Managing our finances can be a lot of trouble at times. Some individuals lack management in their finances, and that always leads to financial ruin. Knowing the right time to invest and to spend is the best way to avoid unnecessary lavishing of hard-earned money.
I believe investment is one way to prepare a stress-free financial future for one's generation yet to be born. Investing in the right and legit businesses will only lead to success in one's financial life. I understand that could be risky because some businesses look real, which they are not, but risk, I believe, is part of what makes one learn.
Some people are in debt today because they didn't take the right and appropriate steps before investing in whatever business they invested in. This is why I believed the saying that "readers are leaders, and those who search for knowledge will never fail" from the onset. Do extensive research and underground investigation about the business you want to invest in. Sometimes, our intuition does help us differentiate right from wrong, but we just try not to pay attention to it, and in the end, it leads to regret.
My friend's fiance got scammed of #500,000 a few months ago over a business that was introduced to him as a means of investment. When he told my friend and me about it, I personally didn't see the genuineness of that business. I didn't get enough proof to convince me that the business is worth investing in, and I explained to him and also gave him reasons why he shouldn't invest; similarly, his girlfriend, who is my friend, explained to him not to invest. But as a man, he thinks it's all ladies talk, so he went ahead and invested, and after a month and a half, the business folded up and #500,000 was washed down the drain.
Over the years, when I started earning as an adult, I took my time to do feasibility studies on any business I wanted to invest in. And most of the businesses I've invested in over time have been in crypto, and as we know in the world of crypto, it's best to prepare for uncertainties. I've lost some and I've won some; some of my investments didn't yield good returns, while others exceeded my imagination.
Ignorance and a lack of adequate and appropriate information are the common factors that ruin an investment, causing financial decadence.
Lessons I learned
- Access to the right information, at the right time, from the right source makes any investment yield a good reward and improve one's finances.
- Spending to impress is a wrong idea only for fools; a wise person will not spend just to be praised but rather plan to spend, not spend to plan.
- Covetousness and greed are two of the factors that create a loophole in one's finances. Many people today want to buy whatever they see with other people, even if it is not useful to them.
- I've also learned that being prudent in one's finances and investing in legit businesses whose information is convincing is a gateway to financial liberation. In short, being disciplined in one's spending.
All these lessons have contributed positively to my financial life, and I'm still learning how to make the best of my finances for a successful financial future ahead. As we all know, there is seed time and harvest time. Some have used their seed time to impress and definitely have nothing to show for their harvest time. For this reason, earn legitimately, spend wisely, invest, and enjoy financial freedom.
Thanks for your time, and your comments will be appreciated.
Posted Using InLeo Alpha