Every body guides you to how to invest? How to earn money? How to save money. But nobody guide you what are the factors due to it your are wasting your money and distorting your financial freedom. Everybody tell you how to be Rich but nobody tell you to how to be poor.
Today I'll make you able to understood 6 factors by following them you will waste your money and financial freedom. Mostly I developed your mind to make you rich and financially free. Now a days, when you wished to teach finance and budgeting to anyone he tell you don't teach me I know very well better than you. These types of people those have high attitude don't be Bale to financially free because they thinks we know each and everything.
Well, let's get started.......
1. Invest Late
We need everything very early either it is online ordered food or any stuff and when comes to our life we make our self ignorant. We didn't bother anyone either he is advising you to invest in time, enjoy power of compounding, secure your future. Most of people relies on their heart they didn't use their mind to secure their future.
Lemme tell you a story of two neighbours, the man named Umar and the other man was Ali. Umar was rational and intelligent and he knows very well where and how to invest his income. So at the age of 22, when he got his job he started investing and when he advice to Ali to invest then he didn't take his advice seriously and continuously wasted his time. He didn't invested early in time and when he got married the he realised investing is most important.
He started investing after several years of Umar. At the age of 52, Umar invested dearly in his life he get returns from his investing which was approximately 2 Crores. On the other side Ali invested late even he invested larger amount as compared to Umar but still he didn't reach Umar's amount. He get returns of just 50 lakhs. Likewise, if you want to destroy your financial future then invest late. As early you invest in your life as early you will be financially free.
2. Comparing to others
Cheating others is quit satisfying for humans because we are same species to monkeys. Most of people wants to do which is being seen by their surroundings. If someone is buying expensive cloths and wearing brand then definitely we also wishes to wear as same as he wears but in this situation we didn't bother our financial condition. If someone is buying iPhone the we will also buy iPhone.
If someone is getting married then we will also get married. If someone is jumping in trench then we will also jump. These habits of doing cheating making the human again like monkeys. These type of people just waste their money and do spending for just looking forward and at the end of it they realise it we didn't need that stuff. They didn't waste their money just only watching their neighbours but they used social media and wishes to live those people's lifestyle which are unknown from them.
They thought that the phone is owned by my YouTuber I'll also buy that phone either they have enough money or not. If you want to be successful in your life then don't compare yourself with others. See your financial condition first then make decisions. Showoff don't give you any think.
3. Credit cards
This is biggest disaster for middle class people. Rich people be rich due to they able to manage their both money debit and credit. It not true that rich people don't take loans or debt or credit. But they control all these things they have good management and planning. They use their debit cards freely and credit card smartly. But those people who use credit cards as they owned that money.
They getting inspired by credit card adds and waste that money in useless things they didn't understand the dark strategies of that companies which gives credit cards. You will get trapped by credit cards and this will build you a very bad habit of spending money freely. You in large your expenses by using it. So avoid credit cards because it's not your own money you have to pay back it. If you want to use it then use it smartly and wisely.
4. Impulse buying
This is the disease in which people spend money in their emotions without any rational thinking. The people didn't knows what is the item and either it is compulsory for me and when ever they saw item in their budget they just buy that item for no reason. And if we take reason from these people then will tell you " for nothing, there was a good sale and I bought it".
One biggest reason behind impulse buying is online shopping. People trapped in the sites dark strategies whenever they see a 40%,50%,60% sale they but that product quickly they don't know the price was increased and then a sale is applied. In online buying we see lot of things which you wished to buy but it is not your actual need and you waste your money on useless products.
I'm sure a lot do people is among you that runs after quickly on cheap things and bought useless things. Always make shopping list before doing shopping. This will make you disciplined and you will buy just those things which are actually your need.
5. Ignoring your financial position
Those people who ignores finance and their future have a mind set who told then to be relax and don't worry about your future just live in today. All these things are just in movies, real life is completely different. Life is not a picture which will give you a happy ending. In real life, there is lots of dead ends instead of happy ends.
Those people who ignores their finance they got depressed mentally early in life. When they have to take their responsibility at that time they were ignorant and when a dead is comes in their life than they realised. Every person should be calculated in life. Do calculations of everything than take decisions.
If you want to survive in this fast moving community then should be calculated for every second, for every coin and for every moment. Other wise, richness will always be far from you.
Signing Off MindGamer
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STOPCheck out our last posts:
I recently started investing for my future. At the moment I have 500$ invested in stocks (and I have an outgoing 3k$ transfer to my broker) and 1k$ in HBD.
I'm 28. I hope is not too late for me XD.
hahaha, i can easily understand this credit card part, it allow us to waste our money by our will :D
Reviewed and Approved for an Ecency boost. Keep up the good work.