4 MONEY MISTAKES YOU SHOULD AVOID IN NIGERIA RIGHT NOW

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This article was inspired by a discussion I had with a friend recently. He had bought a motorcycle for someone on a hire purchase agreement. Well, needless to say, the transaction ended in premium tears. So briefly, I will discuss why the transportation or logistics business is a No for most working-class Nigerians looking to invest their income and other money mistakes I see a lot of new earners making. 

1. Transportation business: 

It is difficult to find drivers or riders with integrity to hire. My dad did this business full-time for 20 years so I saw close-up the difficulties in receiving the agreed remittances from the drivers. 

Be prepared for the usual excuses: police exhortation, traffic jams, and so on. So, this is not the sort of investment for anyone who is fully engaged at a tasking 9-5. You need time to monitor the riders closely and you need to be very street smart to engage these guys. However, I  agree that the logistics business is huge at the moment and there are many opportunities there. 

2. Investing in Things You Don't Understand: 

As of today, you wouldn't catch me doing forex or bitcoin trading because I don't understand the process. So, I believe that the first rule of investing is investing in businesses you understand. 

3. Lending Money To People

This is the only money lesson I got from my old man, but if it's the only lesson you ever learn too, you are good. It's risky to give out loans to people because human beings are unpredictable. I know someone who almost got killed because the borrower didn't want to pay back the money he owed;  and frankly, this kind of news is not far fetched. Whatever money you can't give away, don't lend it out to people. 

4. Buying stuff. All. the. time. 

I was telling a friend that the fact that the owner of an e-commerce website is the richest man in the world, tells us something about our buying behaviour. A lot of the stuff we buy, we actually don't need. Don't buy stuff because you have the money to buy it. Buy things that solve your problems, or things that free up more of your time.

Thank you for reading. You can find some other personal finance articles here and here. 

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