds – Rev Sam Adeyemi MP3 BELOW

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Audio Messages

Apostle Joshua Selman Messages on Finance, Business, Wealth and Prosperity

Apostle Joshua Selman 16 September 2021 | Thursday Morning Message

Apostle Joshua Selman Messages on Finance, Business, Wealth and Prosperity

Apostle Joshua Selman Messages on Finance, Business, Wealth and Prosperity

How To Download Apostle Joshua Selman Messages

ABOUT AUTHOR: Joshua Selman

Joshua Selman is a Nigerian Gospel minister and televangelist. He is the founder and senior pastor of the Eternity Network International – ENI, also called Koinonia, a Gospel fellowship in Samaru, Zaria, Kaduna State, Nigeria. Download all messages from the evangelist centred on Personal Development and its efficacy in Christendom

Apostle Joshua Selman Messages on Finance, Business, Wealth and Prosperity Below

THE WEALTH TRANSFER AGENDA | 22MB |DOWNLOAD MP3
KINGDOM ECONOMICS Part 1 (31MB) –DOWNLOAD MP3
KINGDOM ECONOMICS Part 2 (36MB) –DOWNLOAD MP3
KINGDOM ECONOMICS Part 3 (36MB) –DOWNLOAD MP3
THE POWER OF PRODUCTIVITY | 36MB |DOWNLOAD MP3
THE WEALTHY PLACE [PART 1] | 36MB |DOWNLOAD MP3
THE WEALTHY PLACE [PART 2] | 36MB |DOWNLOAD MP3
THE WEALTHY PLACE [PART 3] | 31MB |DOWNLOAD MP3
EVEN AS THY SOUL PROSPERETH (24Mb)DOWNLOAD MP3
THE WARFARE DIMENSION OF KINGDOM WEALTH | 32MB |DOWNLOAD MP3
FINANCIAL DOMINION [PART 1] | 31MB |DOWNLOAD MP3
FINANCIAL DOMINION [PART 2] | 35MB |DOWNLOAD MP3
FINANCIAL DOMINION [PART 3] | 36MB |DOWNLOAD MP3
FINANCIAL DOMINION [PART 4] | 35MB |DOWNLOAD MP3
KINGDOM WEALTH SUMMIT Part 1 (12Mb)DOWNLOAD MP3
KINGDOM WEALTH SUMMIT Part 2 (13Mb)DOWNLOAD MP3
THE MYSTERY OF TIME AND MONEY (26MB)DOWNLOAD MP3
TRUE RICHES (33Mb)DOWNLOAD MP3
HOW TO BREAK FREE FROM POVERTY (16MB)DOWNLOAD MP3
ACTIVATING MULTIPLE STREAMS OF INCOME (6Mb) –DOWNLOAD MP3
BUSINESS SESSION | 22MB |DOWNLOAD MP3
RESULTS DRAW MEN | 6MB |DOWNLOAD MP3
DILIGENCE | 33MB |DOWNLOAD MP3
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Articles

4 Business Can Never Fail Even In Recession – Joshua Selman

Apostle Joshua Selman 16 September 2021 | Thursday Morning Message

4 Business Can Never Fail Even In Recession – Joshua Selman

4 Business Can Never Fail Even In Recession – Joshua Selman

It’s no new news that the present academic recession that is roaming every sector of Nigeria’s economy has affected many new and old businesses. The good news is that Apostle Joshua Selman has revealed some business which he said would stand recession. He termed them recession-proof business.

Apostle Joshua Selman is the president of Koinonia, a ministry based in Zaira, Kaduna state, Nigeria which blessing millions of lives within and outside the country. In his message, he pointed out that there are streams of income that will boom whether there’s a recession or not. However, before he started he read out a portion of scripture addressing the issue of some people having one source of income.

Ecc 11:2 “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land”. (NIV).

The man of God used the above Bible passage to explain how dangerous it is to have only one stream of income. “Please nullify that saying which goes thus, ‘Gather your eggs in one basket’, it’s wrong! What if something happens to the basket? You will start again”, he advised.

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ALSO, CHECK Three Ways To Recover Your Career After Losing Your Job Due to Covid-19

We went straight to the point and enumerated the four businesses that will never fail as follows;

4 Business Can Never Fail Even In Recession – Joshua Selman

1. Land business.

“This is one of the trivialized by most people. Do not tell me you’re rich when you don’t have a land of your own. A proof of your wealth is representing in one of your fixed assets and one of it is Land. Do not live big when you have not acquired one”.

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He pointed out that land comprises of anything that has to do with what is on the land, in the land and above it. No business will stand without the land factor.

These are some of the things that you can do with land and you will make streams of money;

A. Selling it.

You know how cost lands are sold now. Imagine having one and a company is requesting for the price.

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B. Build houses for rent.

“This will keep giving you money until you’re dead and it will continue with your children. The higher the recession, the higher the house rent. Do not be deceived, people must always look for where to sleep and do their businesses”, he pointed out.

C. Build schools and educational facilities (libraries, book store, etc)

4 Business Can Never Fail Even In Recession – Joshua Selman

D. It can be used to build companies and factories.

2. Education.

“The Bible says, ‘Before the coming of Christ, knowledge shall increase on the surface of the earth’, anything that you can give out that has the capacity of transmitting knowledge is a guarantee for streams of income. Do not fold your hands and say this is not what it looks like”.

“Imagine of this was a business seminar, do you know how much I would have made for every single person seated here? That’s it. You must be very creative. Do be one of these people who are just looking for what to write. Look at ‘The Purpose Driven life’ by Rick Warren. That book sold tens and thousands of millions of copies to a point that a workbook has to be made for it. That’s how much that can be guaranteed by education”, he revealed.

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4 Business Can Never Fail Even In Recession – Joshua Selman

He asked people to maximize their time and think in order to create, write and speak what people will love to buy with their money. Whether your lube in a hole they will look for you provided you have what they need. “Recession or no recession, people will look for what to read that will bless their lives”, he said.

You can run online classes, tutorials and so. The uniqueness, creative and excellent quality of your information will bring people from all over the world.

3. Your Job.

Do not throw your job away until you have done the following:

A. Had a well-documented plan of your life with strategies for its accomplishments.

B. Planned on the next business to enter and have saved enough money for it.

“Your job has a way of reducing most of your loads as you begin to do something about your next line of action after the job. That you’re an employee doesn’t mean that your life will end there”, the man of God noted.

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Present-day billionaire, Robert T Kiyosaki worked for someone before he planned out and began his own business. While you work you could devise other means of getting income. No matter what happens, you have a sure fixed amount that will always come in every month.

You can also add online business. After worming in the day you could work 3hrs at nights to add up.

4. Transportation

“This is one of the businesses that can supply you money in good or bad economic states. Ask the drivers about what happens during festive periods. No matter how bad the economy is, people must move from one place to another”.

4 Business Can Never Fail Even In Recession – Joshua Selman
Read Also  They told him he can’t because the woman had slept with 40 men and 39 of them were demons. – Pastor Olukoya Shares Emotional Message

“Our parents are still wallowing in poverty because they don’t know this. When their arrears came, they used half of it to eat and drink. This would have bought a good Volvo for transport work. I know of a Keke man who earns a minimum of N12,000 every week. Stop deceiving yourself with oil and gas, you will need billions to buy a plot of land that has its deposits, get a taxi and see how much you will make after one year”, he advised.

You can either buy for someone to drive for you or you drive by yourself if you don’t have any other thing doing. To not fold your hands and be blaming God.

Finally, he advised people to do anything within the reach to avoid anything called borrowing.

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