Money Tips

Money Tips

7 Money Mistakes You Should Avoid



Everyone knows what money is, and everyone wishes to have more and more of it. Many problems people have with regards to money stem from the fact that they don’t know well how to handle their money.

People fall into financial crisis even though they have high paying jobs because they don’t know how to use and manage their money. No one is born with the ability of how to make and grow money. Money is something we grow up to meet and hence we need to learn exactly how to work with it.

However, we are born into different families and some of us are brought up having some prior mindset and knowledge about money and the dynamics it entails. Some, facts. Others, just the same old myths.

The hard truth is that most of us handle money very poorly and so it has become an active ingredient in our financial struggles. There are basic things you need to know about money and the decisions you take concerning it if you want to avoid financial problems and not waste the money you worked hard for.


If you wish to have no troubles and worries about money, then you should consider avoiding these common mistakes people make with money.

Spending more than you earn

We live in an age where we are constantly bombarded with images and news about living very luxurious lifestyles and so most people have these lifestyles as their dreams. That is not even the worrying part. People spend on things they don’t really need, using money they borrow, only to keep up with the times. You will forever remain poor if you keep spending beyond your means. Spending less than we earn is a money mistake many people make and continue to make. Live according to your means else you will live your life only trying to settle debts and your future will look miserable waiting for you.

Spending before you save

Saving is the first thing we should do when we receive our money but unfortunately, that is the last thing we want to do with our money. We try to spend on all our needs before we save the remaining. That is one of the mistakes people do with money. Human wants are infinite and so if you want to spend on everything before you save, you’ll never save because you will exhaust your money and still need more to spend. Save first, and spend what is left. Whatever be the case, make sure you save first.

Thinking saving is the ultimate

Most of us think that when we save, then that is it. We leave the money in the bank and we get rich. Money saved should be invested. In the sense that, you need to put your saved money in places where it will multiply. That’s only when you can have enough to cater for your needs. People also tend to reply on the small interest their savings accrue. This is wrong. Look for ways to invest your savings.

Also read: 4 Things You Should Not Forget When You Want to Make an Investment Move.

Not following a budget

One of the things most people overlook when it comes to their money is having a budget. If you don’t have a budget, you’ll spend on things you don’t need as well as not keep money for things that you actually need. You won’t be able to quantify your expenses and you will always have expenses to make. If you have a budget, you’ll know which expenses you can and cannot make and how to allocate your money appropriately to different needs. Always have a budget.

Playing the role of a guarantor

Look, if you know that you won’t be able to pay any money on someone’s behalf, then don’t sign any guarantee for anyone. Don’t deceive yourself that the person is honest enough to be trusted. Anything can happen. So if you know you are not willing to pay for another person’s sake then never make that mistake of signing as a guarantor.

Keeping So much money on you

Why would you keep so much money on you? So that you can buy anything that fulfils your desires? Impulse buying will cripple you! Or do you just want to keep money on you because you think you might need it somehow? This is a mistake many people make. Trying to have as much money on them as their pockets can hold. Keep what you have budgeted to spend on alone with you, and some little extra to cater for stuff that might pop up with urgency. Keep just enough money on you and leave the rest in a safe place.

Trying to solve all problems with money

Money can’t buy happiness indeed! People spend more on things they believe would help ease their stress, take their sadness away or anything that is disturbing them. Sometimes you just need to relax under a tree and perhaps treat yourself with some tea. Never spend too much money trying to make yourself feel good and all. These fulfillment are usually on temporal. Happiness is an inside job.

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Money Tips

The Top 7 Reasons Why You Probably Won’t Be Rich!

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Everyone wants a good life, but only few are willing to do what it takes to get it. The truth is that, there is more than enough wealth in the universe for every single person. But why is it that others get rich whiles others remain poor for the rest of their lives?

Well, people have a stack of excuses that keep preventing them from becoming financially independent. In fact, they don’t even have money in their thinking not to talk of having enough money in their pockets.

Let’s look at the reasons why some people will likely die poor.

“I don’t make enough money to save”

Okay, so you think you have to be making millions before you can save right? If people had to wait till they earned huge sums of money to save then I guess we would have empty savings boxes and bank accounts. Savings doesn’t mean you should put 90% of your income into hiding. You can start saving 10% of your income or even less. Don’t worry about how little you can save. Start, and you will see where you stand financially in some years.

“I will start later”

Even after hearing and reading all there is about getting your finances in order and becoming financially free, people still thrive on the excuse of starting later. Their later is not known even to themselves. Somehow though, they believe they’ll start later, but they never start implementing what they know. Start now with whatever knowledge you have and quit procrastinating!

You spend more than a rich person.

