Why Most Youth Stay Broke, 4 Common Money Mistakes

Added: 2026-05-25

[00:00:00]Hello.

[00:00:01]Today, we'll be talking about four financial mistakes um the youth made while growing up.

[00:00:07]Yeah, I also made um such financial mistakes while growing up. So, it's not about [music] um only you, it's all of us. One, um believing that income is everything we need, failing to understand that incomes comes and go. That we're supposed to only get income and then from income invest to be able to get um what we want.

[00:00:32]Because nobody has ever used a 9-5 job to um actually become rich. If you check everybody that that are rich today, um they all have a business that they do. And then yeah, they get income, [music] but they diversify their income and then channel it into something else.

[00:00:51]That's one mistake we all make. And um once our income become um bigger, [music] we expand our lifestyle.

[00:00:59]Number two, we fail to invest.

[00:01:03]Yes, growing up, I never had um the idea of um investments. So, therefore, I did not actually do any investments while growing up.

[00:01:13]So, and um I didn't know the difference between savings and then investments. I didn't know um the federal government savings bonds. So, therefore, I did not plan for that.

[00:01:24]Number three, my circle of friends.

[00:01:27]Yeah, um [music] believing that my circle of friends are [singing] um my kind of friends. So, I didn't have friends that were able to drive, that were able to hit the road together. I didn't have friends that were able to >> [music] >> have an idea, that were able to say, "Okay, let's focus on this dream together."

[00:01:45]I didn't have um those um circle of friends. So, um therefore, when I didn't have those circle [music] of friends, so I didn't I didn't plan, I didn't have um initial um plan on how to make things work. The final one is money education. [music] I didn't have the money education. I don't know how how to save. I don't know how how to [music] manage money. I don't know how to invest money. I don't know how to utilize money. I don't know how to turn money into working [music] for me. I don't know how to make money grow for me.

[00:02:21]All those are money educations I don't know about. [music and singing] I don't know stock. I don't know investments. I don't know real estate. I don't know bonds. I don't [music] know federal government savings. I don't know mutual fund. All these are things I don't know >> [music] >> while growing up. So, these mistakes I don't want you to partake on. Always know that savings is [music] good. You can save, but savings is just for rainy day. But, investment is the best because savings gets you what you need now.

[00:02:50]But, investments help you to secure the inflation that's going to come in in future. Because if you save 1 million naira today, you're just going to get some little tips on top. But, if you invest that 1 million naira into stock of the Nigerian market today, I assure you that in the next 3 or 4 months you're going to get a turnover of close to 200 or 150 and there about. So, that's like 150% of what you invest. So, those are some um things that I believe that we should look into. And also the habit of management. Management. You don't spend what you what you have. You only manage what you can afford. You know, because most of times while growing up, I as my income grows, so my lifestyle grows.

[00:03:43]So, I'm using this to actually say that you can actually work on on these things and be able to get financial freedom.

[00:03:52]Thank you. I'll see you on the next