When asked about if we ever want to get rich in a full room of people, virtually everyone will get their hands lifted up but there are some habits that continue to keep us very far away from the desire of wealth and it is only when we are able to curb certain habits that we can become as wealthy as we want.
Habit Number One
The constant use of credit cards is something that almost everyone is comfortable with, we want to quickly pay for the things that we cannot afford at the moment and run into debt in the process, the subsequent use of credit cards to get into debt will not do us any good as it will only make us continue to get into more debt and drag our finances down on a constant note.
Habit Number Two.
Malls and companies know how to offer a decrease in price in order to spike up the number of sales, this has worked on several occasions and has made more people continue to buy even those things they do not need. Regularly falling into such trap will make it difficult for us to grow our wealth or even purchase the things that we truly need.
Habit Number Three.
The constant habit of saving is a very good thing for everyone that wants to immerse wealth but as much as you try to make saving a habit, also figure out a way to invest as well. Investment is much more profitable and much more secure than saving is.
Habit Number Four.
The refusal to set a budget on the things that we need will make it very difficult for us to have the habit of building our finance. Setting a budget will make it really easy to have our finances in check and our habits of spending controlled appropriately. Our refusal to set a budget will continue to make us spend the more.
Habit Number Five.
This next point goes hand in hand with the one above, not tracking where our money goes to is a very common habit for a lot of us and it is very easy for us to say I make a lot of money but I do not know how I spend it all. Keeping track of the places that our money goes to is very important as it helps us understand the possible financial mistakes we are making.
I am not a financial advisor in any way but I think that by following these mentioned points, we will be able to attain a better financial life.
All the points you make are very conscientious and exact habits!.
I find it very important that people have a planning, that is to say, to have written down preferably in a notebook with a pen and paper, all the expenses that they are going to need to do daily , weekly or monthly. In this way we will have a deeper control of our finances And this creates a habit for us because this psychologically creates in our mind a feeling of responsibility and control, which allows us to more effectively manage our finances.
Greetings, I think it all boils down to a consumerist teaching since our childhood, product of the system that follows the steps of being subjects of the powers and not break the economic ties that keep them as customers for the products they offer. Beyond the fact that you are right about bad economic habits, we must understand that these are acquired with the learning that is related to the place where you live. Money is a commodity and needs are part of the game of the powerful who invent them.
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you are right we do only saving and saving
What about investment 10$ now will worth less value in ten years
you have to make it 20$
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Hello @ojerinde
You have mentioned some important points in anyone's financial life, no doubt.
A big problem that most people have is that they don't establish a budget, it is difficult to establish how much you have to collect by the end of the month, among other things that are necessary to have a correct money management.