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Financial advice 6 terrible things you should never do with your money

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Money comes and goes

play A woman from shopping (Dreamstime)

Money is not everything but it means so much since you need it to live.

However, it comes and goes and you should thus use every single coin responsibly.

If you have some money, here are things you should never do with it:

1. Lending to people you don’t trust

It may sound like being selfish but you have to be wise with your money. It is not easy to say no to friends and family especially when you have some extra money lying in your bank account.  So, only lend your money to people you are sure they will pay back. You are not some charity.

2. Extravagant shopping

play A woman shopping - Learn to shop responsibly (financialjuneteenth)

 

There are things you have always desired to have but you should still work with a budget even if you have money. Do not buy things that you do not need just because you feel that having them raises your social status. Instead, save more and learn to invest in assets rather than liabilities.

ALSO READ: Here are the 10 worst money mistakes anyone can make

3. Leaving your money in a savings account for too long

It’s okay to save as much as you can but with a plan to use the money for a worthy course. Consider starting up a side hustle that will bring more money, invest in stocks or anything else that gives you money.

4. Please people

play Friends having fun - never use your money to please people (capitalfm)

 

Now that you have money, you will want to donate in every charity, go to all harambees and gift all your friends and family members. Don’t forget that money is relative and the more money you have, the more relatives you will have. Being a little bit selfish when need be is never a bad idea.

5. Gamble

Don’t even think of putting your money into gabling. Gambling is just a game of chances and you can end up stuck in it for the rest of your life. Addiction is real and celebrities have lost billions in it while the casino business continues to boom each day.

play Group of people gambling in a casino (stargazertci)

 

6. Invest in businesses you don’t understand

When you have money, people will give you all sorts of advice on how you can invest your money. However, never be duped to put your money in a deal you have no clue about. Do a thorough research about the business and ensure you understand all the nitty gritty before investing your money in it.

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