18 Apr How You Lose Money Everyday
Human beings are complex! Made in the image of God and after His likeness, but still called ‘animal’ by some science-minded people. But let’s leave that for now… I referred to man’s unique make up because of our dual personality and complex abilities. One of the things that generates joy, happiness and peace in man is success, breakthrough, or progress. Needless to say, ‘ill luck’, failure, setback, or stagnancy leaves any man or woman feeling down.
Let’s together analyze one of those areas that makes us as human beings feel unhappy – How you and I lose money every day, week, month, or year!
- In spite of the immense creative power God invested in us, we sometimes don’t feel quite knowledgeable enough. This makes us to drag and waste time, rather than taking action when we should. We keep heaping up information without taking positive action and this sometimes results in us leaving money on the table.
- Ironically, there are times when we feel wise and knowledgeable, even though there is s till a lot we need to know. At such times, we need to quickly seek more info and then take quick action. When we jump into something impulsively and make a mistake, which sometimes leads to losses.
- Whenever we squander opportunities for sentiments, emotions, or other reasons, we lose money.
- We come across new information but because of some unpleasant experience in the past to us or someone we know, we are not interested in finding out more. Sometimes, we prefer to wallow in ignorance rather than seek for more information. Ready examples are the plethora of text messages that arrive on our phones daily. How many times have we searched out the key word or terminology to find out what it’s all about? Some of these are money making opportunities. We lose money when we ignore or delete any and every message we refuse to investigate.
- We refuse to be curious about new things (or even old ideas). Those who are curious to know more open themselves up to a gamut of opportunities. When you see a sign or message on a vehicle or billboard, does it set you thinking? We can lose money by not exploiting new ideas and information.
- We usually fail to spot potential, especially when it’s quite small and insignificant. My surest example of a very very small potential can be found in “….a little cloud, out of the sea, like a man’s hand…” 1 Kings 18:44. When Elijah’s servant returned with this report, after going out to check for the 7th time, the prophet recognized it as the beginning of the storm that would later end the famine in the land. He followed through. We lose money when we fail to spot potential and follow through.
- Leaving investments unmonitored. I think we all know what an investment is? If not check your dictionary or a thesaurus. By definition, we invest in something, hoping to get something better in return. When we leave investments unattended to, we don’t know when something is about to yield. Many bought shares some years back in some Nigerian companies but did not know what happened to those shares – whether the value of the shares increased or decreased, or whether the company made profit or loss – because they were not monitoring the companies. Some have not received dividend for many years. Others have never read their company’s annual reports.
- Not knowing when to cash out or lock in. I’ll give an example. A lot of people who lost money in the bitcoin crash early this year did so because they were not monitoring their cryptocurrency investments. Since many other cryptos were tied to the value of the bitcoin, these and their investors were affected. They could have avoided the losses if they were always checking and/ or cashed out their gains or stopped their trading before the bitcoin decline.
Are you still losing money regularly? Please share how in the comments section.