You will agree with me that in our generation, the love of money, pursuit of it and fame has become a fire consuming the heart of many. Many are ready to go to lengths to make money either through positive or negative means, however, most lose this same money within the twinkle of an eye.







If you look around you, you will definitely see one or two people you know who were rich but quickly went back to poverty within some weeks or even months and you begin to ask yourself what went wrong. Some of us has also tasted wealth but quickly went back to poverty.







The question is what could be the major cause of this. Here are 4 mistakes people make when they become rich that quickly take them back to poverty.

1) Lack of Investment: Many people are unaware of the fact that money is like a bird in hand, and a bird in hand can fly at anytime. The only way to cage this bird is through investment. There are so many people who have won money, earned millions but quickly lost it due to lack of investment. One of the main aim of having money is to make more money and this can achieved by investing your money in profitable ventures or having assets that can increase your income in the long run.







2) Misplaced Priorities: I'm quite sure that you must have seen a couple of people who live in rented apartment but own very expensive cars. This is simply misplaced priority. Money should be used to purchase more assets than liabilities and what every reasonable man or woman should do is to own a house, a place you can proudly call home before you buy more expensive things. Some prefer to spend their money on clothes, shoes than invest it and before you know it, that money that looks like it cannot be squandered may disappear within a short period of time.







3) Lack of proper planning: I know you must have heard the popular saying, " He who fails to plan has already planned to fail." Most people hear this quote almost everyday but they do not apply it to their daily life. Many do not have a plan for their life, this is why they may see a life changing opportunity but totally neglect it. When you do not have a plan for your your future or even your money you may spend it extravagantly and before you know it, you begin to wonder what went wrong.











4) Wrong Mindset: There are certain people that have a very wrong mindset towards money. They believe that money should be spent while it lasts, forgetting that tomorrow is another day. These set of people live for the 'Now' and spend their money extravagantly with the belief the tomorrow will take care of itself. This wrong mindset has taken such people back to poverty even quicker than they can imagine.











It is important that you invest your money in reasonable ventures when you get rich so that regrets do not set in later. Remember, Assets are more profitable than liabilities.



I hope you learnt valuable lessons from this article.

Thanks for reading.

Living above your means

5.) Having a girlfriend

Tooh

Living to impress people wey no send you..

southniyikaye:
Living above your means

It is even wiser to live BELOW ones means.

Ponzi has ruined a lot of people, who wants to get rich quick

Nice tips.


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MARRYING a Leech from a Family of potentially inevitable leeches. No deliverance will save u.

7. Investing in liabilities

Thank you ma. That's how the rich South is making the biggest mistake by remaining in the same country with the poor North.

True

GET RICH QUICK PREACHERS ARE THE BANE OF NAIJA YOUTHS TODAY. THEY INFUSE THEM WITH POISON OF DESPIRATION AND STEALING BY TRICKS TO CALL IT SMARTNESS.