How to Control your Finances: 6 Thing Not to do With Your Money Again

Hi everyone. In this blog post, I'm going to list six things that you should never, ever do again with money. Consider some of the things you refuse to do with your money as you read this article.

Borrowing for Assets that Lose Value Over Time

The first thing I'll never do again with money is borrow money for items whose worth is declining, right? Then why? Guys, why would I borrow money, pay interest, and then have to repay the principal on something that would eventually be worth less than it is now? This is moving backwards. Meanwhile, I'm depriving myself of future earnings. You are rubbering your future, your future assets, and your future capacity to make that money grow with every single cent you spend on something that is degrading in value. It's one of the worst things you can do with money, in all seriousness.

Money is mostly used for three purposes. It is intended to meet your necessities and some of your wants. Helping other people is its second purpose. Additionally, I think that making more money is the third use of money. Well, you're essentially destroying money when you finance items whose worth declines. It's comparable to simply setting money on fire in the backyard. When you're paddling against the flow of money to finance a car or other thing that we all know will lose value, money cannot expand.

Using of Credit Cards

Let's face it, we all have to purchase something every day that we know will lose value. The distinction is that you shouldn't finance items, make payments, or pay interest on items whose value is declining. That brings me to number two, I suppose. I won't use credit cards, which is the second thing I'll never do again with money. I don't use credit cards, guys. You can call me the strangest person with money on Blogging, but I simply don't use it. Since I don't use credit cards, I don't instruct people in credit repair, credit card arbitrage, or any other sort of thing.

Credit card interest is exorbitantly expensive. And as for me, you guys, I couldn't give a damn about credit card points. Guys, believe me when I say that earning points, airline miles, or any other rewards they may be offering as a perk for using their credit card does not mean that you are outsmarting the credit card issuers. Numerous credit card companies have invested countless billions of dollars in studying your purchasing habits. They are aware that if they provide you with points in exchange for using their card, you will use it to make purchases you might not have made otherwise if you did not have their card and the incentive of earning their points.

As a result, the benefits they offer—in the form of points—cost the credit card company less than what you earn by using the card frequently. Guys, this game is highly polished. In America, credit card debt just surpassed a trillion dollars for the first time, and the average household there has more than $6,000 in credit card debt. Anyone who says today, "Hey, you know, I don't pay interest; I just use my card, and I pay it off before the bill's due or before any interest accrues," is welcome to do so. However, there are roughly 20 people who don't do that for every one of you, and those people end up paying 20% or more in interest on their credit cards.

Hey, I don't have cookies in my house because if I did, I'd eat them nonstop. I frequently need the entire pack. Believe it or not, I ate an entire pack of Fig Newtons just last night. When I keep cookies around the house, I always end up eating them because I'm tempted to. The same applies to credit cards, men. You're tempted to use them once you have them. And hey, congrats if you use credit cards sensibly! Fantastic! Because the majority of people don't, you are in the minority. So, kudos to you for maintaining discipline.

Taking Responsibility for Your Financial Situation

The third thing I'll never do with money is simply stop blaming other people for my troubles or challenges with money. I don't blame the government, capitalism, my parents, Congress, or the current president. I also don't blame the government, capitalism, or my parents. I hold myself accountable when it comes to money because I firmly believe that taking charge of your finances and every other aspect of your life gives you power.

You are accountable for your finances. Your current financial situation is unrelated to your place of birth, foreign policy, or any of those things. Now, all of those things are quite essential—in fact, they are extremely significant in every single one of our lives—but we all have opportunities and choices that we must make and have made in the course of our lives.
You see, gentlemen, I've never lived abroad. I'm limited to representing Nigeria. However, there are opportunities in Nigeria for us to avoid poverty. Hey, is inequality present? Yes, inequality exists. Is there injustice? Yes, there is a lot of unfairness in the world. Exists racism? Is there sexism here? Exists ageism? There are all those "isms," but what about this? We all have issues, and every one of us has a past filled with enough problems to go around. However, your task with money is to begin where you are with the opportunities that you have been fortunate enough to have. You must start with what you have and where you are right now and move forward from there, whether there are no opportunities or many opportunities. If you need to, you can create new possibilities for yourself. Otherwise, start where you are.

But if you want to point the finger at someone for your financial situation, start by looking in the mirror. We can point the finger at anyone and everyone, but in the end, you are responsible for managing your funds. And it's up to you whether you force them into existence and succeed or fail miserably.

Therefore, as a fully developed adult with sound judgment when it comes to money, I have no one to blame but myself for my financial predicament. So, folks, what's up? I can't, I won't, and I won't point the finger at other people for my financial predicament or problems.

