Being broke sucks! Especially when social media is there to remind you of all the good things in
life you're missing out on. But for a majority of the world's population, it seems like money
is a foe rather than a friend. This is because we are only able to live between 2-4 dollars per
person on average every single day. But hopefully, with the help of these tips, you'll quickly be
saying goodbye to your broke lifestyle. So, let's find out some of the habits you should give up
to escape the mousetrap called poverty. 1. Procrastination
One of the key ingredients to this brokenness cocktail is certainly procrastination. Usually,
it begins with the urge to push that snooze button when your alarm goes off in the morning.
Those five to thirty extra minutes in bed are costing you money. This is because, at the end
of the day, you don't have enough time to finish all the things on your to-do list. You push it
to a later date or time, and you eventually end up with a stack so high, of undone tasks, you
have no idea what to do with it. Then you started suffering from anxiety and, later on, depression.
These feelings leave you numb and unable to do all of the other tasks you're used to doing.
On the other hand, procrastination can be monetized in the sense that, when you feel the
urge to spend on credit, or push paying bills until a later day. At the back of your mind,
you know for sure, this later day in a real sense, doesn't have a date or time. So, when is the next
time? Before you know it, you are drowning in debt and living from paycheck to paycheck,
struggling to settle those outstanding bills, which most likely have accumulated fines.
So how do you get out of this funk? It's very simple
yet not the easiest thing to do. You have to become self-aware, plan, and automate.
You need to realize that this is a habit that you're struggling with.
And with that comes acceptance, and a conviction to do better.
Realize that there is no better time than now to get things done and secure your finances.
Create a clear picture of your goal and how you will get to that goal. Be flexible but consistent
on the journey. Now you're on your way to financial freedom because you're investing
and saving more. Finally, automate, and find ways to keep up with long-term investments,
savings, and an emergency fund. It's hard to keep track of all this,
which is why it's simpler to use app tools. Or even direct cuts straight out of your paycheck.
With that, you're sure on your way out of poverty. 2. Credit cards purchases
Can you believe that an average American has up to 4 different credit cards? That's
according to the Experian consumer credit review 2019. No wonder many citizens have
become accustomed to buying things they can't afford with their own money. Credit purchase is
a form of a soft loan given to customers who slowly dig themselves deep into credit debt.
Due to accumulated interest rates from unpaid credit loans. This is because the most adamant
credit card user is the lower-income earners, followed closely by the middle-income earners,
who mostly use this money to settle basic needs such as electricity, or gas in their homes.
Nevertheless, this is the beginning of a string of other expenses and purchases.
A night out with friends here, a vacation you can't afford at the moment there. New clothes, a
new bag you don't need, then alas you have a debt so big, you have no idea how you'll pay it all!
To avoid such traps, ensure that you have a budget in place for the whole month. It
will help with curbing overspending. It help maintain a low debt to credit ratio which will
ensure that you don't max out your credit card. So, make timely payments of your credit debt to
avoid an accrued interest rate. Also, always be responsible about how to handle your credit cards.
These simple rules will have your wallet a little fuller in no time!
3. Wasting a lot of time on social media
Social media is a powerful tool for business and creating social trends.
We've seen products sell out in hours just because a celebrity featured it on their page,
or was spotted dawning a new design. News spreads like a wildfire on social platforms such as
Facebook and Instagram. So why is it on our list, you wonder? Because on average, an adult spends
3hrs, 15 minutes scrolling through their phones. It doesn't include another hour spent watching tv,
and another on your laptop. That adds up to a wasted 5hours off your daily 24hour time limit.
To top it all off, after all that screen time, you're now depressed because you
can't live the lifestyle your friends are living. Despite drawing out your account,
to create this facade about your life and you're in reality, broke.
To live a better life financially, you must break this habit. Ensure that you work with a budget,
specify an amount for entertainment, and don't go beyond that limit.
Learn to say no to social events and experiences before your wallet starts begging you to stop. Do
not be scared of losing friends because you said no to an impulse vacation.
Because those who value you will respect your decision without question.
4. Always looking for someone to blame. We all have fallen into the trap of blaming
our misfortunes on others. We blame the government for our delayed debt payments,
for the lack of job opportunities, and our failed business. Even though there
might be some truth to this statement, they don't entirely hold 100% responsibility.
We must take responsibility for our actions and account for our mishaps.
