Here Are The 5 Bad Habits That Will Keep You Poor Even With Good Income
If you want to be wealthy, there are 5 bad habits that will keep you poor even with good income you need to eliminate. Man’s desires are insatiable. We always seek and crave for things that may either be good or bad for us. And because of this, we therefore rush to quench our urge as soon as possible if we can afford to.
Thousands and billions of people all over the world has this, as their number one priority behavior. They always put their mind towards the acquisition and satisfaction of their wants instead on focusing on what they truly need.
Having this type of attitude towards money will only put a short-term happiness after acquiring those items. But on the other hand, when the most important needs of our live comes up, then we can’t afford to meet them.
Have you ever asked yourself why you’re always broke? Where is all your money constantly going to? Why is your bank account always empty within two weeks after payment of your salary?
If you find it difficult to sort and figure out the exact problem with your finances.
Below are the 5 bad habits that will keep you poor even with good income:
1). Not Taking Note Of Your Expenses:
A lot of people don’t take note of their expenses, they spend their money anyhow. This keeps their pockets dry almost all the time. This is as a result of spending a lot of your money on really small stuffs and items that is not necessary. This attitude will unconsciously encroach and eat deep into your finances with time because they are not noticeable.
In other to avoid being broke and having enough money in case of any contingencies or emergencies, it is very important for you to start taking note of your expenditures.
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2). Mistaking Your Wants With Your Needs:
Another reason why people remain broke or poor is misplacing priorities. Instead of satisfying what they truly need, they rather choose what they want. By so doing you’ll end up having little or no savings.
For instance, assuming you have a total sum of $20,000 and you need to buy a car. Most people will want to buy a $10,000 to $15,000 car, when all they have in the bank is $20,000. This habit will make you poor in the long run because when other important needs comes up, you will be struggling.
You should rather purchase a car of $5,000 and save up the rest because in this way, you’ve satisfied the need to have a car and you also have enough cash in the bank.
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3). Always Purchasing The Latest Electronic Gadget:
Mobile phones and gadget company do release brand new version of devices at least twice a year. If your favorite brand is released, you’ll always want to upgrade to the latest technology because of prospect features.
Not only Gadget companies do this, Automobile companies do same yearly. The latest versions of their cars are always more amazing than the previous or older versions.
These yearly activities are being done in other to motivate people to keep parting their money believing to increase their social class.
It is usually difficult for those who keep up with acquiring the latest gadgets and automobile to break out of their social class. If you’re that type of person, you should limit yourself from the news on latest innovations in other to reduce the urge and temptations.
4). Poor Or No Budgeting:
While tracking and keeping note of your expenses is a good strategy to ensure you don’t go broke. But if you don’t have any budget that will help you channel your expenses in the right direction, you’ll loose a lot more money than you could have saved.
Before you start monitoring your expenses, you should first set a budget and do your best to stick to it. Having this attitude, will help you align and abstain from reckless spending spree because of your budget cash limit.
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5). Increasing Your Expenditure As Your Income Increases:
When most people start earning more income, they will choose to upgrade their living too. They usually move into a bigger house, buy a flashy car, buy more expensive clothes, start going on vacations, and put their children in more expensive schools.
Although raising your standard of living with an increase in income is not a bad thing to do. Doing it out of proportion may and will definitely leave you with nothing in your bank account.
You can improve your standard of living by just a fragment and having more to set aside, when your income increases
If you really want to break out of the rat race and be on the right track of becoming wealthy, you’ll will need to limit yourself from these 5 bad habits that will keep you poor even with good income.
You’d need to have and cultivate the habit of saving and investing for the long run. With all these information on 5 bad habits that will keep you poor, you’ve now known what to do with your income.
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