1.Counting on the illusive someday: David Chilton said the best time to plant an oak tree was twenty years ago, the next best time is now. Do not procrastinate, because procrastination is the thief of time. Do not wait for when your cash flow is not so tight or when you have surplus funds before you start planning for investments. The longer you wait for that illusive someday, the more difficult it becomes for you to start planning for your financial future.
2.You are not what you drive: While a car is very important for mobility in most Nigerian cities, it is necessary to strike a balance on what we spend buying and maintaining our cars in relation to our investments. A friend with little or no investment bought a Honda car for N3.8 million in 2008 only for him to sell the car for N2 million in 2013. Your financial independence is more important than displaying social status. Is your driveway a car lot? What are you doing with more than two cars? If you must have more than two cars, then the cars should either be for business or the value of the cars should be about 10% of your net-worth.
3.Gambling away your future: We must invest our time and money in activities and ventures that will enhance our economic status. Our time must be invested in our education, career, health, family, positive relationships and businesses, while our money must be invested in knowledge, real estate, mutual funds, stocks, money market instruments and businesses. Uninformed people waste their time on activities that do not add value to them and their money playing lottery. The probability of becoming financially independent through gambling, betting or lottery is very slim. The best way to attain financial independence is to have a financial goal, plan your strategy and work hard toward the attainment of the goal.
4.Do not think like an employee: No matter who pays your salary, always see yourself as the MD/CEO and Chairman of Yourself Incorporated Nigeria Limited. When you have this mindset, you will not rely on your employer or the government for your economic sustenance. Also endeavour to be good at what you do, add value to your organisation, business and the society at large. Money should be secondary, have a genuine interest in solving people, organisational, and societal problems. When you truly do these the good Lord will definitely bless the work of your hands.
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