Money Habits Leaving Young People Broke in Africa (Cameroon) by Javnyuy Joybertadmin
Having less financial stress is not by magic but discipline. Develop good money habits that can put you in control of your financial life.
Most young people have at least one bad habit, but it get worst when their bad habits affects their finances it makes success in life very challenging. Some of these Habits include
1. Not Making a Budget
As a young person always make an outline of how much you expect to make and how much you expect to spend in either one week or one month. The truth is if you don’t know what is coming in, you will definitely not know what is going out and my friend you are heading for financial downtime. Potential millionaires and successful millionaires are known for carefully planning and spending their money wisely
2. Poor Association
Young people in Africa pick up almost all habits from the friends (paddymen) they mingle around with. And when it comes to money habits this could be positive or negative. Their bad spending habits and saving habits can easily translate into you. It is vital to know how the people you associate with daily affect your spending habits
3. Lack of self control
Young people who express high self control leads to financial success. They don’t allow their friends influence to affect them or they don’t spend base on emotions.
The gambling situation in Africa is horrible. I highly advice my dear young people to save the money that they use to spend gambling on sports. True wealth does not happen over night it is a process
5. High Spending on Entertainment
If you look at young people who struggle financially on Mondays, check their spending on entertainment during the weekend. It is advisable not to spend more than 10% of your monthly income on entertainment. Reduce your entertainment spending today.
6. Not Saving
Personally when i put together my monthly income, the first amount of money i set aside is my tithes, the next is my savings. Studies proof that self made millionaires developed the habit of saving 20% of their income during their early years. Save before spending not the other way round that is millions of young people in Africa spend before savings my dear friend you are doomed for poverty. Repent and start saving
7. Don’t bargain
Especially the guys when they want to please ladies during shopping they buy without bargaining to show or impress the lady, my brother you will cry tomorrow if you continue doing that. Shop for the lowest price, bargain well, compare prices before buying.
You have to put in the Hard work, the self discipline and most important put God first place to become rich