Common Money Mistakes ...How to Avoid Them On Your Financial Journey part 2, part 1 is on my post section

1. Keeping up with the Joneses: Or, the Kardashians!!! This money
   mistake involves trying to impress the people you think are in your class.
   Most times those people are not even looking nor do they know that you
   exist. When I was in the University, I knew some girls who were competing
   with another girl. What they got by keeping multiple ungodly alliances (you
   can interpret that), the other girl got directly from her dad. They were
   always plotting to outdo her and she was living her life oblivious of their
   schemes. This is competing in an arms race with those who are not racing.
   In life, some people will have more than you and some will have less than
   you. It does not mean anything. It is what it is. Just like some people are
   taller than you and some are not. The Joneses don’t exist until you invent
   them and invite them over. When you invite them, then you have to
   breathe life into them.

There is no dignity quite so
impressive, and no independence
quite so important, as living within

your means. ~ Calvin Coolidge

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1. Borrowing To Fund Normal Life Expenses: There is time to take
   danfo, there is a time for UBER. Don’t borrow to fund your UBER rides.
   Jump into the yellow bus. Yeah, let them yab you. Who cares? I still enjoy
   my keke rides. It will not be forever. Enjoy every phase of life. That is what
   makes life nice.

2. Under Pressure To Perform. Never put yourself under undue
   financial pressure. It leads to stealing, worry, anxiety, high blood pressure
   and so on. If you cannot afford the AsoEbi, please say so. You cannot take
   the boys to the club, say so. You will be laughed at but you will be fine.
   The rich are so because they do not do crazy things with hard-earned
   money.

3. Owing With The Hope Of Not Paying Back: This is called
   wickedness. There is no better word for it. The Bible said so in Psalm 37:21
   (The wicked borrows and does not repay). Many people borrow with the
   hope that they will not pay back. If you ask them, they will behave like
   Okonkwo’s father in Things Fall Apart, by showing you that you are the
   least on their repayment list since they owe bigger sums to others. Life is
   about “give and take”. If you keep taking, you will steal in the nearest future.
   Mark my words.

4. Not Being In Charge Of Your Money: It is your money and as such,
   you should be in control. Most stars (footballers, musicians, actors etc) that
   are broke today have two issues that made them go broke. The first one
   was buying things they did not need and with almost no resale value. The
   second was that other people managed their funds. They had no control.
   Ensure that you are the one that approves and dispenses every dime of
   yours. If not, stories will abound. The brokers/fund managers/bankers I
   work with know this. I follow up with deposits, investments, withdrawals
   etc that I make. And sometimes I follow up hard. I know they don’t like
   me that much because some of them might see me as a wahala man. Not a
   problem. It is my money and when I give instructions, they must be
   followed. If that does not happen, then I change whatsoever and whoever I
   need to change. If you need to vary my instructions, the least you can do is

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to check back with me for approval and confirmation. It is for this reason
that friends and family cannot be my brokers. Yes, I can charge hard at
times. I don’t need a family meeting to be held when I dismiss you for not
following my instructions.

1. Take Care Of Your Relationships: You might think this is a given
   but it is not. Please plan to take care of yourself and those you love. Have
   you noticed that we hardly give anything to our closest friends? They are
   always there for us - they play with, are happy for, empathize with, love,
   grief with us...etc. For some reasons that the heart knows but the mind is
   unaware of, we overlook them and give gifts to others. Please ensure that
   you do not make this mistake. Invest in your relationships. Take care of
   your friends. Surprise them with gifts even when nothing is happening.
   Keep the friendship warm. Register for those exams for them. Get them a

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ticket for a trip. One of my friends practically took over the birthday party
of one of my sons. He and his wife took him and my family out, got him
gifts and we all hung out together. They made a birthday cake for him with
his favourite Tottenham Hotspurs jersey. It made the boy’s day. It also
made my day. It was a great treat from a good friend.
How to creat multiple streams of income:

1. Take Care Of Yourself: Invest in yourself. I mean plan to take
   yourself out—go somewhere you have always wanted to; Yankari, Kainji,
   Ghana, Road Trip. You think Disneyland will be better, then plan for it.
   Ensure that your plan has something for you. In your budget, taking care
   of yourself must be a priority. I don’t mean just buying clothes or shoes but
   rather planning for something that you think is meaningful to you. It might
   be buying yourself an expensive perfume. Yeah...go for it but it must be
   planned. Seriously. Let me tell you about something I did. I always wanted
   to do an MBA in a top US school. I planned for it for a long time and
   finally did it. I went to Fuqua Business School, Duke University. It did not
   make sense to many but hey I always wanted to do this since I was a kid.

Some time ago myself and my wife took my mother out. We ended up in a
mall and told her to go anywhere and pick things for herself. She was
reluctant to take our offer but we pushed on. Finally she walked to a
grocery store and picked up food items and cooking utensils. I told her that
what she picked were for the house / others and not for her. We ended up
getting her perfumes. The moral of the story is that a number of us are like
my mother; alway catering for the needs of others and not taking time to
think of what might make us happy. I am not against altruism; but there is
a time to cater for your personal needs. Moderation is key.

You will make these mistakes. Some of them you may not understand the
rationale but it is when you experience the issues discussed here that you
will understand. But I can tell you right from the start, it is better to learn from
instructions than from experience.