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4 Bad Money Habits That Have Left Millionaires Broke

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Millionaires are known for having habits like carefully planning and spending their money wisely, constantly educating themselves, waking-up early, and especially for taking care of their health.

But, we have all seen the millionaires who don’t have those self-control habits. Those millionaires who connect-up with a spouse or partner who hasn’t had money before and doesn’t know that money has to be taken care of. The millionaire who just plain do the opposite of what it takes to make and keep money — and they have bad habits that ultimately leave them broke.

Here are four of those most common habits of millionaires who have gone broke:
1. They didn’t track their spending.

Whether you’re a freelance writer or Bill Gates, everyone needs a budget. When looking at your money, you should be tracking every penny you spend. Set a budget and know where every penny goes.

I personally recommend watching the little costs that we normally don’t pay attention to. The $10/month accounts add up over time. The more of them you have, the more money will be going out of your account each month.

While this is a habit that most millionaires follow, millionaires in the process of going broke are not watching and following their money — they do the opposite. They cannot even tell you where it went. These soon-not-to-be millionaires don’t even go-over their bank statements or monthly bills to make sure that there aren’t any unauthorized transactions. They also don’t look at bills from restaurants, hotels or retail purchases, much less the grocery store, to make sure that they weren’t overcharged. They also don’t compare prices for items they routinely purchase, such as their cell phone bill.

In the end, these millionaires waste a lot of money simply because they don’t track their spending. It may not seem like much of a problem in the beginning, but it can quickly add-up. In the end — well — no money is a problem.

2. They made pricey and emotional purchases.

Millionaires who are going broke have a nasty habit of making emotional purchases. For example, when they’ve had a bad day at work they may go on a Amazon spending spree, or they may determine a couple of times a week that they have to have DoorDash because they are depressed about something and don’t want to cook.

Most millionaires are frugal and known to be careful with their spending. They avoid making emotional purchases because millionaire emotional purchases tend to be a bit more spendy than Amazon. These are often the expensive “sink the boat” type purchases. Remember M.C. Hammer and his gold-plated driveway gates emblazoned with the phrase “Hammer Time” and his 21 racehorses? He would have done better to sit on the couch with a quart of Häagen-Dazs Ice Cream and zone out to an old movie.

One interesting thing about the millionaires who stay rich is that many use coupons, look for the best bargains, and cause a scene if they’re overcharged. Then, they’ll turnaround and go on a luxurious European vacation or purchase an item like a massive diamond ring. One of my best friends is a multi-billionaire. Last week I was over at his house and heard him on the phone arguing with a company over a $40 charge. Be frugal no matter what stage of life you’re living.
3. They didn’t have multiple streams of income.

Author Thomas C. Corley’s five-year study of self-made millionaires discovered that a majority of them have multiple streams of income. In fact, 65 percent of the millionaires he studied had three streams of income, while 35 percent had four streams.

However, not all millionaires follow this multiple stream rule. Take the case of Eike Batista, a Brazilian businessman who was worth an estimated $35 billion. Batista truly believed that nothing could hurt or even slow down his oil and gas business, OGX. This company was his crown jewel. But when oil production slowed he was forced into bankruptcy.

“Having multiple income streams makes a lot of sense,” says Corley. “When one stream is negatively affected by systematic economic downturns, of which you have no control, the other streams can come to the rescue and help you survive the downturn, without seeing your lifestyle dramatically affected.” This also means that you follow the rule of, “not putting all of your eggs in one basket.”

4. They were Impatient, aggressive investors.

Unlike long-term investors who are patient and remain calm, aggressive investors use “The Wolf of Wall Street” as their playbook. They pick stocks on a hunch and then unload their investments panically when things start heading south. Even worse, because they were successful making millions, they believe that don’t need the advice of educated investors and rely on their own street smarts or delusions of grander.

The bottom line is, educate yourself about your money. Protect your money, watch your money, take care of your money so that you, too, won’t be a broke millionaire.

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Entertainment

AKA congratulates Burna Boy, Nigerians come after him

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AKA congratulates Burna Boy, Nigerians come after him

Burna Boy’s concert in South Africa was cancelled, AKA and South Africans took to Twitter to gloat. Well, Nigerians are having the last laugh with Burna Boy being nominated for the Grammys.

