Is of no secret daddy end of every pursuit in life is to make money so that you can live comfortably in this world and do the things you love, e.g like going on vacation buying exotic cars, using the latest mobile device and also expensive gadgets all this requires money. but remember the beauty of life is not seen in what you have spent rather on what you have imputed to always reproduce what you have spent.
Tip on how manage your fund.
1. Never borrow to start a business without a strategic laid-down plan: most times people asked in obscurity, money brings opportunity but if not well managed can become the reason for your nemesis and misfortunes, strategic plan is needed and also calculate your loss consciously so that you will be able to borrow the amount you can afford to pay back so that paying back will not become a very strenuous activity for you.
2. Keeping your money instead of planting it: it is so disturbing to know that people are in wise; about how bank management operates because if they do, they will understand that all deposit is used for business purposes to generate money for the bank. and it ends up giving you a little or no profit so why save your money while you just have to develop your mind and make wealth out of that we should save in the bank.
3. Never spend all you have: a wise man once said a good plan without a subsequent Plan B is not a well-planned event so to prove your wisdom you have to reserve some resources as a backup or as an insurance so that you will able to recuperate if anything goes wrong but Wisdom we teach you to be very conscious while planning because that's the heart of every successful man thank you..
Nice write up. If only people knew how to manage their money, they wouldnt have financial issues. It is not a good plan to borrow money to start up a business as that can eat into your profits. Instead look for investors that are Willing to invest in your idea, that way the risk is shared between you and the investor. As a quote goes '' it is better to own 50% of a company and be making 100 million than to own 100% and be making 10 million''.
I think this is good. Youths nowadays are just spending money as it comes. I'm a student and I save the little I see from my parents and sometimes I play betting and I see gain and I save it. As I am right now, I'm already saving money for the upcoming Christmas season. Most business today runs down because of no strategic plans and because of debts
Never borrow to start a business without any laid down plan, even at times the laid down plan fails and all the money is lost.
Lots of information about money management but praticing it is the main thing there.
Nice write up
Wow this a great way to make money and not always depending on parents too much, at least I can solve some of my problems and also buy some stuffs which can't be told to parents.
Thanks for the compliment.
before starting business make sure you don't have anyone in dept make sure you are very clean or if you want to take loan take loan from a very close person of you you are the one that will not mistreat you like do we don't got he did his uncle gave him know that he started his own business is so now I think that's the obvious solution to do yes and what length don't depend on anybody just be your own or your family that does say no I want a loan no I want to do this I will give you back later the money don't ever tell you that cuz it will bring down your business now rather than help me with the shoe sponsor you bring more money to your company or stuff
Yeah, a lot of people make this kind is mistakes most times
Especially men. They don't like to listen to their wives advise, they Amway's think they're the most correct people
You need to think deep and have the mind of an investor so that you won't want to start having big profit at the beginning because at the end that's where the profit comes
Thank you because this article will help many people.One of the problem youth are facing is not knowing what money is meant for or even how to spend it,they thought money was everything which in real sense is not so.
This write up is really amazing..... I believe saving money is not the write decision to generate money you have to always invest every money earn to get more money that's the greatest secret of how to earn more money
there are fundamental step to help you manage your money the right way;
1.create a budget
2.understand your expenses
3.understand you income
4.consolidate your debt
5.remove unnecessary expenses
6.creat an emergency fund
7.review and understand your credit report. And so many ways
I have made so many mistakes and this write-up says everything about the mistakes i have made. But i have learnt the lesson the hard way and i have educated my self on money management and even online to check how to avoid this mistake which would never happen again.
Spending more than you make is also part in it.the secret to being wealthy is simple i.e live within your means,months after months.But so often we deprived if we have to do without . especially if we think everyone is living the good life.
