In the spirit of leaving our bad decisions in 2020, let’s take a look at all the money-related bad decisions that we make everyday. And sometimes even more than once in the same day. Hopefully we’ll be able to leave these habits in 2020 and be well on our way to our Dangote success story.
Avoid Get Rich Schemes
Investing money is always a tough decision for some people? Is it really worth putting your money out there if you’re going to lose it? And then someone comes along and says some pretty words about how they can make you some quick cash. In the end though these get rich quick schemes hardly ever work out. If it sounds too good to be true, then it probably is!
Having Just One Account
Some people have just one account that they keep their money in. And in the long-run, that ends up not being a good thing. You get your pay in that account, and then every single expenditure comes out of the same account. That will make it hard to keep track of your money and your spending habits. You should also definitely have a dedicated savings account.
Not Asking For Help When You Need It
When you need help managing your money, you shouldn’t be apprehensive about asking for it. Otherwise you end up spending more than you intend and you’re never able to make the solid financial decisions that you fantasize about.
Being A Spendthrift
For some of us, the problem runs deep. We see something, we want it and then we just have to buy it. Zero impulse control. Although this habit can be hard to break, it’s a hurdle that you’re going to have to overcome in order to get where you want with your money.