Don't spend your money on liabilities

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Hello hivers, welcome back to my blog.

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I attended a Webinar last night and was so pleased at what was taught. Although I joined reluctantly but then, I am super glad I did at the end of the day. I never knew that one could spend their money on liabilities. I know about people who are liabilities because they are always dependent on everything but buying liabilities sounded quite weird to me. But then again, after the class I clearly understood what it meant and want to share here.
First of all, what are liabilities?

In my own understanding, liabilities are branches who depends on the stem for survival. What this means is that these people or things holds no value and cannot accurately offer you anything tangible at the end of the day or even contribute something meaningful in your life.

Spending your money on liabilities means that you buy things that are of no value. Simply put, there are just luxuries that you spend money on. For instance, if you constantly spend your money on shawarma, that means you are spending your money on a liability. What does shawarma bring to the table for you? Absolutely nothing. Now I am not saying that it is not okay to buy some things once in a while. But making it a habit to spend on frivolous things is very bad.

There are so many things you can spend your money on that will yield back profit for you. Now instead of always eating out, why not go to the market and buy some things and cook for yourself. That way, you save money and even eat more to your satisfaction. I know of a friend who loves to buy shoes. She is a shoe freak. Every dime that comes to her pocket, she spends on shoes. That kind of person cannot save or even spend money on something valuable.

Sometimes, before you buy anything you should ask yourself some vital questions like:

  • Do I really need this thing?
  • What value will this bring for me?
  • Is this something I can currently do without?
  • Is the price of this item worth it?

This is not a time to spend money anyhow. Especially in this economic situation that is not smiling at anyone. So before you put your money anywhere, you need to be extremely sure that it is worth it and will be profitable for you.

Thank you for reading and see you again in my next article

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12 comments
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Finding a balance between enjoying life and making responsible financial decisions is key. It's important to identify one's values and goals and make intentional decisions about where to allocate resources. By doing so, one can avoid the negative consequences of overspending while still allowing themselves to enjoy the things they love.

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Finding a balance between enjoying life and making responsible financial decisions is key.

Very accurate. I think if people can learn to find the balance, so many people will enjoy financial freedom.

Thanks for your contribution

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This is just like thinking it through or giving it many hours before deciding on purchasing anything, especially things that aren´t necessary. When you think before buying, it gives you the chance to weigh the outcomes of what you are buying... is it something you will need? will it be of value to me? etc
One has to learn to know how money works and understand Want from Need.

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I have learnt how to think through before buying. But sometimes let's be realistic, e no dey work😂😂😂

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Hahahaha... nothing is easy oo, we just have to do them for our benefit.

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Thanks for sharing these valuable tips you learned. These are similar to what my family is now putting into practice. We definitely do not eat out as much and it has saved us tremendously. We’ve also started a savings system I’ll be sharing about soon that’s been really fun for our family.

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We all need to understand that when we consciously save money, it saves us from getting in debt and helps us enjoy financial freedom too.

Waiting to read what you and yours have come up with. I know I will learn a lot from your post too.

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