1. You’re saving money instead of investing.
Saving money doesn’t make anyone rich, in short the only people who get rich from your savings are the banks.
This is why they charge you for pulling money out and also charge you for saving with them.
The right thing to do is invest. When you have little money, invest in yourself. Take courses and programs that will boost your skills, knowledge and mental prowess.
Education never stops.
When you have a lot of money invest in opportunities as well such as cryptocurrency, stocks and bonds.
Real estate is a surefire way to go. But always start with self investment.
2.You buy liabilities instead of assets.
In Ibadan where I stay a lot of people spend money partying. It’s the culture.
People spend money on clothes, shoes and different stuff that they don’t really need.
To achieve a life of financial freedom some part of your money should be spent on buying assets instead of liabilities.
Assets are what will fund your dreams. Liabilities make you feel good but they do not in any way contribute to your dreams.
Make it a habit to spend more on assets.
3. You have only one source of Income
This is the biggest reason why most people are broke.
They rely on only one source of money and when that source dries up they already in deep problem.
It is said that the average millionaire has about 7 streams of income. While this isn’t true for everyone,
Most millionaires will have between 3 to 5.
If you want to have financial freedom, learn to develop other sources of income.