We all make mistakes.
Our job is to learn from them (both our mistakes and that of others) and ensure they never repeat themselves.
I want to highlight three costly mistakes to avoid in your finances so that you can escape a life of financial struggles and walk confidently on your journey to financial abundance.
Mistake #1 – Eating the sacred portion.
Many people have successfully dug their own financial graves without knowing it by simply eating the sacred portion – the tithe.
People eat up their tithes with the excuse that God will understand – it’s true. God understands that you do not trust Him enough to promptly pay your tithes.
The tithe is a tenth of every income you get. It’s for God. Pay it promptly.
Create a system to help you pay your tithes promptly.
I buy a stack of envelopes whenever I get the chance and the moment I get the cash, I put my tithe in an envelope and keep it aside.
Mistake #2 – Impulse Spending.
Most people buy whatever they feel like when they get money and wonder why they are soon broke. Many times not even having enough to cater for their necessities.
Don’t be like most people.
Don’t spend on impulse – those emotions won’t be there when you’re out of cash.
Have a plan for your money and do whatever you can to stick with it.
When you feel like buying something on impulse, work into a plan for a future time. Procrastination has a use after all. 😉
Mistake #3 – Living Beyond Your Means.
I lack the words sufficient to describe how I feel when I see people – young and old – who borrow money to do things that are not necessary to create an impression that’s not required.
They borrow money to buy clothes, shoes, attend weddings, birthdays etc.
It’s great to have a desire for financial success. In fact it’s very important you do because desire is the starting point of every significant accomplishment.
What is wrong however is when you live a false life – getting indebted in a bid to appear financially successful.
This is a sure formula for bankruptcy. Don’t borrow money to keep up appearances or make an impression.
Find creative ways to live within the means of your current income while you seek to increase your current income.
There you have it – 3 money mistakes you should avoid in the year 2017 or risk bankruptcy.
Are there other mistakes I left out?
Share with us in the comments section below.
Next week, I’ll share a practical strategy that you can use to make more money on your current.
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Remember your financial destiny is in your hands, take it seriously.
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God Bless You.
The Blessed One