1. A Car You Can’t Afford to Maintain
High fuel, insurance, and repair costs will eat your profits.
2. Rent Beyond Your Means
If your monthly housing costs are swallowing more than 30% of your monthly income, you are renting yourself into poverty.
3. A Business That Takes
A business that consistently takes money from you instead of bringing in money, if it doesn’t promise any future, it’s equal to a financial disaster.
4. Daily Expensive Food
Eating all you want despite being poor will make you more miserable. If you are not already rich, avoid buying expensive food stuffs when you’re able to get the same food at cheap prices. Every expense matters. Small amounts daily add up to thousands yearly.
5. Party & Lifestyle Debt
Borrowing to keep up appearances is a fast road to bankruptcy.
6. Friends Who Only Cost You Money
If every hangout is a spending spree, your wallet suffers. Avoid places where there’s pressure on you to spend. Avoid group meetings that make you poor.
7. Gambling as “Investment”
Betting is not a wealth plan. Betting companies have no product. You are the product and they are out to waste your time, money and future as they get richer.
8. Multiple Phones & Gadgets You Don’t Need
Tech loses value fast; don’t buy what doesn’t make you money.
9. Dating Broke People
Dating a broke man or woman is dating poverty and you must avoid them like a plague.
10. Keeping Up Appearances
Keeping up appearances, trying so hard to impress people and belong to a class that you don’t fit into yet.
11. Living on Borrowed Money
Living on borrowed money, getting loans to sustain your life style.
12. Failure to Distinguish Between Assets and Liabilities
Your inability to understand what brings in money and what drains your savings and delays your financial freedom.
13. Bonus:
If you’re starting a new business and you’re able to avoid many overhead costs, please do so. Avoid spending money on rent if you can work from home. Use your phone to make money for you instead of scrolling down and wasting time. Learn a practical business skill. Be intentional in whatever steps you take. Success is not by accident, you create it
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