AKA has grudgingly congratulated Burna Boy on his Grammy nomination. The South African rapper, who has been involved in a Twitter feud with Burna Boy, was forced to congratulate the Nigerian singer when a Twitter user tweeted at him and asked what he had to say about Burna’s Grammy nomination.

 

“Congratulations… obviously,” Aka replied.

AKA tweet

Nigerians quickly replied to gloat. Some told him he had no choice but to congratulate Burna. Others went ahead to list out Burna’s recent achievements.

See some tweets below;

AKA/Burna Boy Tweets

AKA/Burna Boy Tweets

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Davido’s babymamas come for each other over plastic surgery claims

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Davido's babymama with children

While Davido is celebrating his birthday and the forthcoming release of his sophomore album ‘A Good Time‘ his babymamas are on social media dishing out subtle shades.

Davido’s babymamas, Sophia Momodu and Amanda seem to be throwing shades at each other over plastic surgery.

Sophia Momodu, while responding to comments on her ‘new body’ stated that she hasn’t gotten fillers or plastic surgery.

4 Bad Money Habits That Have Left Millionaires Broke

Amanda responded with what looks like a shade. See the post below;

4 Bad Money Habits That Have Left Millionaires Broke

 

 

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DJ Cuppy acquires lion named after her

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DJ Cuppy lion

DJ Cuppy has reportedly acquired a lion cub named after her in Dubai, United Arab Emirates.

The ever-cheerful DJ took to social media to share the ‘good news’ as she was videoed feeding the lion. She wrote;

Introducing the world to “Cuppy” the newest baby lion named after ME at #FamePark Dubai!!! I’ve always wanted to be a mother! #MamaCups

With Cuppy’s recent acquisition, she has joined Runtown who also owns a lion cub.

However, many fans are fascinated and have applauded her courage to acquire a ‘baby lion’.

Cuppy mentioned in her post that she has always urged to be a mother and that influenced her decision to acquire a cub

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Entertainment

Burna boy’s African Giant album nominated for Grammy Award

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Burna boy's African Giant album nominated for Grammy

Congratulations are in order as Burna Boy has been nominated for the 62nd Grammy Awards.

The African Giant’s nomination was announced in a statement on the Grammy Awards’ website on Wednesday.

Burna Boy’s  African Giant album nominated for Grammy in the Best World Music Album category.

The category, according to the organisers, is for albums containing at least 51 per cent playing time of new vocal or instrumental world music recordings.

Other contenders in the category are Altin Gün; Bokanté and Metropole Orkest; Nathalie Joachim and Spektral Quartet; and Angelique Kidjo.

The Best World Album is one of the 84 categories being contested by artistes from different parts of the world.

The winner will be announced at an event slated for Sunday, January 26, 2020.

Nigerians who had been nominated in the category in the past included Seun Anikulapo-Kuti, Femi Anikulapo-Kuti and King Sunny Ade.

Meanwhile, many Nigerian artistes have taken to the social media page to congratulate Ogulu for his nomination for the prestigious award.

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NEWS

Falana to DSS: You are not authorized to verify Sowore’s sureties

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Falana to DSS: You are not authorized to verify Sowore’s sureties

The case between DSS and #RevolutionNow Convener Omoyele Sowore continues to drag on. The counsel to Sowore, Femi Falana has once again called out the Department of State Service (DSS).

Femi Falana spoke on the continued detention of Sowore by the DSS despite receiving a court order for his release.

While the Secret Police is insisting on verifying the identities of Sowore’s sureties before releasing him, Falana in a new statement stated that they were not authorized to carry out or demand such.

 

“Pursuant to the verification of the sureties of Omoyele Sowore and Olawale Bakare  by the Federal High Court,  the trial judge, the Honourable Justice Ifeoma Ojukwu made an order on November 6, 2019  for the release of the defendants from the custody of the DSS,” Falana said in a statement.

“The Court Order has not authorised the DSS to approve the sureties before releasing Sowore and Bakare from custody.”

 

See the court order below;

Sowore's court order

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NEWS

DPO kidnapped by gunmen in Adamawa

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DPO kidnapped by gunmen in Adamawa

A Divisional Police Officer in charge of Mubi North, Adamawa State has been kidnapped by gunmen.

The victim identified as Ahijo Mujeli was kidnapped on Tuesday night near the Mubi city gate.

The Adamawa State Police Command confirmed the kidnap through its spokesperson, DSP Suleiman Nguroje.

