COMMON MONEY MISTAKES PEOPLE MAKE WITH LYAPA MBEWE
Lyapa Mbewe is an award winning Ted speaker and an experienced professional with a demonstrated history of working in the investment management industry. She is one of Zambia’s most celebrated financial advisors. Lyapa uses her social media platforms to help regular people take control of their financial circumstances. She has been helping Zambians with financial literacy for a couple of years now and is slowly becoming a house hold name due to her passion to help people in the area of financial management, which is evident in her financial informative videos.
“On your way to financial freedom, you are bound to make some money mistakes.” Says the elegant Lyapa Mbewe;
1: NOT INVESTING
Mrs Lyapa say’s; There is a huge difference between saving and investing, investing helps you make money in your sleep because investments work with income and returns, if I were you I would start investing right away, especially on our trip to financial freedom.
2: POOR MONEY MANAGEMENT
Failure to budget will have you wondering where your money went, other than telling your money where it should go. Get yourself a simplified budget and tell your money where it needs to be.
3: ENGAGING IN HIGH INTEREST DEBT
How much are you being charged on your loan? why are you procuring that loan? Most of these loans will have you getting into them with very attractive payment plans but before you get into them, please do your due diligence and ensure that you are getting in it for the right reasons and you know how much you will be paying back.
4: HIGH PURCHASE OF DEPRECIATING ASSETS
If its not broken do not fix it, if it still works then keep it. In as much as you would like to keep high standards, not at your own detriment, ensure to always stick to your budget and purchase items that are of value to you or you will end up selling Assets that are of real value to you.
5: INSURANCE FEARS
Insurance is not an investment, it is a risk management plan, responsible people insure. find a plan that works for you.