MONEY MISTAKE #8: Not acting on all the good knowledge you have about money

Nelson Semanu BOANDOH-KORKOR, Elizabeth BOANDOH-KORKOR & Enoch Dzah

Create a definite plan for carrying out your desire and begin at once, whether you ready or not, to put this plan into action.

~Napoleon Hill

What good is it, my brothers, if someone says he has faith but does not have works? Can that faith save him? If a brother or sister is poorly clothed and lacking in daily food, and one of you says to them, “Go in peace, be warmed and filled,” without giving them the things needed for the body, what good is that? So also faith by itself, if it does not have works, is dead.

~James 2:14-17 ESV

One of the most dangerous things you can do is to have access to quality financial information and do nothing about it, and that is the main problem. But come to think of it, what is the essence of knowledge without action? What is the essence of standing before a locked door but refusing to use the key that will gain you access into it? This is the most serious of all the mistakes people make about money. There are a lot of people who know all these 21 money mistakes mentioned in this article. The sad thing however is that, they have forgotten these mistakes and keep on repeating them on a daily basis. ‘

The danger of financial procrastination

We will not be surprised to know that some readers of these articles may have been exposed to some of these mistakes several years ago but did nothing about it. They are yet to start saving and investing. Others are yet to start an insurance policy. There are people who are yet to take a step towards their retirement. There are people who have never read any personal finance book. There are others who are yet to start a part-time business that will bring them extra income.

In fact, some may have been taught five years ago, others ten years plus. A few twenty years plus, but they just refused to put these principles into practice. That should explain why their finances is the way it is. Knowledge is not enough! Having good knowledge on choices and decisions you need to make in order to become financially successful is not enough. You must put these principles to work.

After learning about these mistakes, you need to act. How do you do this? Write down the most common mistakes you usually make with money and get an accountability partner to check up on you. We also advise that you read this book as often as possible. Once a month won’t be bad, that is how you can check yourself on the progress you are making.

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