Thank God the year is coming to and end, but my finical mistake as put me in debt which I never imagined about before the year started. It's very good to be financially wise, smart and have attainable goal.
This year i made a lot of financial mistake which made me broke. I have learn a lot from my mistakes which as made me wiser. The Best way to learn is learn from other people mistake, success and not your mistake; others people as made does mistake so you won't make same mistake. It cost me much pains, but I just have to learn from it and move forward.
I am writing this article so my readers may learn from my mistake. Don't only focus on learning from successful people behind every failure there is a lesson to be learn.
The first financial mistake i made in 2023 is
Lack of financial Plan for the year : I had some crazy financial goal which I never write down or work to achieve it. Any person that failed to have a financial plan as plan to fail. Trust me he or she will end up being broke.
I started business which I know little or nothing about with a loan: Some times I ask my self if am crazy, how should I have gone ahead to get a loan to start up business. I ended up in debt because I hired a staffs that are not competent. I was always moved by emotion instead of reasoning, I did allow external force to influence my business decision which cause the death of my business. Don't ever start a business without solid plan, always hire staff that are competent, take away emotions from your business and focus on profit. If you put emotion first, thinking that you don't want your staff to see you as a bad person, you will end up as a big fool because people will take you for granted. Currently the business is died after 2 month and Lossing 40% of my capital. Am still paying back the loan because of my bad business decision.
Investing in a business which you know little about or putting your trust in other people knowledge can be a very bad business idea. My major financial mistake was in an automobile business which I invested in. Automobile business is a good business but you need good knowledge before investing in it. Automobile business as different aspect each aspect need each other to succeed as a business. I know much about automobile marketing but I know little or nothing about mechanical aspect of car. For years I have been performing well in automobile marketing aspect. I think it was time to go forward by buying a used car to resale believing I will make much profit, this idea took me back to -30% of the way I started in 2023. I never know My automobile purchase consultant was after the money he want to make in from the business. He helped me to purchase a car which made empty my account. I ended up Lossing 30% of my capital.
I started 2023 with zero debt but leaving the year with debt I never imagined. I believe we all need to have a solid financial plan for 2024, this will help you to make progress. If you don't have a good plan you may be spending more than you earn. Make financial plan, read on finance so you may be financially wise the world is currently facing finical problem, you have to get it right so you won't end 2024 in debt
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