What you buy and how you buy it as a young man will have a big impact on what you achieve in life. Have you thought about buying something on credit? Do you still intend to do so? If yes, you need to relax and read through.
These are the six things you should never buy on credit.
1. Gifts for your girlfriend: If you're in a relationship, you don't have to go to the expense of buying your lady gifts on credit. Even if you want to impress her, do so in accordance with your income and spending capacity. When you want to buy something for her but can't afford it, don't buy it on credit; instead, look for another option!
2. Car: Anyone who studied Economics in high school will agree with me that "needs" and "wants" are not the same thing. "Car" is just a "want," nothing more. It's crazy that you'd go so far as to buy a car on credit. What are your thoughts? Do you want to spend the rest of your life paying off a 4 million naira automobile you borrowed? If you can't afford a car right now, don't take out a loan; instead, learn to buy only what you can afford.
3. Clothes and footwear: Fashion and "show-off" will do nothing to help your future. If there are goods you really want and can't wait to get, don't buy them on credit. Buying clothes on credit would simply exacerbate your financial difficulties. Learn to buy only what you can pay for right now, not what you can pay for tomorrow, or you may end up paying off debts for the rest of your life.
4. Expensive wedding: If you're planning a wedding anytime soon, you'll need to plan ahead. Only buy what you absolutely need. If you can't afford a "Rolls Royce" for your wedding, rent a "Toyota Camry" instead! Nobody is going to kill you. Avoid purchasing any of your wedding essentials on credit; remember, you will be the one to pay for it after the wedding. What's more, guess what? You'll be hustling to feed your family by that time. Will you be able to handle both at the same time?
5. Mobile phone: Buy the cheapest one you can or save up for the ones you really want. Don't buy a phone on credit with the intention of paying it off later. My Brother, it doesn't matter what kind of phone you have; what counts is how much money you have in your bank account.
6. Drinks: If you only have enough money to buy one bottle of Heineken, do so. Don't even consider buying an extra five bottles on credit; that's a no-no. Avoid it at all costs!
Contentment is the key to growing money. Buy only what you can afford and ditch the rest. You might be able to buy a car tomorrow if you can't afford one today. Avoid taking out credit and remember to spend your money sensibly.
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