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Monday, January 23, 2017

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5 Nonsense Money Beliefs Keeping You at the Poor Bay

Oyetoke Tobi - Monday, January 23, 2017

If you’re in the red, the thought of managing and budgeting your finance is always undesirable. And of a significant number of people alive and dead, there are 5 common but nonsense mindset beliefs that are keeping you in ranks that are far away from rich.

If you can rework your mind – it’s simple to do – your financial life will only get better.



#1 – I’m Ok without Money Help

There's no problem not paying people to tutor you in money management – it’s a ‘want’ after all. However, a zero experience in tightening your finances position will affect your growth, if you decide to go the way all alone. You will make better, sound choices and decisions when you employ the service a money coach. It always safer when you thread the road this way and ultimately, a finish line -- you’d perhaps not reach alone -- awaits you. 


#2 – For Each Saved Penny, a Penny Is Earned
It’s a general belief that you would avoid losing that penny by keeping it. However, creating more wealth is more than increasing the deposit reserve of your bank with your cents. More than saving, you should learn how to engage your cash in generating more income for you. While the age-long adage is right, though not complete, you shouldn't use it as a golden rule to your financial life. 


#3 – The More I Budget, the More I Save Money
As impressive as this statement might seem, it’s not entirely accurate. Writing down every cent you earn, subtracting every penny you spend, and allotting a quota towards saving doesn’t make you financially smart. 

Your budget amounts to nothing by keeping records of your expenses and income per day and not acting accordingly. The way out - Plot and Plan, then work to see your budget bring you success. 



#4 – Since I Earn More, I can Spend More

You work overtime on a daily basis, got home tired and collapsed into bed. There is nothing wrong with this so far the paycheck is fat. So, at the end of the month, you get paid – yes, the reward is here after an exhaustive month. Thinking of how to reward yourself, you headed over to shop and even invited your spouse. That’s golden, right? NO! It’s not golden, and it’s not even smart. 

The best thing to do could have been injecting the extra pay into a business venture or at least, putting it in a savings account. The little penny it would generate over time is the ultimate reward.



#5 – If I risk It, I Can Lose It

The smartest money game is taking well-calculated, intelligent risks. Without smart investments, you will never make a dime. However, investing (the wisest thing to do) without calculating your risk and making smart decisions will see you dumb your money pile into the Atlantic ocean, never to be seen again. No one is discouraging you from investing your money; just learn how to spot good investment and make smart decisions by making it. 

(Image Source - Wisebread)


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