#LLAMoneySeries: 10 Money Mistakes You Shouldn’t Make In 2021 And Beyond by Sola Adesakin

Sola Adesakin

Sola Adesakin is a multi-dimensional Author, Speaker and Finance Expert, experienced and versatile Chartered Accountant with over 18 years hands-on experience on Personal and SMEs finance. She is a Personal Finance Coach, Trainer and Conference/Seminar Speaker. Through her blog and The Smart Stewards Academy, she has helped many men and women bounce back from stress to rest and from debt to wealth.

Sola is the Managing Partner of BookSmart Financial Solutions; an SME friendly Accounting firm and also the Founder and Lead Coach of Smart Stewards; a Platform for teaching sound principles on personal finance management. 

She has authored 8 published books; her latest being “Fit-To-Fly Financial Plan”. Her books are on Amazon (In digital and paperback formats) and other leading book distributors.

In an article published by Sola Adesakin on LinkedIn, she outlined 10 money mistakes people should not make in 2021 and beyond.  She shared these nuggets from her experiences and observations. Read on!

 

  • Don’t delegate the responsibility of managing your finances to someone else. Pay the price for knowledge, seek to understand and take charge of your finances.

 

  • Don’t wait till you have so much before you learn about money management. What you do when you make little is what you’d do when you make much, except you are intentional. If you don’t save N5k when earning N50k, you wouldn’t save N50k when earning N500k

 

  • Don’t live with a poverty mindset. The first and most important place to accumulate riches is in your mind. You can’t feature in a future you can’t picture- think rich, grow rich. Abundance is a mindset and it is not a function of what you have in your bank account

 

  • Don’t mix personal and business financial activities. Separate them. Allow your business to breathe. If it’s your only source of income, put yourself on a salary. If you invest your personal funds, invest your business funds. Keep records

 

  • Don’t be sentimental in your money dealings with family and friends- especially when it comes to business or in cases where folks ask for loans. If you have to transact with family, be upfront, state the terms and be firm.

 

  • Don’t go through life without accountability, especially when it comes to your finances. Sometimes, you need someone you trust to call you out, help you achieve your goals. You may belong to a Mastermind or an Accountability group or better still, have an accountability partner.

 

  • Don’t keep budgeting and planning without tracking your finances. You should be able to know if you are doing better from year to year, if your assets are more and if you are a better money manager.

 

  • Don’t invest in things you don’t understand, and don’t wait for knowledge to cross your path. Go look for it and constantly learn. Leverage Technology and Collaboration.

 

  • Don’t hesitate to give because you don’t have much. It’s a blessing to give.

 

  • Don’t neglect yourself, your immediate family and dependents and don’t gamble in high-risk investment instruments with money for necessities. Work with a budget factoring in every necessary thing.

 

Cheers to your financial success in 2021 and beyond.

 

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