Ha-ha, who doesn’t want to ride in a luxurious car, wear designer clothes and live the “expensive life”? Many people live their lives only to please others or “keep up with the times”. Of course, you can, but only when you have enough to. Most of us are constantly living beyond our means. We earn the least but spend more than the wealthy. Consistent buying of things we don’t need, even if they are not expensive adds up to very high amounts. Truth is, so long as we live beyond our means, we won’t be able to grow wealth. You’re more likely to be rich if you spend like you’re poor.

You fear too much

It’s normal to feel some fear of losing the little money you have. But it is worthy to take calculated risks. Most people would rather spend on beer than invest an equal amount in something which will likely be profitable. So they continue living their lives only trying “manage” with what they have.

You want to Enjoy Immediately

Economist term this as the inability to delay gratification. Majority of people are tempted to spend everything they make and if possible, spending before they even make (borrowing).  There is no way you can become wealthy if you can’t discipline yourself and delay instant enjoyment.

It never occurs to you

Some people have grown up in surroundings where almost no one is wealthy. So they grew up around people who are not wealthy. Their friends aren’t wealthy, neither does anyone they know. If you grew up in a surrounding like this, you may even reach maturity, and it won’t occur to you that it is possible for you to actually have the kind of wealth you see on the television or read in books.

There’s some truth to the popular notion that, the kids of the rich grow up rich, whiles the kids of the poor are more like to grow up poor too. Because sometimes it never even occurs to them that they have to work towards getting wealth.

Money doesn’t bring happiness

As if somehow, lack of wealth brings happiness! Would you rather be rich and happy, or poor and happy? Money is not the problem. You are the problem. Because of your indiscipline and laziness towards putting in work to make yourself financially independent, you blame it on the fact that money is evil and that it doesn’t bring about happiness. Well, if it doesn’t, then neither does an empty pocket bring happiness! You need to pay your bills Lol.

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Money TipsSaving

10 Finance Tips for Millennials


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Research has shown the Millennial generation to be the most ethnically and racially diverse in U.S history. Millennials are so named because they were born near, or came of age during, the 21st century dawn – the new millennium.

Let’s face it, it’s not so easy to be a millennial. Housing now costs more, so does housing and other basic needs. On the contrary, wages have increased very negligibly in relation to living expenses. But it’s not all doom and gloom for millennials. What is important for millennials to realize is that the world has changed and is fast evolving. They need to adopt new and different perspectives when it comes to their personal finance.

Below are 10 financial tips that will go a long way to help millennials start out on the right foot.

1. Many millennials still don’t know what to do. Well, that’s okay! Whiles some will jump right into college after high school, it will be beneficial if you took some time to know yourself better. You should discover what you’re passionate about and pursue a career that is in line with your passion. Many young people come out of college only to realize they pursued courses that they will never find happiness in working. Most at times, they have to go back to school for a different degree.

2. Don’t be deluded. The traditional system of getting a degree, then a job, work hard, get promoted and retire comfortably at 65, doesn’t work anymore. In fact your job can only get you far. It’s fine to have multiple jobs and even switch fields during your working career. It’s also OK to focus on your family whiles taking a break from work.

3. Always say yes to free money. This includes employer’s RRSP/401(k) math, bank’s new account bonus and cash credit cards.

4. Be always willing to acquire knowledge. You can learn from anyone, from your manager to the receptionist. Job title doesn’t necessarily have direct correlation with knowledge possession. You could learn valuable knowledge from the receptionist that you would never learn from your manager others who are even higher in rank. Be humble in your dealings with people as you may cross paths some time again.

5. You should learn to ask for help and to say no. Whatever help you need, from understanding your bank statement to budgeting, feel free to ask for help. As the saying goes, “you’re a fool once when you ask, but you remain a fool forever when you don’t ask”. You don’t need to fall for every invite to go to the mall to spend lots of money on unnecessary stuff. It’s OK to say no and use your time and money in a better way.

6. Pay yourself before anyone. Set aside a certain percentage of your income for investment. Savings are very important when you want to be financially independent. Save and invest. Give this priority.

7. There are several ways of making and growing money. Learn about the different investment areas such as real estate, index investing, dividend investing, business and the many others. Choose the ones that suit you and go with that.

8. Don’t compare yourself with other people. That’s why it’s called “personal finance”. It is personal. Find your own balance of spending and saving and work with it.

9. Be content with what you have. If you’re not happy with the little you have now, more stuff, more money in your bank account, or a higher position at work won’t make you happier. Enjoy the little things you have.

10. Make the mistakes now. It’s totally fine to make all the mistakes whiles you’re young. Make sure however to learn from every single mistake. Explore more, and take calculated risks.

Have more tips? Add them to the comments below.

