10 "Foolish" Ways You Lose Money Daily InNigeria

9 years ago

10 "Foolish" Ways You Lose Money Daily InNigeria

1. Unnecessary Parties
It is estimated that Lagosian's spend close to 40
billion naira annually on parties alone .
Most analyst have argued that most of these
parties are completely unnecessary and most
times do not add value to either the host or the
guests.

2. Insisting on Designers, Labels, and Brands
From groceries to clothing to prescription drugs,
you can save money by choosing an off-brand
over a fancy label. And in many cases, you won't
sacrifice much in quality. Clever advertising and
fancy packaging don't make brand-name products
better than lesser-known brands.
For example, generic drugs can cost as much as
80% less than their brand-name alternatives.

3. Shopping at the wrong store
If you are Particular about price then don't just
walk into any store , a Bottle of drink at MM2 will
cost you almost thrice the amount you buy it at
your neighborhood fast food outlet , a
supermarket in victoria Island will not sell Gala at
the price you get it in Oshodi

4. Paying for "ashoebi" you may Never wear
again,
Today, almost all weddings, burials,Birthdays and
even naming ceremonies now have a uniforms
which organizers use in adding color and or
liquidating their guests ! This is one of the Biggest
drain pipes in most low income Families who can
hardly afford three square meals but are willing
to mortgage their 5 months salary for a 2 hours
programme!

5. Maintaining a Fleet of Cars
Most people keep a fleet of car to show the world
they have arrived , However they fail to realize
that their cars start diminishing in value the
moment they drove out of the show room . The
Insurance ,licensing , and maintenance is an
unnecessary expense for a vehicle you drive once
in a month!

6. Multiple Girlfriends or Sugar Boys.
Women are wonderful creatures, history is
replete with men who died because of women
only to have those women become concubines of
the men who killed their lovers .
A Man with a retinue of girlfriends will have to Buy
Credit for Shade , change wardrobe for Ngozi and
pay house rent for Fatima all these add up to
keep the young mans account in perpetual red !
In the same vein women are reinventing slavery
but this time on a different dimension, they have
mastered the act of keeping "Bingos" whose only
duty is allegiance to the b0s0m of a woman old
enough to be their mothers .
One peculiar thing about these "bingos" is the
Fact that they have taste as such keeping many
"Bingos" sometimes leave a tsunami effect on the
bank account !

7. Leaving Your Money in a Low-Interest
Account
If you're stashing your cash in a traditional
savings account earning next to nothing, you're
wasting it. Make sure you're getting the best
return on your money. Fix any money you don't
need and earn good returns from your bank
instead of paying account management fees to a
bank which charges you for using your money.

8. Not Pulling the Plug on Electronics
If you use a prepaid meter this is one of the
reasons your credits develop wings.
Electronics that have a clock or operate by remote
are typical culprits. The obvious way to pull the
plug on your energy vampires is to do just that --
pull the plug. Or buy a device to do it for you,
such as a Smart Strip Power Strip which will stop
drawing electricity when the gadgets are turned
off and pay for itself within a few months.

9. Buying at the Wrong time !
This mistake could some times have devastating
effect Its is dangerous to Buy a Land or House
during dry season because the area might be
prune to floods or the Land could be
waterlogged .
Building during raining season on the other hand
also has some advantages
1. Cost of Building materials especially cement
falls
2.Molding Blocks and water supply for concretes
works could be made easier especially for those
in arid areas

10. Borrower !
Pls Borrow me =N= 500,000 I have a business deal
I must close tonight?
Many people have lost millions and made great
and wicked enemies just because they choosed to
help.
The wisdom here is never lend out an amount
you are not willing to forget!
Any business that is too good to be true is too
Good to be legal!