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Before you spend, Save and invest : money management principle that keeps always debt and poverty

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@monica-ene
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It will be totally out of place to continually chase after how to make more income while neglecting what can be done to sustain every little money that enters our hands.
I have heard that many people are virtuous and humble just because they are at the low level of life. Just try such peoole with million naira and watch their attitude and character change instantly

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There are principles guiding income, expenditure budget and savings and until we learn some money etiquette we might either remain poor or get into bigger problems.
Such is the case with the person mentioned above.

A very low income earner who chooses to lavishly squander money mistakenly sent to his account

This is 21st Century and almost every monetary transactions are traceable even the ones in blockchain and crypto. A lack of financial knowledge must have pushed him to think that this is some free or miracle money 😁.
Going further we can see from different newspapers and headlines regarding hoe he has spent this money lavishly buying all manner of things and giving out huge chunk to his neighbors, now he has been arrested and is in a bigger trouble.
Looking at it now, he may be in danger of debt throughout his lifetime depending on how much he has spend from the total of that 280million.
Nevertheless we are not expected to spend every little money that enters our hands.
If he has been wise to invest this money even if it doesn't belong to him, he could have made some profit on that money and still be able to refund the exact capital, but reverse is the case since he chose to spend first before anything else .

Here is one of the principles behind income and Expenditure that wealthy people understand and this is means to Spend only incomes left after investing.
Every little money they get, they first think about what to save and invest from the said amount before spending the rest.
Save first before spending.

If you spend first, there is a likelihood that nothing will be left for savings and investment.

Posted Using LeoFinance Beta