5 Habits That Are Going To Make You Poor
They’re taking your money without asking.
To have loads of money is everyone’s goal. After all you wake up and work your ass up throughout the day. But do you know that everyday you do something that slowly bleeds your wallet dry?
I’m going to be as much straight forward about these habits as I can.
Showing off
Yes, you read that right. Showing off is the worst thing to do when you know it’s not your cup of tea. Getting swept up by all the riches and the desire to be on top of your friends and relatives can cost you big time. Just because you think flashing that new Iphone or even a car will win you friends and family’s respect, you’re playing in the wrong field. It’s because they don’t care and probably most of them are wondering how you’re rolling it on a paycheck that doesn’t support such a flashy lifestyle.
So, stop showing off in front of your friends. True friends and relatives are the ones that stick with you even if you’re broke. The rest are all back-stabbers. It’s quite blunt to say, but that’s the truth.
Not saving money
Duh! It’s an obvious point. Sure, not saving money is one of the things that’ll make you broke. You get your paycheck, you pay your bills, you buy utilities, and so on. But what about that poor bank balance that’s clearly giving you the red signal? Nothing!
This is where you fall into the cobweb of becoming poor. Reward that account first as soon as you get your paycheck. Another intelligent method is to have a separate savings bank account. And this is the account you swear to put the money in every other week or every month once you get it.
Remember, a wealthy person knows the value of what he earns and makes it last for a long time. You need that money to last for a long time in your bank.
Not investing
What good is that money in your bank if it can’t work for you? If you’re in the habit of saving money, you’re already halfway there. You just need to be mindful of where you spend your money. If you don’t invest your money in something valuable, you’re going to puncture a hole in your wallet. And that’s not a good condition. Now, investing also has some rules.
If you think that investing in liabilities like houses and cars will make you rich, well, you’ll only look rich from the outside, but from the inside you’ll struggle to make ends meet. If you think that saving to buy a house someday will make you money, I’m sorry to tell you that you’ll be stuck with more expenses than earnings. Investing your money is meant to make you money, rather than throwing it out of your pocket.
Be mindful of where you spend and how you spend. Things that could make you money can be a business, stocks, real estate, and so on. But don’t expect to make money from things that devalue over time.
Buying expensive shit!
Buying things way out of your budget makes your wallet bleed real fast. I often see my friends buy expensive clothes and accessories. Honestly, one of them bought $1,400 Louis Vuitton shoes. And I think that’s a good waste of $1400 that’ll never come back. I mean, this is how the rich are different from the middle class and poor. They don’t run for expensive things; expensive things run for them.
If you’ve got the habit of buying bling, you’re going to get poor quickly. I’m not saying that you shouldn’t buy stuff that you don’t like, but first make sure you know how to keep the money rolling in that buys you the stuff.
Eating out
This one is the absolute most common way of getting poor. Frequenting that coffee shop or restaurant every day, even going to an upscale restaurant on weekends and partying in clubs, makes you poor. This is because you don’t save, you don’t invest, you’re only spending every penny you have on food and brands. You’re going to sink real fast and real bad.
Avoid eating out at restaurants. The temptation to earn and save more should be greater than the temptation of fast food. Foods from an outside kitchen aren’t healthy anyway. So, you’ll be hitting two targets (saving money and eating healthy) with one bow.
Takeaway
When you’ve figured out which activity is the most responsible for bleeding out your money, it is best to immediately stop that activity. Here, nobody is telling you to not enjoy your life, but all you’ve got to do is respect the money that puts food in your mouth and gives you clothes. Once you throw away all these habits, you’ll see a considerable change in how much you save and earn from money itself. All you need is a little nudge, which I hope this article gave you.
