When you see a fancy sports car drive by you may think to yourself hmm that could
be me in the same manner when you see a person who barely has anything to eat
wears ragged clothes and lives on the street you might think to yourself thank
goodness I'm not like that guy well guess what there are habits that could
put you into those nice cars the same way there are habits that could put you
out on the street you see poverty is a state of total Financial lack a person
living in poverty cannot afford the basic things of Life they live off
scraps and they are most likely to nose dive into debt not everyone was born
poor however there are certain habits that can lead one to that state and in
this video I will share with you five habits you must give up to escape
poverty and if you're new to the channel then hit the Subscribe button below for
more life-changing content habit number one procrastination one of the surest
ways to Poverty is through procrastination for you to be rich you
have to execute on your goals and ideas this means that you have to make both
physical and mental moves procrastination on the other hand stops
you from doing and when you're not doing it means you're not achieving a habit of
always postponing those life-changing moves will not only pull you away from
riches but it will also drag you into poverty the only people who win in this
life are people who make moves when the moves are required to be made you may be
the most creative graphic designer in the world but if you do not take the
necessary actions to grow your brand or dedicate time to creating that
best-selling digital product then you will be staring down the barrel of
poverty one of the biggest dangers of procrastination is that it causes you to
miss out on great opportunities there are some opportunities that are scarce
and if you are not ready when that opportunity finally presents itself then
you will lose big besides missing life-changing opportunities there are in
fact many psychological factors that you can experience when being a
procrastinator and by knowing what these signs are you will be more inclined to
change your procrastinating ways firstly procrastination can cause anxiety when
you procrastinate you'll be faced with the stress of juggling deferred tasks
for susceptible people this could lead to different mental health challenges as
the upcoming tasks weigh on you mentally second is fatigue when you keep
procrastinating you'll end up with a pile of undone tasks for you to keep up
with deadlines you will most likely sacrifice a lot of sleep to catch up
this would lead to fatigue and fatigue will lower your productivity in the
short term and potentially the long run the final emotional drawback from being
a procrastinator is low self-esteem the reason is that when you procrastinate
you will ultimately become an underperformer hence feel like a loser
when you find yourself delivering poorly all the time while this feeling of low
self-worth may be something you can Overlook it is dangerous in your quest
to be financially free why you may ask because if you have low self-esteem you
will not be motivated to do the things that will take you out of poverty the
thought of failing again may not even let you get out of bed in the morning
habit number two overspending overspending simply means spending more
than you have to or spending more than you actually can afford this is one of
the most common habits that leads individuals into poverty a lot of people
overspend because they want to impress a person like a new girl they just met or
a group of people like their old buddies from college the case may be that they
overspend simply because they lack self-control and are inclined about
every nice thing they come across the reality is that you don't need to spend
tons of money at the bar on the latest gadgets or even on a new car especially
if your old one is running fine however sadly many people adopt the I deserve it
mentality and this leads them to spending on a ton of things they simply
could do without in most cases they feel the sensation because they need these
rewards to improve the quality of their lives even if it's just for a moment
because other elements of their lives are lacking maybe they dislike their
drug or are in a toxic relationship turning to spending is a common Quick
Fix but it certainly isn't a permanent solution in a common after effect of
overspending is accumulated debts when you form a habit of living above your
means you will naturally want to keep it up this will lead you to using more
credit than you were supposed to overspending also means you would not be
able to save and that can hurt your financial progress in so many ways you
see failure to save a percentage of your earnings means that you will not have
money for long or short-term Investments how can one move forward financially if
they don't invest in their future moreover owning a home would be an
almost impossible task if you don't save for it this means you'll have to keep
paying rent for the rest of your days even in your age or retirement
speaking of rent overspending would make it hard to even pay when the rent is due
think about it for a second if you have no money in the bank no home of your own
and you have overdue rent then you are trending towards being broke and on the
street therefore the wise thing to do is live within your means and safer
investments in growth a proven tactic that will help you live within your
means is budgeting when you go out with friends or plan your day set a limit of
the amount of money you will spend I know the fear of being seen as a stingy
person haunts you well it's better to be seen as stingy and have money than be
seen as overly generous and be broke spending wisely today can put you on a
path to escaping poverty Hobbit number three borrowing more than necessary this
is an offspring of overspending and being indebted all the time guarantees
that you will remain poor when one who overspends needs to keep up with a
certain lifestyle but has no more cash the next best option for them is to take
