10 Money Mistakes You Shouldn’t Make In 2021 And Beyond...

Here are a few points about money mistakes you shouldn't make.

Some are directly from my experiences and some others from what I have observed around.

1. Don’t delegate the responsibility of managing your finances to someone else. Pay the price for knowledge, seek to understand and take charge of your finances.

2. Don’t wait till you have so much before you learn about money management . What you do when you make little is what you’d do when you make much, except you are intentional. If you don’t save N5k when earning N50k, you wouldn’t save N50k when earning N500k

3. Don’t live with a poverty mindset.

The first and most important place to accumulate riches is in your mind. You can’t feature in a future you can’t picture- think rich, grow rich. Abundance is a mindset and it is not a function of what you have in your bank account

4. Don’t mix personal and business financial activities. Separate them.

Allow your business breathe. If it’s your only source of income, put yourself on a salary. If you invest your personal funds, invest your business funds. Keep records

5. Don’t be sentimental in your money dealings with family and friends- especially when it comes to business or in cases where folks ask for loans.

If you have to transact with family, be upfront, state the terms and be firm.

6. Don’t go through life without accountability, especially when it comes to your finances. Sometimes, you need someone you trust to call you out, help you achieve your goals.

You may belong to a Mastermind or an Accountability group or better still, have an accountability partner.

7. Don’t keep budgeting and planning without tracking your finances. You should be able to know if you are doing better from year to year, if your assets are more and if you are a better money manager.

8. Don’t invest in things you don’t understand, and don’t wait for knowledge to cross your path. Go look for it and constantly learn. Leverage Technology and Collaboration.

9. Don’t hesitate to give because you don’t have much. It’s a blessing to give

“There is one who scatters, yet increases more; And there is one who withholds more than is right, But it leads to poverty.”

Proverbs 11:24

10. Don’t neglect yourself, your immediate family and dependents and don’t gamble in high risk investment instruments with money for necessities . Work with a budget factoring in every necessary things.

Cheers to your financial success in 2021 and beyond.

Please feel free to add your money lessons as well.

Source@ Sola Adesakin (https://twitter.com/SolaAdesakin)