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Make MoneyMoney TipsSaving

8 Smart Tips to Better Personal Finance in 2018

Personal finance tips

Many people aren’t so good with numbers, and even turn to feel that learning how to properly manage their personal finances is so hard that it might as well be almost impossible. If you find yourself in a financial situation that scares you, this is the perfect article for you. You will discover the best ways to better manage your personal finances and protect yourself from bankruptcy and financial destruction.

You should take your budget seriously

Budget, budget, budget – yes, whatever you do, make a budget. The only way to know what is coming in and what is going out is with a budget and a ledger. Whether it’s with pen and paper or a computer program, sit down and get it done. Your finances will thank you for it.

Track you expenditure

If you want to minimize the amount that you spend, in a spreadsheet, track every single penny spent. This will allow you to see where you are wasting money and where your necessities are. Analyze this information, and improve your overall spending habits to put more money in your bank account.

Make good use of internet call services

Use Skype for overseas calls. You will find that it is not going to cost you much money and it is going to be much easier than messing around with calling cards. If that is not an option, use your cell phone rather than the hotel phone. You may have to pay more for minutes on your phone but you avoid being overcharged by the hotel.

Resolve to clear all your debt

To best manage your finances, prioritize your debt. Pay off your credit cards first. Credit cards have a higher interest than almost any other type of debt, which means they build up high balances faster. Paying them down reduces your debt now, frees up credit for emergencies, and means that there will be less of a balance to collect interest over time.

Take advantage of flea markets

Flea markets can often be a productive way for one to supplement their personal finances. An individual can purchase goods for a cheaper price than they would pay in stores or they can sell items at the flea market for a financial gain. However a person wants to use them, flea markets are beneficial for personal finances.

Don’t spend unnecessarily

When paying down your debt avoid unnecessary expenses such as credit monitoring services. You are able to attain a free credit report from each of the three credit reporting agencies each year. Apply the extra cash to your debt instead of paying a third party company to monitor your credit report.

Keep your savings account and checking account separate

Here’s a universal truth: If you see you have money in your checking account, you will spend it. Period. The fast track to building up savings starts with opening a separate savings account , so it’s less possible to accidentally spend your vacation money on another late-night online shopping spree.

Diversify you investments

Diversify your investments using mutual funds. It’s difficult and expensive for a small investor to create a diversified portfolio using individual securities, but a no-load mutual fund can provide instant diversification at low cost. You can invest as little as $1000 in a fund that holds anywhere from 20 to several hundred securities, for an annual fee as low as 1%. Diversification helps to lower investment risk by reducing dependence on any one security to provide a favorable return.

Remember, that no matter how bad you are at math or how much numbers scare you, you can learn to intelligently manage your personal finances. By making the right financial decisions, you can greatly improve your financial situation and protect your money. Carefully read this article, apply the tips to your life, and don’t be surprised if the status of your finances quickly improves.

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InvestmentMoney Tips

Top 3 Tips to Help You When You Are Looking For A Financial Adviser


I share with you below my top 3 tips that will help you make a wise and informed decision when you’re looking for a financial adviser.

Find out if the adviser is an independent or a ‘tied’ agent?

If they are a tied agent they are bound to the company that they are employed by and will only recommend that company’s products and services. Although their products and services might be good, they may not be suited to your needs, but they will recommend them anyway because they cannot recommend products or services from outside of that company.

Because a tied agent can only sell the products from the company they work for their advice can be biased.  However, if that company has a great product that is very suitable for your needs then this shouldn’t be a problem.  A good agent should tell you if they are a tied agent, but it doesn’t hurt to ask if they don’t tell you up front.

An independent agent will not be tied to one specific company but will work independently and can sell products and services from several different companies.  Even though they have a bigger range of products and services to recommend, they may still be biased and promote the product or service that will earn them the highest commission.

Both independent and tied agents have advantages and disadvantages and a good, honest adviser will want to do what is best for you and not what is best for him.  It is helpful if you do your homework and have some idea of what you want so you will know if their recommendations would be suited to you and your family.

Find out how the adviser makes their money.

Many financial advisers will work on a commission basis and as such they may try to sell you higher priced items to earn a higher commission. They may also contact you whenever they are trying to make a sale rather than contact you to follow up with your investment plan.

Find out just how qualified the financial adviser is

Find out whether they are experienced in just one area or whether they can help you with all of your financial needs. If you find an adviser that specializes in one particular area but can’t help you in other areas then you might need to find another adviser for the other areas of financial advice. This can be more costly if you have more than one adviser working for you.  There are many financial services that will be able to help you with all of your financial needs in one place.


I find that these three tips are the important factors to consider when choosing a financial investment adviser.  Remember that they will be working for you so take your time to choose someone that you believe is right for the job.

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