STOP BEFORE YOU TAKETHAT BANK LOAN…

If there’s one thing that I wish that I could have, own and control in this economy, it would be a Commercial Bank. Owning a bank opens one up to a whole load of opportunities and possibilities when you are in the business of providing finance to people.

Now banks exist to provide people with financial products and services in order for them to meet their goals. Giving loans is just one of the services they provide. Loans stimulate the economy because access to finance helps business ventures thrive.

Now the reason for my headline above is not to scare you away from taking loans, rather it is to ensure that you consider several things before you decide to finally take a loan. Have you ever wondered why most loans require you to commence payment immediately, even without a grace period? Loans signify a period of servitude to the financial institution so you might as well ensure you have all the bases covered before taking the plunge.

PROCRASTINATION LEADS TO POVERTY

The scourge of poverty, akin to the manifestations of a virus or incurable disease has plagued many individuals the world over. It has many symptoms but one of the major signs that an individual is infected is when he/she procrastinates. To procrastinate is to delay, to postpone what should be done now for later.

Procrastination is a mental block that deceives you into believing that there is still time to do what should have been done long ago. It manifests itself with statements such as, “I will do it tomorrow,” “There is still time,” and “it’s not too late.” The problem with this mindset is that every day time is going by which once spent cannot be retrieved. Each and every day you are supposed to be making steps toward the achievement of your financial goals; we’re now in May and you might be wondering what happened to the first four months of this year? The truth is you are seriously procrastinating.

MONEY PRINCIPLES YOU MUST TEACH YOUR KIDS

Starting now, starting today your kids if they are five years old and above need to have an understanding of money. Money is integral to their future success and well being, they cannot afford to be financially illiterate!  Financially illiterate children grow up  to make reckless financial decisions and end up retiring broke and depending on their own children to take care of them.

Does this cycle sound familiar? This is what happened to most of our parents’ generation, and will also happen to ours if we do not urgently undertake to do two things – first completely educate ourselves on sound money principles and two, teach the same to our kids.

The following principles below must be taught to your offspring with a view to getting them to understand money for what it is, and what it can do for them. You should never stop teaching them up till the day they leave home: