MISTAKE #5: Keeping Money Where You Get No Guidance or Support
The Costly Silence
“I keep my money in [Bank Name]. I’ve been banking there for 8 years. But I’ve never spoken to anyone about my financial goals. I don’t even know if there’s anyone to talk to.”
This is more common than you’d think. The hidden cost of no guidance: you lose advice, product fit, warning signs, accountability, opportunities.
What Real Financial Partnership Looks Like
Quarterly Financial Reviews: Your relationship manager checks in every 3 months.
Personalized Product Recommendations: “Your emergency fund is complete — time to invest.”
Proactive Problem Prevention: Catch issues before disasters.
Financial Literacy Support: Free workshops, one-on-one consults.
Your Action This Week
- Review your current banking relationship honestly
- When’s the last time someone called to discuss your goals?
- Are you getting personalized advice or just account statements?
- Schedule a free financial consultation with Earnwell
- Experience what banking with guidance feels like
MISTAKE #6: Poor Cash Flow Management in Business
The Profitable Business That Goes Broke
“My business made ₦3.5 million in sales last quarter. So why can’t I pay my ₦80,000 rent?” Revenue ≠ Profit ≠ Cash Flow.
January example: Sales ₦800k, costs ₦750k → profit ₦50k. But ₦300k sales on credit, only ₦500k cash available, ₦750k due → shortfall ₦250k. Profitable business, cash flow crisis.
The Cash Flow Management System
- Rule 1: Know Your Cash Position Daily – actual cash in the account right now.
- Rule 2: Match Payment Terms – if suppliers demand 30 days, customers should pay ≤30 days.
- Rule 3: Maintain Cash Reserves – 2‑3 months operating expenses.
- Rule 4: Use Cash Flow Forecasting – project 13 weeks ahead, spot shortfalls early.
- Rule 5: Separate Business Owner from Business Entity – pay yourself a salary.
Your Business Action This Week
- Check actual cash position (not just sales figures)
- List all money coming in next 30 days (with dates)
- List all money going out next 30 days (with dates)
- Identify any shortfall weeks
- Apply for the Earnwell business line of credit as a safety net
📘 Missed previous parts?