This will help us fight for what we have every single day, without giving up. You'll put your
affairs in order and even structure your finances because there is none to blame but yourself.
Giving up that victim mentality will free you of the assumption that someone will save you.
You'll realize that you'll be more serious about your decisions, finances, health,
and expenditures. Procrastination will be a thing of the past. All the results that will
come from this realization will impact your finances and overall lifestyle positively.
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Great!
Let’s continue. 5. Give up the short-term mindset.
As we all know we're consistent in our habits. Many times we find ourselves trapped in a trance
of the YOLO mentality, where we do things just for the sake of living. It’s safe to say that
those who plan out bits by bits of their time, and money develop a unique sense of mentality. For us,
on the other side, who live for the moment, we're doomed to get engulfed in the depths of poverty.
How would you dream of success and yet fail to plan for the steps towards success? Only a crazy
man does that, and that dream will remain only a virtual reality that comes to you in your sleep.
If you want results, you better plan and work for them cause, nothing comes easy. If you're smart,
you'd think it best to give up the short-term mindset cause, it takes a lot to achieve success.
6. Give up your need of doing everything
Have you found yourself in a situation where you're overwhelmed with tasks that could be
handled by other people, but you feel it important to complete them on your own? I was a victim once,
but after a general audit, I decided to drop this habit. Overwhelming myself with endless
tasks that wouldn't be completed in time or better yet, not be finished crisply, cost me in the past.
Luckily! I mastered the art of focusing on things that are within my control.
And I did by realizing that I am incapable of changing what's out of my control.
Once you're able to identify what's within your control, and what's not, you'll be able to
prioritize better and get better results. Try it out, and let us know how things work out for you.
7. Relying entirely on motivation rather than discipline.
Motivation is a word derived from another word motive. Which simply means a desire or a need to
change one's situation. There is no doubt that motivation is essential in achieving our goals.
Unfortunately, it's a fleeting and unreliable feeling because it's not every day that fire
will burn within you. That's why you need to be self-disciplined. You need to be able to wake up
every day and go to work, to get a paycheck. Set up that emergency fund, savings account,
and retirement savings account, without the desire to do it, but still doing it anyway.
Create that budget and track how well l or poorly you're handling your finances,
no matter how tedious it is. Like Robert Kiyosaki said, "self-discipline
is the No.1 delineating factor between the rich, the middle class and the poor”. Since no rich
person will ever wait around to feel motivated to get financial knowledge to prevent poverty.
They'll always do what is necessary at that moment to ensure that they reach their goal.
8. Commit to things that don't support your goals.
Yes, we feel the urge to play superhero and be there for everyone, but the truth is that,
sometimes the things we agree to do, in any case, don't drive us closer to our goal.
Everybody will need your helping hand at one point or another, but make well-thought-out choices.
Sometimes, a mere yes might enslave and deviate you from your goal without you realizing it until
it's too late. The difference between a successful and unsuccessful person is based on a matter of
their choices. Bear in mind the choices we've made in life are what have brought us to who we
are today. Just think deeply about the choices you've made in life and tell me if I am lying.
To be successful, we must understand the great sacrifice that comes with it,
and also must be able to know when to say yes, or else suffer the consequences of our decisions.
9. Cut off toxic people from your life. Research shows that we are the average of the
five people we spend most of our time with. Check the people who surround yourself with, and on your
own, categorize them either into focused or toxic energies. It's difficult to give up old habits
and even more challenging, to cut off old-time buddies who we feel we can't live without, right?
The truth is that, if we mingle with people without standards, we will also end up losing
our standards. You can't dream of success and surround yourself with unsuccessful people.
Remember, success only comes to those who search for it. With this in mind,
check the Circe you're surrounded with, and see if you need some cleaning up.
10. Give up multi-tasking Multitasking seems like a faster way to get tasks
done, but in most instances, we end up delivering less than expected. The mind is designed to
process and focus on one task at a time, let no one deceive you otherwise. Being fully present
and involved in one task is indispensable, and has proved to be the best remedy towards success.
If you forget everything said in this video, please take this one thing with
you: always choose self-discipline over motivation or whatever else you feel urgent.
You'll get to experience the epitome of financial freedom,
when you can make decisions based on self-discipline rather than motivation.
Well, thank you guys so much for watching today’s video.
I hope you enjoyed and found value in it. If you are new to the channel, welcome and subscribe for
more content like this. With that said, have a great day, and I'll see you all in the next one.