So, today I will help you out on how 21st-century money mistakes look like and show you some way out. More also, I will give you some few tips on how to earn a minimum of $6 to a maximum of $100 per day.
Are you a business owner, blogger, an investor or a business associate? Probably you might be looking for a way to expand your business or looking for surfing the internet on when and how to start your own business.
Gone are the days where we hardly see people holding on to sustainable businesses. The reason so far is not that internet is taking charge of everything. The major reason is that people in recent times have failed to make enough research before going into business.
To help you utilize your dreams, consider these rules before setting up your business.
1. Do not borrow money before setting up a business
Do not borrow money that accrues interest to start a business.
Most people fall into this money mistakes everyday life. Before going into a business do not borrow money that requires interest. Ensure you have your capital at hand. Except if you are paying for it through your salary, only borrow to grow your business. This is because business takes a long time to expand/succeed and begin making a profit, yet most loans repayments have to be made within a month of taking the loan or even earlier.
Therefore, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest.
Probably you might be thinking about how to earn a capital to start your own business. You might consider surfing the internet on how to work from home and earn money. Here are a couple of tips;
2. Spending too much
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 at noon and pick $3,000”
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.
3. Do not spend hoping to save what remains
Do you want to save your money? Then, when you receive money, don’t start spending hoping that you’ll save what remains.
Actually, 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 learned to save in an Investment Account. 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.
4. Do not beg a wealthy person, seek ideas
When you get an opportunity to meet a very wealthy person, never ask for money.
Ask for ideas on how to make money. Surprisingly, some may loan you to start up your own business or give you some penny to sponsor your ideas/vision after seeing that your ideas are great but getting money from them should never be your objective.
5. Invest your money wisely
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.
You might consider investing your money in Forex Time Trading, it’s a reliable, tested and trusted forex trading in the world.
6. Do not give what you are not willing to forget
Do not borrow someone money you are not willing to lose.
Before going into business, have it in mind that you will either end up starting over or succeeding. This method is also applicable when you want to give out your money, maybe to a friend, business associates or investing in a business.
Put in what you willing to lose, when you lose it, you will have no cause to shed tears or pains you. In another way round, when you give out what you are willing to lose and it yields you massive income, the incomes become a bonus to you.
7. Be security conscious
Do not 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 this one? No, it’s self-explanatory. (Read rule number 6).
8. Avoid going out with excess money
Avoid keeping the money you don’t intend to use in the short-term within easy reach.
For instance, don’t walk with $10,000 in your pocket when all you plan to do in a day costs $2,000. Like I mentioned in 21st-century money mistakes rule 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.
9. Avoid keeping money in inappropriate places.
For instance, avoid keeping the money, inside your shoe, socks, under the pillow, in a pit, in the sitting room, in the bra, in a travel bag. These are not in any wise a safe place to keep your money. Save your money in a bank or invest it.
10. Avoid spending money on less-important items
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 refuse to buy this item? When I discovered I can live with the consequences of not having that thing, I smile and walk away.
In other words, if you are at any shopping mall and you pay $5,000 for a shoe that you can get at $1,000 at any close-by outlet, that is a money mistake except for those who have achieved financial freedom.
11. Avoid spending more than your earning
Do I need to explain this? This is self-explanatory. It likes having a drum where you have an inlet that is 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!
Let’s take stock of our finances. How many mistakes are you guilty of?
Share this knowledge with your family and friends