However spending more than you have isn't sustainable.As you would soon see when the bills start piling up.learn to be happy with what you have,spend less and you would find financial freedom is more Empowering and gratifying than Constantly trying to keep up with others
Nice one. It a wonderful piece but it is important to bear in mind that, in almost every business a loan is important to start up. There ought to be an added sphere of income to the capital. It really difficult starting a business without a loan
Let me chip in one. Never you spend a money that you have not gotten. That is to say you spend money base on a cash promise someone made to you. You can be dissapointed and left in your ruin
To start a business it's not always compulsory to use your hard earned money. You can borrow from the bank to invest in your business but it depends on the strength of gain generated
Never go out with your wallet full of money. Going out with wallet full of money will prompt you to buy things you want but not really needed.
Do spend beyond your budget and always set aside funds for emergency need so you won't fall a victim of borrowing money here and there they will make you a slave to someone
Good and valid points raised, its also very accidental when one spends without considering the scale of preference principle. Borrowing had also done much harm than good, esp when its for individual use or or business.
A very wonderful writeup I must confess. So many intending business owners who plan on getting capital through bank loan should always ensure that there is a strategic plan to repay the loan. This singular act of owing has ruined many people and has made bank loans sound scary to people.
Good! In addition, it is always good if we know what type of business we want to invest our money on. One important thing to consider in planning to invest money on anything is the unique selling point, URP. This will reveal how well our business will thrive when we invewst in them. We should always choose wise with this.
Wow, thanks for creating such a sensible post, am very happy because the write up will go a long way in helping and guiding people like me who are students and also entrepreneurs
Thanks for the write up
You're right one shouldn't borrow money without having thought of how to pay it back.
They also shouldn't spend as they earn. It really affects people because immediately they get money from their businesses they spend it all. Instead of that look for other ways to invest the money to get more or even expand your business.
Wow, this is really interesting to see. You have just nailed it. You don't borrow to start a business especially taking loan because you will end up working for the person you borrowed from. Start with little you have at hand. Business grow and money grow too. Investment is the key to succeed in life or in business. Putting money in the bank is good but try to invest. Investment bring more money than saving.
Borrowing money to start a business could dangerous because if the business did not go well, you will automatically become a debtor and will never have peace of mind again.
Especially when you borrow from the bank to start or to support your already growing business, you might end up having nothing left in the business.
This are really nice tips. I think if one can put all these into place, he or she ought not to fall victim of poverty. And also one must be very careful in his spendings because when one overspend the money he thought would never finish would evacuate within a twinkle of an eye.
Most people make money actually but there problem most people has is how to manage and multiply the money he has already made.
1. One shouldnt rent a house his one month salary cant afford to take care of
2. One shouldnt let down on opportunities on how to multiply the already made money
This is really informative , thank you so much. I have made mistake of borrowing to atart business before and guess what? I am still in it. Noone should make this mistake again , it is deadly. God bless you for this post . Make sure you learn from it, my people
These are very important tips. Most people tend to spend when their capital have not been gotten especially when starting a business it is adviceable that you gain back your capital before the luxurious spending.
Yeah that's true u have 2 use ur brain when it comes to doing business,you have to strategize b4 going into any business and u have to get a plan b . because anything can happen instead of falling u just move up 2 plan b
Another thing to avoid is putting all your money inside a single investment because if it doesn't turn out the way you thought it to be then you are at a loss
Yes you just nailed it, you don't borrow to start business rather start with the little you had as time goes it grow, to avoid working for someone in the future they may claims all you have build and you will be left out...
This is so true, poor money management has been the Achilles heel of many people across the world and it is really saddening that inspire of all the information available to learn this craft Alot of people are still ignorant and as such suffer it's consequences
When starting a business you Don't neccesneces need to use up all your money to start it because of what you might face in future while running the business. So you can even borrow from the bank According to what you can pay back.
I can also add this by saying don't just save, but save to invest. Because the value of the money you save, reduces daily because of inflation. When you save #200, which can buy a bicycle, you will discover that in one month that bicycle has increased to #250, whereas your savings is still #200. So if you had invested that money, in a month it will yield profit enough to still buy the bicycle no matter the inflation rate.
