I am sure you will agree with me that in our present generation, the love of money, pursuit of it and fame has become a fire consuming the heart of many people.
Many individuals are ready to go all lengths to acquire money either through a positive or negative means.
Interestingly, some of the people belonging to this category lose this same money within the twinkle of an eye.
If you gaze around you, you will definitely realize one or two people you know who were rich in the past but quickly went back to poverty within some weeks or even months and you begin to pose questions to yourself as to what went wrong.
Some of us have also tasted wealth before but quickly went back to poverty.
The mega question then is what could be the major cause of this “wahala”?
Here are 4 major errors in life that people make when they become rich that quickly take them back to poverty.
A Lack of Good Investment: A lot of people are not privy to the fact that money is like a bird in hand, and a bird in hand can fly at any moment.
The only way to cage this bird is through investment. There are a lot of individuals 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.
B. Misplaced Priorities: I am somehow sure that you must have seen a couple of people who live in rented apartment but own or drive very expensive cars.
This is simply an error and a misplaced priority. Money should be used to buy plenty 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 individuals like 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.
C. Absence of proper planning: I know you must have heard the famous saying, ” He who fails to plan has already planned to fail.”
A higher number of people hear this quote almost everyday but they do not apply it to their daily life.
Majority do not have any good 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.
D. Bad Mindset: There are certain individuals on this planet who have a very wrong mindset towards money.
They strongly 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 bad mindset has taken such people back to poverty even quicker than they can imagine.
It is of much relevance that you invest your money in reasonable ventures when you get rich so that regrets do not set in later.
Please I beg you, remember that Assets are more profitable than liabilities.