I now consider Robert Kiyosaki, Dave Ramsey, Crown Ministries, Dr. Miles Monroe, Suze Orman, Jack Bogle, J.L. Collins, and Thomas J. Stanley as I reflect on my financial journey. These were the authors of the books I was reading while I developed my financial philosophy. Reading, making notes, and paying attention to people like that is what enabled me to increase my net worth from $30,000 at the age of 25 to seven figures now.
You must follow suit by listening to facts, learning about money, and developing your financial philosophy.

Giving and Sharing Wealth

Fourthly, I won't ever hoard money for my purposes. This is something I will never do again. Guys, I don't think that I'm the only one who should gain from the money I have. Again, feel free to label me odd, but I'm all about lending a hand and donating some of the money I make.

Living Below Your Means

Let's go on to number five. I don't believe in debt unless it's secured by real estate or other assets with increasing worth. I simply don't think it's OK to spend all of my money and be deeply in debt, as many others do. Yes, I try to avoid spending 90% of what everyone else does with their money because most people are heavily indebted and tend to keep up with the Joneses. The majority of individuals lack a plan, have little money, and are susceptible to being persuaded to believe and fall into the spending trap of "spend, spend, spend. I believe that you should live well below your means and that, if you want things to be different, you must approach money differently.

Therefore, I query with scepticism, maybe some doubt, and a lot of scrutiny of everything about money that I read or consume. a lot of thinking, too. Every financial decision I make is filtered by my principles, personal financial philosophy, and financial objectives. And I strive to avoid making the wrong choice if it conflicts with any of those principles. That is simply my approach to money at the moment. I only take out loans for assets that will appreciate, like real estate. It's much better if you can purchase a piece of real estate that generates income because you'll receive both the monthly payment and appreciation as the asset's value increases. I do not think that debt is truly your friend unless it is real estate or an asset that is increasing in value. I constantly advise people to attempt to pay off debt as quickly as they can since every payment they make on debt is a payment they miss making an investment and growing their money in the future.

Therefore, buy cars debt-free, attend college debt-free, and pay cash for all of your necessities instead of financing them. Hey guys, I haven't taken out a loan since around 2015. In the past 7 years, I've maybe checked my credit one or two times. At this moment, I'm not even sure of my credit score, and I don't want to check it until I want to buy some real estate.

Having said that, I do think it's acceptable to enjoy yourself a little financially. I'm not telling you to stop having fun, though. None of that is the case. But simply avoid having fun with debt.

Investing in Building Long-Term Wealth

The sixth thing I'll never do with money is invest in get-rich-quick scams, and there is no chance that this will ever occur. I don't gamble, I don't play the lottery, and I just don't believe in getting rich quickly. Call me traditional if you want, guys. Some people provide advice on how to earn a million dollars a week. However, that isn't this Blog. I'm just an ordinary guy leading an ordinary, simple life. I'm not glamorous, and I drive old, secondhand cars. And I'm not trying to sell you on the idea of getting rich soon.
I'm just a man who was impoverished when he was young, and I've learned that getting rich takes time. Real wealth requires long-term consistency, more discipline, and a greater number of financially wise judgements. I think that creating money is just a building process that begins with a solid foundation. It needs to have a solid foundation laid out underneath it before you can start to build on top of it, just like a structure that you see being constructed. Money and accumulating riches, in my opinion, work the same way. You see, neither Rome nor Egypt were constructed in a day, and neither will genuine wealth be. I firmly believe in the three main pillars of wealth creation, which are real estate, stock market involvement, and developing the appropriate kind of businesses.

Read Also:- How to Prepare for Raising Prices Due to Inflation

I don't think that money should be worshipped because I don't think it's the most important thing in the world. But it's OK to concentrate on and pay attention to money. Real sustained prosperity, however, requires patience, self-control, and making wise financial decisions rather than mistakes. I attempt to put money in its appropriate context in this Blog. Keep in mind that money is only one of many instruments in the toolbox for accumulating wealth, and it is not even the most crucial one.

Thus, there are no quick-money schemes on this Blog. No quick-rich scam will ever succeed in getting my money. Guys, it's not happening. You can just use a portion of my money philosophy and what I won't ever do with money again to create your financial philosophy. Because, at the end of the day, personal finance is personal.

So, with these six things I won't do with money, I hope I've given you guys something worthwhile to ponder. Please let me know if there is something that you are currently refusing to do with money in the comments section below. Additionally, send this article to someone you believe could benefit from it.
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