This is a very nice write up
It's so true. One should never start of a business with borrowed money cus if it flops, it might lead to something else
And people should be ready to take risk in investing rather than saving, cus investments bring in more money
I love this it can really help in thinking on how to start a business
People are really suffering from all sought of microfinance bank that borrow you money and expect you to start paying the second week, at the end of the day the money won't favour the business but ruin it down more because of the interest they have to pay back.
This is great nice write up,How l wish some people can learn from It,This will help you plan and learn how to start up your business and how to plan your life,because without planning yourself your life because meaningless.
Also, when you borrow money from someone, always remember to pay back as soon as possible before the person even ask you. It shows integrity. That trait of borrowing money and the lender will end up struggling to collect his money back after some time is really frustrating and bad
Nice writeup. One thing some people don't know is that it is always better to start small. When you start small, you get better and stronger as time goes on.
But some think they must start big and for that reason, they start borrowing unnecessarily.
Learning to save money is also important .
Thanks for the message, it really helped. Cause I have this problem of just keeping my cash without investing it and I feel buttered about not having a profit. Maybe guess I will use this as my new business strategy.
More tips on how to manage more funds
1 Create a budget
First things first: create a budget if you haven’t already. Is it necessary? Are windshield wipers necessary in the rain? Trust me, you need one.
Creating and sticking to a budget might seem a little tough to achieve at first but it pays off in the end . Budgeting helps us see with clarity and full transparency our financial situation and this is of most importance for better managing your money.
It’s the first step to help us pay off debt and start saving for future expenses such as a mortgage, a car, and your retirement. It’s what will bring balance to your financial life and give you peace of mind.
2 Create an emergency fund
Stuffs happens and it’s good to be prepared. Emergency funds are an important part of a healthy personal finance plan.
In almost all cases, you shouldn’t touch or take money out of the fund, rather, let it sit there earning interest. If you lose your job or an unfortunate or unexpected expense arises—such as your car breaking down or a tree falling on your roof—this is when you should tap into i t.
Awesome, I wish all business man and woman, traders and other people that makes money from one source or the order should see this, the way we spend our capital and what we spend them for really matters, I wish we all have this mentality, thinking in a different dimension will change a little thing in us.
This tips on how to spend money is awesome. Sometimes you will just have money and have place you want to start up a business you won't know when you will foolishly add up spending it on another thing. I never thought of plan b. I will so much try to always have plan b when it's comes to things like this
Good write-up, I think before any business transaction you need to plan well and not to borrow a loan all for sake of business rather plan well before doing anything.
How you spend your money impacts your credit score and the amount of debt you end up carrying. If you’re struggling with money management, forexample, you’re living paycheck to paycheck despite making more than enough money, here are some tips to improve your financial habits.
Top 10 Money ManagementTips
1. Know your money Priorities.
2. Determine Your Monthly Pay.
3. track where You Spend Your Money .
4. Have a Plan–any plan.
5. Stick to the Plan.
6. Expect Emergencies.
7. Save Early and Often.
8. Take Advantage of Free Money.
9. Relook your debt
10. Find what works and keep doing it.
This post is really true.. when you borrow money to start a business, you put yourself under unnecessary pressure to meet up to expectations of your lenders. Worse of all is venture capitalists
This is very good..now people will now know were their mistakes are from, This is a very good advice to our up coming childrens.
I love this because I myself have leant a lesson for this.. It a great advice I like it
They are different kind of making money online
Open an esty store
2Complete surveys online
3 Get paid to search the web
4 start a blog
5 write and publish an ebook
6 Get into affilate marketing
7 Become a freelance writer or editor.
If people learn how to manage their mony, there will be nothing like financial problems
It is not and never a good idea to start up a bussiness with a borrowed money, this is the mistake many of us do make, so let us think deep before running into any conclusion and businesses
Thanks alot for this write up , it will help many people alot
This is a nice and educative write up. Man6 even have the chances of making the money successfully but does not know how and when to spend it. This is aslo a money mistake because anything no matter how plenty will surely finish. Money should be spent wisely and timely.
Don't spend just to impress people... Some people tend to spend more just because they want to make other people feel they are living an exotic life meanwhile they don't even have nothing... We should learn to cut our cloth according to our coat