more credit and when you have multiple debts to offset it means any money you
make has to be channeled towards that repayment according to statistics
American families who belong to the low-income group spend over 40 percent
of their income on debt repayment further Studies have revealed that being
in debt affects a person's ability to make long-term financial decisions think
of all the interests you would have to pay on each loan it would amount to a
decent sum of money which could have been invested in something more tangible
besides all the interest you would have to pay being an antenna debt also means
your credit rating will be poor there's hardly an investor or loan company that
will grant you funds knowing very well that you have unpaid debts a lack of
investor interest or denied loan requests would mean you'd have no access
to funds for your business ventures or in more dire situations to help you get
out of poverty habit number four seeking instant gratification instant
gratification is when one seeks a reward or fulfillment in the shortest time
frame it means they want it now and not later this habit is known to keep
individuals from chasing long term prospects in case you don't know
long-term prospects make people Rich while short-term prospects won't let you
move from the financial position you are currently in people with this habit come
up with all sorts of reasons not to indulge in activities that will be
beneficial to their finances in the long term just because they don't want to
face the short-term pain of the sacrifice required instant gratification
is a form of self-sabotage it can also be linked to procrastination where you
choose short-term Pleasures over long-term success being caught in this
trap can leave when susceptible to anger addictions jealousy and making impulsive
decisions this will result in stress anxiety and feelings of being
overwhelmed those who are of this habit usually lack self-discipline and are
unable to control their emotional urges the consequences of this habit are very
significant it keeps you unhappy leads to poor decision making and it causes
you to plan poorly a poorly planned life usually leads to Poverty more often than
not my advice to those who suffer from from the need for instant rewards is to
start practicing delayed gratification delayed gratification is the opposite of
instant gratification this is where one sacrifices short-term Pleasures to
achieve and enjoy rewards of long-term goals this usually comes with some pain
or discomfort but it's only temporary practicing delayed gratification habits
come with a multitude of advantages these include strong willpower improved
self-discipline better focus better planning abilities better money
management skills and better understanding of the value of patients
luckily if you are currently in instant gratification Seeker there are a few
ways you can adjust your mindset to focus more on the long-term larger
payouts the first way to do this is to know what you want to get out of life it
is easy to get carried away by present Temptations when you have no clue when
you want to get out of your life knowing exactly where you want to be will help
you plan better and resist the temptation of instant rewards and
Pleasures this is the very first step you should take to break the habit of
gratification next you should identify potential Temptations this is the second
step to take along the line you will be encountered with Temptations of All
Sorts knowing what these Temptations are and how they will affect your long-term
goals is key to Breaking the need for instant gratification then you must
surround yourself with those who will support your long-term Ambitions we all
know how people can be influenced by the group of people they spend time with if
you have a group of friends who also seek instant gratification then will be
hard for you to break the Habit build a strong support network of people who
understand the importance of short-term sacrifices to achieve long-term success
finally create a reward system for yourself when you commit to a long-term
game plan and start to reach the Milestones you've set for yourself you
can encourage yourself with a small reward don't confuse a reward with
instant gratification they are not the same thing a reward is planned and it
comes only after you achieve a certain short-term goal for instance if you task
your yourself to save 250 a week and after four weeks you have successfully
saved a thousand dollars you can reward yourself with a five dollar latte from
Starbucks these types of small rewards will keep you motivated on your journey
before we continue many of you have been asking me how I built up this YouTube
channel that now makes me over a hundred thousand dollars a year and if you want
to learn the exact steps I took and the ones my students are taking to do the
same you can learn more using the link I've left in this video's description
and pin comment where you'll find a special offer that I'll be ending very
shortly habit number five focusing on too many Ventures many people have the
habit of being a jack of all trades the problem with this is that you will
barely Master any of them developing a skill doesn't happen overnight it takes
time energy and mentorship from those who are already established in that
particular field over stretching yourself to learn many skills at once is
a habit that will lead you to financial instability this is because you will
expand the little resources you have to finance multiple Endeavors you may even
be inclined to taking multiple loans to finance each Venture businesses are like
plants that need to be watered and pruned consistently before they bear
fruit dedicating your time to mastering just one field will make you more
proficient in that field and it will lead you to success the danger of trying
your hands at multiple Endeavors and failing is that it could lead you into
many debts and eventual frustration hey it looks like YouTube thinks this next
video is the one that will change your financial life forever give it a watch
end let's see if they're right