Nguroje said,

“He was driving in his car around 6:30pm along Mubi-Maraba Road near the city gate when he was abducted.

“There were gunshots around the area. When our men arrived, they met an empty car identified as his.”

He added that the anti-kidnapping unit and Intelligence Response Team of the Inspector-General of Police had swung into action in a bid to apprehend the kidnappers.

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NEWS

Lagos commissioner finally gives reason for heavy traffic in the state

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Lagos heavy traffic

Lagos state commissioner for information, Gbenga Omotoso has given reasons for the current heavy traffic situation which Lagosians are grappling with.

The commissioner revealed that the ongoing repair of roads has worsened the traffic situation.

In a statement on Wednesday, Omotoso said since the beginning of the massive road repairs under “Operation 116” across the state, the traffic has been heavy.

He said the government is aware of the discomfort commuters and motorists had been experiencing, adding that “relevant agencies” had been directed to review traffic control and regulation policies toward identifying long-lasting solutions to the gridlocks.

Omotoso added that the daily influx of people from other parts of Nigeria contributes to the persistent traffic across the state.

He advised motorists to use alternative routes so as to ease the time and stress of staying in traffic.

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NEWS

Trump implicated by top US diplomat in explosive impeachment testimony

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Trump impeachment

As impeachment proceedings on President Donald Trump continue, a senior US diplomat has directly implicated him in a scheme to force Ukraine to probe a political rival.

On Wednesday, Gordon Sondland, the US envoy to the European Union and a Trump ally in a bombshell testimony to a televised impeachment hearing told lawmakers he followed Trump’s orders in seeking a “quid pro quo” deal for Ukraine to probe Democrat Joe Biden in exchange for a White House summit.

The US leader said Trump directed him and other diplomats to work with his personal lawyer Giuliani, who he said mounted a pressure campaign on the government of Ukraine’s new president, Volodymyr Zelensky.

Giuliani’s demands, he said, were for Kiev to investigate Biden and to probe a conspiracy theory, espoused by Trump, that Ukraine helped Democrats against him in 2016.

Far from being a “rogue” operation outside normal US diplomatic channels, Sondland told the hearing top officials in the White House and State Department — including Secretary of State Mike Pompeo — were kept constantly informed.

“We followed the president’s orders,” in working with Giuliani, he testified before the House Intelligence Committee.

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African Music

Stonebwoy – Big Boss

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[Music] Stonebwoy – Big Boss

Ghanaian Afropop, dancehall and reggae artiste, “Stonebwoy” releases this new jam tagged Big Boss ahead of his ashaiman to the world concert.

production credit goes to Streetbeatz.

Download, listen and share your thoughts below!!!

DOWNLOAD MP3

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Buhari signs executive order to tackle open defecation

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Buhari signs on Open DEFECATION

President Muhammadu Buhari signed Executive Order 009 entitled, ‘The Open Defecation-Free Nigeria by 2025 and Other Related Matters Order’ into law on Wednesday, November 20th.

Nigeria is currently ranked second amongst the nations in the world with the highest number of people practising open defecation estimated at over 46 million people.

Executive Order 009 came into being to tackle this.

The Order declares as follows:

That by this Order, Nigeria is committed to being open defecation free by 2025.

That the National Open Defecation Free (ODF) Roadmap developed by the Federal Ministry of Water Resources with support from other key sector players across Nigeria be put into effect.

a. There is established in the Federal Ministry of Water Resources a National Secretariat called “Clean Nigeria Campaign Secretariat.”

b. The Secretariat is authorized on behalf of the President to implement this Order by ensuring that all public places including schools, hotels, fuel stations, places of worship, market places, hospitals and offices have accessible toilets and latrines within their premises.

All Ministries, Departments and Agencies (MDAs) of government shall cooperate with the Clean Nigeria Campaign Secretariat.

The National Assembly and the State Houses of Assembly shall enact legislation on the practice of open defecation with appropriate sanctions and penalties.

All development projects shall include construction of sanitation facilities as an integral part of the approval and implementation process.

The Secretariat shall terminate when Nigeria is declared Open Defecation Free.

All enforcement authorities are hereby directed to diligently collaborate with the Federal Ministry of Water Resources in implementing this Order.

This Executive Order takes effect from Wednesday, November 20, 2019.

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