Common Mistakes Associated with Money in Business Startup

Mistake 1*
Never borrow money that accrues interest to start a business . That is to say, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest.

Money Mistake 2
Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. If someone tells you: "Ezra, come to my office tomorrow at 9am and pick #30K"don't go out to buy items on credit based on this promise, with the hope that you will pay off your creditor when the promised money comes; it may not come as promised and this will leave you in problems with your creditors.

Money Mistakes 3
If you want to save, whenever you receive money, don’t start spending hoping that you’ll save what remains. Normally what remains is zero because as long as money to spend is available, the numerous things you can spend it on are also available.

Money Mistake 4
When you get an opportunity to meet a very wealthy person, never ask for money. Ask for ideas on how to make money

Let’s take stock of our finances. How many mistakes are you guilty of?