11 habits that will make you poor depending on what they are our habits
will either make us or break us we become what we repeatedly
do one of the key differences between the
rich and the poor successful and unsuccessful between
those at the highest level and those destined for the common life
is habits your habits will determine if you are
going to be rich or poor and if your life is enjoyable or
miserable the easiest way to become poor is by
having bad habits that are making you poor
here are 11 habits that will make you poor unless you
eliminate them habit number one spending more when earning more people
who have jobs generally get some kind of increment
in their pay either through a raise or when their company is doing better
but then their expenses tend to increase accordingly
when people know they're about to get a raise in their income they likely
already have a few things on their wish list that the money is going to
maybe it's a new car a holiday or a bigger house
spending has become such a big problem that people indulge
in impulsive shopping just to soothe their nerves
it's hard to understand how someone could wear a 500
watch yet not have two dollars for a cup of coffee
there's no harm in raising your standard of life when you can
however if you are a person who is constantly looking for ways to spend
your money you will probably find yourself in a
difficult situation soon enough habit number two focusing on
linear income instead of passive income most people focus on linear income in
the name of salary one-off payments and allowances wise men
on the other hand focus on passive income in the name of
interest rates value addition royalties and profit
relying on linear income is like using buckets to fetch water
from a well with time you'll get too old and too tired to continue but you
risk dehydration if you don't go to the well
passive income on the other hand is like building a pipeline
it may require a lot of work at the beginning but with time you'll no longer
have to go to the well to get water the water will come to you and you won't
go thirsty habit number three wasting time when
you're wasting your time watching tv or browsing social media it leaves
little time to do productive things the poor spend too much time watching tv
programs and scrolling through social media that doesn't change their status
but instead steals their precious time a study conducted by the general society
surveys of NORAC at the university of Chicago
found that about 35 percent of american families
making less than 9,000 a year averaged watching more than five
hours of television per day compared to only about one percent of families
making more than a hundred and fifty thousand dollars per year
the rich would rather be educated than entertained
wasting time on media in its various forms can play a profound role in
causing poverty habit number four having toxic
relationships be wary of the company you keep for they
are a reflection of who you are or who you want to be some people
are great to be around and bring out the best in you
some people are just the opposite and leave you cringing in anger
frustration and self-doubt we have all experienced
nasty interactions with toxic people who dust us with their poison
they are a major drain on our energy and productivity
a toxic person is not just hard on other people but
also bad for your business or work according to corley's study
86 of rich people made a habit out of associating with
other success-minded individuals they also make a point to limit their
exposure to toxic negative people on the flip side the
study revealed that only four percent of the poor associated with success-minded
individuals that means 96 associated with negative
toxic individuals you are only going to succeed in life if you surround yourself
with the right type of people habit number five thinking negatively
negative beliefs thoughts and attitudes have a huge impact on your life
every day we may have thousands of negative thoughts going through our
minds and only a few positive thoughts some
studies show that we have about 25 thousand to fifty thousand thoughts a
day and about eighty percent of these are
negative this creates all sorts of problems for
us and wastes a lot of energy negative thinking can cause problems
with work school and relationships negative thinking can
keep people depressed and cause them to make poor choices
negative thinking can also stop people from reaching their potential in life
by keeping them down and living in darkness according to corley's study
long-term success is only possible when you have a positive mental outlook
when you allow negativity to rule your thoughts you are programming your brain
for failure habit number six budgeting poorly
having a realistic and well-documented budget is the foundation of all your
financial planning and success the poor are rarely planners they run
their affairs without deliberate financial planning
in the absence of a budget it is very easy to get carried away and commit
unnecessary expenditures at the end of each month you may think i
don't know where all my money went it's a lack of budgeting if you budget
you will know exactly where your money goes
in fact your money won't go anywhere you don't want it to
if you draw up a smart budget following a budget can help you work your way out
of debt and keep you out of debt habit number
seven focusing on the present without thinking
about the future generally people focus on their present
needs wishfully thinking that future needs will somehow be met in some way
most young people today have a very casual opinion of the future
they take each day as it comes this attitude may work wonders in some
situations but with regard to money some foresight
is imperative many people who live for the present
find themselves broke when they need money the most
don't give life the opportunity to teach you such a harsh lesson
you don't have to sacrifice your present needs but do your best to save for your
future even ants have the sense to save
resources for rainy days habit number eight ignoring your debt
how can ignoring your debt make you poor and how is repaying debt good for your
finances when you take a loan you agree to pay a certain rate of interest on it
for many in today's world interest eats up a huge portion of their finances
it's a painful fact but if you don't repay your loan on time
additional charges are added to the interest rate allowing these charges to
build will cost you more loss than paying in full on time or
before the deadline when you pay off a debt late you
increase the amount of interest that you would have paid over
the original loan repayment term so if you have taken a loan try not to
miss payments in fact try to pay off your loan as soon
as you can this way you save money that would
otherwise go toward paying interest habit number nine gambling according to
corley's study there is no such thing as getting rich
quick financial success takes time takes initiative
and requires relentless effort those who gamble
are diluted into thinking there is a shortcut to success
in this study 52 percent of poor people gambled on sports at least once a week
and 77 percent played the lottery every week
conversely 84 percent of rich people did not bet on sports
and 94 did not play the lottery gambling relies on random luck the odds
of winning the powerball are 1 in 175
million that's basically zero gambling makes you poorer instead of
lifting you out of poverty when you gamble you spend all your wages
savings and spare cash and the attempt to chase
losses becomes unmanageable habit number 10 constantly upgrading
your electronic gadgets gadgets are super cool but also super
expensive while there is no harm in buying gadgets
that you actually need spending money only because you want the
newest phone will definitely cause you more harm than
good if you really think you need to buy the next new gadget out there
then make sure you exchange your old one for it keep your devices in good
condition and service them from time to time so
that they will last longer also choose your gadgets wisely some
tech pieces are ahead of their time you may want to buy them they will last
longer and you won't feel left out in terms of owning what's trending habit
number 11 waiting to begin your journey to success
everyone wants to succeed but very few people
are willing to start their journey to success no marathon race has
ever been won or even finished by someone who never left the starting line
when you're busy complaining about a problem in society someone else is busy
thinking about how to start a business that solves that problem
when you're stuck saying that you don't have enough capital to start
someone else is busy making good use of whatever little they have
continue waiting at the starting line and poverty will soon find you there to
keep you company i hope that this video answers the
universal question where did all my money go yes there are
some poor people who are in circumstances that are beyond their
control but the majority of people watching this
video have the power to change their lives
by eliminating these bad habits thank you for watching
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