Welcome to another week in the school of money. We commenced the above series last week and I want to believe you are learning something. Let us continue today with other money mistakes.
MM Four: Investing in what you don’t understand
I have come to realise that a lot of people are so gullible that instead of taking time out to do research before putting in their money, they are more motivated by greed and covetousness that the promised return stirs up in them than to allow common sense and life principles prevail. That is the reason many people have fallen victim of all kinds of Ponzi schemes and financial scams. Wisdom demands that you investigate before you invest. Amazingly in today’s knowledge economy, endless information is available on the web for those who are really serious about gaining understanding. Understanding is when you invest in what you don’t understand, it means you have no solid stand and can sink anytime.
Mm Five: Passing over opportunities repeatedly
(P.o.o.r )
Most people are poor due to the above mistake. They have continued to pass over opportunities that come their way. One very vital fact about life that every one needs to know is the power of opportunities.
Opportunities are doorways into new realms
Opportunities are ladders into new levels
Opportunities are steps to higher heights
Opportunities are lifts to new dimensions
It is better to be prepared yet waiting for opportunities than for opportunities to come and meet you unprepared. Think back into your life and you will realise that many missed opportunities of your past is one reason you are where you are today. You must realise that what most people call luck in life is when opportunity meets with preparation.
Let the mistake of misusing opportunities become a thing of the past for you. I have a book and an audio programme on this that will greatly help you to know the seven ways to identify opportunities and the fifteen universal facts about opportunities.
Mm Six: Being afraid of taking risks in life
We take risks everyday consciously and unconsciously and no one can ever become successful in life without taking risks. If you don’t ever want to take risk in life then you should not be alive. Every venture, every investment, every business etc involves risks. I have seen people take stupid risks in some areas of their lives while refusing to take risks in other vital areas and wonder why they don’t get the desired results. Instead of being afraid of taking a risk, it is better to do your due diligence and take informed and calculated risks instead of stupid risk or not taking a risk at all. Whether you realise it or not, refusing to take risks is a risk in itself because risk is one of the major keys to success in life. Risk is a key so it is risk-key.
Mm Seven: Living a life of waste
It only takes observation of people around you to realise that waste is a major part of many lives. From waste of time, to waste of resources, to waste of opportunities, to waste of money etc. one important secret to wealth creation is to always live within your means, but many people still fail to comply because they want to fit in. If your expenditure is greater than your income, your upkeep will become your downfall. There are only three things you can do with money. You can either waste it, or you spend it, or you invest it. Foolish people waste money, average people spend money, but wise people invest money. Allowing any form of waste in your life and especially in your finances is a major mistake.
As a financial consultant and wealth creation specialist, if I sit down with anyone no matter how poor he thinks he is, I can still show him areas where he can cut costs in life. Many people are always thinking of how they can make more money, but if they can just eliminate waste and reduce their expenditure, they will have more money. Say NO to waste from today and make waste a mistake of the past.
Join me next week for another class in the school of money.
Keep your dreams alive.