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Borrowing money to someone is never the problem but getting it back is the problem.There is an adage that say borrowing leads to sorrowing.Here are some mistakes you need to avoid when borrowing money.

1.Never borrow money with interest to start a business (except for salary loans); only borrow to grow your business. This is because business takes a long time to gain ground and begin making profit yet for most of the loans you begin paying back a month later or even earlier. Hence,never borrow to start a business expecting that business to be the one to pay back the borrowed money plus the interest.

2.Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. Don't hear somebody say, "Ezra come to my office tomorrow at 9am and pick 2million" and you go and buy items on credit hoping to clear when the promised money comes.

3.If you want to ever save, whenever you receive money ensure you don't start spending before taking out the savings hoping that you will save what remains. Normally what remains is zero. And things to spend on even incite their 'relatives' while when money to spend is not available we naturally find a way of managing.

4.When you get an opportunity to meet a very wealthy person never ask for money. Ask for ideas on how to make money. They can even choose to give you money on their own after seeing that your ideas are great, but let getting money from them never be your objective.

5.Keeping your seed instead of planting it. Many people stop at saving. It's very, very difficult to save and have all you need to maintain your lifestyle especially after retirement.When you save, your savings are seed; plant it. When you just keep it some seeds begin to die (eaten by inflation and the likes).That's where I recommend that you read about the different types of investment you can use to grow savings.I am not necessarily talking about putting the money in a business because you can easily lose money on a business.I am talking about putting it in an investment.

6.Never lend someone money you are not willing to lose.By the time you lend money, be contented in your heart that should the person not pay, you will not die.You should not even lose the person as a friend.If you realise the person can fail to pay you and you are ok, then lend.If you find you would even hate the person's entire clan, please advise the person to go to the bank.

7.Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money.Do I have to explain that one? No. It's self explanatory.

8.Avoid keeping within easy reach money you don't intend to use in the short term - don't for instance walk with 100k in your pocket when all you plan to do in a day cost 20k.

9.Avoid keeping money at inappropriate places e.g in socks, under the pillow, in a pit, in the sitting room, in the bra, in a travel bag that you will place somewhere e.g when in a bus.

10.Spending money on an item that you can do without (at least for the time being).These days when I pick money from my pocket, before paying for something I ask myself: What would happen if I don't buy this? If I find I can live with the consequences of not having that thing, I smile and walk away.

11.Paying an amount that is not the minimum you can get that same value for.In other words, if you pay 70k for a shoe at a big boutique that you can get at 30k at the shop around the corner, that's a money mistake except for those who have achieved financial freedom.

12.Wanting to be the saviour  of the world by helping with ethane in financial need. My sister, brother you are not father Christmas.If you find it so hard to say No to a financial demand, you may think you are practising  generosity when in actual sense you are practising  committing (financial) suicide.

13.Consistently spending all you earn or more than you earn is like having a drum where you have an inlet that is smaller than the outlet.It will never get full.And should the inlet ever reduce significantly the drum will run dry.If you do it the other way round and the inlet is bugger, it will get full and even overflow.Hence, we have to always ensure we are widening the inlet while narrowing the outlet - all the time.

14.Thinking about short term only and forgetting about long term or thinking about the long term and forgetting about the short term. What of those who find they are one paycheck away from salary? Are they thinking about the longterm needs?

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