Tag Archives: debit card

How to lose money

A plethora of financial management or money-making tips are made available through self-help books, job market, business articles, and forums. Some work for others while others work for some. Do you regret you did something that made you lose your hard earned money or have you ever wonder what happened or why you no longer have the amount of money you used to have? If you lost money, you have done one of these mistakes:

1) Joining multilevel marketing (MLM). I have never been successful to any of the so-called binary or pyramid scheme type of business or investment. I joined Forever Living Products, Amway, LoadXtreme, and IgenPortal but I lost more money, time, and effort instead of earning cash. This is not really for me and I learned that you can only be successful with MLM if you are good at finding and dictating people who can work hard for your team.

2) Accepting double-your-money deals. There is nothing wrong with investment or business venture. What makes it wrong is that if you fail to avoid a fraudulent person or company. A well-known prototype is the infamous Celso delos Angeles Demonios of the nagLegacy (in Ilocano, naglgasi means slipped) Group of Companies. My mother lost her money which was supposed secure my sister’s tertiary education. It literally slipped into delos Demonios’ pocket.

3) Keeping a credit card. If this is you’re not caught between life and death situation, there is no need to apply for a credit card because it will only increases your buying compulsion. Credit cards are one of financial firms’ strategies to gain profit by giving you access to things you want or what they tell you to must-have. This is their effective trap for people who don’t have self-control and who don’t know how to teach themselves to make payments on time. In the first place, don’t buy if you don’t have the money. Wait until you have enough and be sure to save for future needs through a debit card or savings account. I had my credit card closed before its second year (of course, the first year is waved and this is their trick that you get used to using their instrument of all temptations) because I didn’t want to pay the annual fee. Guess what. The credit card issuer didn’t get any profit from me because I paid my bills during the day or week of purchase. Instead, they lost courier fees and wasted papers trees for sending me letters as well as time and effort of customer service representatives (call center agents). Tsk tsk tsk!

4) Window shopping. Planning can be a good thing to make things happen but it takes preparation to achieve its full benefit. So if you window shop, be sure to have cash before going back to get what you’ve always wanted. Shopping around to look for cheaper or more reasonable prices are indeed a good way to save money but if you window shop to look for what’s hot or cool to buy, you better have a change of attitude and learn to be more discerning.

5) Vices. The more vices (smoking, alcohol, concubine, gambling, gluttony, materialism, living beyond your means, etc.) you have, the more expenses you will make. Try to stay away from temptations or things that do not help improve your life at all. It takes sacrifice to prove your worth as an individual in society or family where you belong.

6) Looking at what others have instead of what you have. If you bare in mind and practice by heart the 9th commandment, “You shall not covet your neighbors’ good,” that’s the only time you’ll stop wanting and start working hard for something you really need.