When it comes to financial advice, everybody seems to have something to say. Especially in Nigeria, people always want to tell you how to make more and spend less. Although some of these advice can be helpful, others can be a little bit terrible. So we made a list of the worst financial advice we have ever heard:
- Write Books Online and sell
Well, if you are not a writer, then do not worry about this advice, no matter how much you hear it. Unless it’s your passion, do not even bother trying that venture as it is hundreds and hundreds of hours working on the book.
- Play the Lottery or Sports betting
I have actually heard this kind of advice before. And I assure you, it isn’t the best advice out there. You can’t gain financial freedom based on lottery or trial and error. Yes, some people may have had luck but it’s still no guarantee. It’s better to work hard and be productive that depend on probability.
- Invest only in What You Know
Although this advice may sound logical, it is quite myopic. Many famous rich people in the country have investments in several different areas. It is one of the secrets of financial freedom and upliftment. Diversification is very important, especially if you are looking to expand your horizon – and bank account. Try not to put all your eggs in one basket.
- Don’t rent, buy!
Truth is, everyone wants to own at least one property. But when you are trying to get financial stability/ or just starting up, it is better to rent places at first. In terms of your office space, a rentage should be very okay to start with.
- Books, Books, Books!!!
You always hear this. Read this book, read that book, read, read, read. It’s great to read financial and motivational books but it’s better to work on self-improvement. That’s what all the books are all about anyways. Don’t just read and read more, read and work.
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