An economist, Dr Ifediora Amobi, has urged the Federal government to pay attention to four key areas to sustain the current positive economic growth rate in the country. Amobi, a former Executive Director of African Heritage Institution (an economic think tank), gave the advice while speaking with the NAN in Enugu. “First, the Federal Government…
Welcome to another week in the school of money. There are over fifty money mistakes I intend to unveil in this series but to cut the long story short, I will stop today to continue later. Let’s look into more money mistakes.
MM EIGHT: ALLOWING GREED AND COVETOUSNESS IN YOUR LIFE
At the root of many financial woes is greed and covetousness. Many people make the mistake of allowing their emotion to overrule their sense of reasoning once their greed and covetousness come to the fore.That is why fraudulent people know the botton to press to get them hooked. Many people have become victims of all kinds of get-rich-quick scheme and financial scam more as a result of this mistake than the wickedness of those who defraud them. If they come to you with their fraudulent schemes and you refuse to patronise them,they will be the one to lose. When there is no demand, the supplier will go belly up. I have always warned those under my mentorship to avoid any get rich quick scheme especially when it has become very popular and everyone seems to be doing it. That alone should be a red flag. But I have noticed that many make the mistake of allowing greed and covetousness to take the best of them. Every one with financial intelligence knows that if it feels too good to be true,it is mostly not true. It’s time to develop your emotional intelligence so you won’t be a victim of this mistake.
MM NINE: WORKING TO EARN INSTEAD OF WORKING TO LEARN
One major question everyone needs to answer is “why are you working ?” and the most common answers are :
To earn a living
To make money
To take care of my family
To build a career etc
Amazingly many people have not been able to realise that the major reason they go to work is to learn how things work and not just to earn a living. You work to learn and not to earn. This is a major mistake that millions in the rat race have made for generations and one reason poverty has been perpetuated in many lives.
Almost every week I am contacted by people who have worked for decades and still don’t know what to do with their lives,especially those who have just retired and now have some money but still don’t know what to do. How can you work for decades and retire with your gratuity and still be confused as to what to do except for the fact that all your working life has been to earn and not to learn. After five years in any organisation or industry,if you work to learn and not to earn you will have gathered enough knowledge about that industry or organisation to be a major player with time and even stand on your own if you choose to.
MM TEN: HAVING ONLY ONE SOURCE OF INCOME
One of the major mistakes many people make is the fact that they have only one source of income. This is a major mistake because once something goes wrong with that income source they become stranded. Having multiple sources of income is one of the major secrets to unending wealth and one of the secrets I learnt early in life that helped change my financial story. When you have more than one source of income, it is a better security because it is difficult for every source to have a problem at the same time. One major mindset that has messed people up and hindered them from activating multiple stream is the “jack of all trades mindset, many people don’t know how to balance the issue of focus and diversification.” You need to get my audio programme entitled: “How to activate multiple streams of income.”
I have to suspend this series here and deal with some other topics, but I will continue later.
Join me next week for another class in the school of money.
Keep your dreams alive.