234) 7 Habits That Will Keep You Poor
We have always wanted to know how to be a Millionaire.
However, to be a Millionaire is a multiple way process.
Which is the way to be Rich?
A) Earn More
B) Spend Less
The answer is both of the above.
It is not how much you earn, but how much you save to make you a millionaire.
A person who earns a Million per year can also be a bankrupt.
Although you earn a million, you will still be broke if you spend more than a million.
Here are the 7 habits and behaviors that will make you remain broke.
1) Overspending
You spend more than you earn. No matter how much you earn, you spend it all away and accumulate credit card debts. Most people wants to upgrade their lifestyle whenever they have extra money. It ends up the upgrading costs more than the additional earnings.
Do keep your expenses low and do things that will increase your income.
2) Reading only for Entertainment or never read at all
You do not read or learn new things. You are not growing. With the same knowledge, you can only do the same thing and remains the same. Then your earnings also will remain the same.
You need to take steps to enhance your skills and gain new knowledge. You need to grow better everyday. With the current technology, you can learn new skills via YouTube, listen to podcasts and google for any information. Have a Learning Mindset.
3) Toxic Relationships
You keep hanging out with negative people who likes to Complain, Blame others, give Excuses and Gossip about others. The negative people will want you to remain the same, just as they are.
Move away from those negative people and look for positive people. You can join groups of entrepreneurs or businessperson who can and willing to help you.
4) Only One Source of Income
You only have one source of income. You are dependent on that source. If something bad happens and that income source stops, you lose your ability to pay for your living expenses. You put all the eggs in one basket.
Get yourself a few streams of income. Learn new skills and you can explore into a new business. Start to grow your incomes. However, do be careful of the many gurus promising easy money. There are too many scams out there. If it is too good to be true, then it most probably is.
Find out more details about the business opportunity. Check if the business is legitimate and is there any regulators monitoring the business. Check the background and talk to others who are already in the business. Find out from those who had good and bad experiences.
5) Engaging in Negative Self Talk
Do check what you are talking to yourself. Do you often say that you cannot do it? "I am not good enough", "It is too difficult for me to do." "Life is a Struggle."
When you allow negativity to rule your thoughts. you are programming yourself to be a failure.
Stop telling negative things to yourself. Whenever you hear yourself say "Cannot" , ask "Why Not?"
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6) Have No Plan
You do not have any idea on what to do. You just live life as it comes along. Just like floating in a small boat in the sea, just let the sea bring you where it wants.
You need to have a plan on what to do to improve your situation. If you do not know what to do, look around for others who are doing something to improve their income. Talk and get help from positive people who had done something to change their life.
Do be careful of those who promises you easy money by following their plan. Be careful if you need to pay a lot of money before you start. There are many scams.
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Take Appropriate Actions
7) Unhealthy Lifestyle
Unhealthy habits like excessive drinking, excessive smoking and excessive eating. These excessive habits make you spend more. Do cut off your drinking and smoking to reduce your expenses.
Do keep yourself occupied with healthy lifestyle habits. Remember to do exercise to keep your mentally and physically fit.
Adapted from Original Article:
https://www.businessinsider.my/bad-habits-that-wont-make-you-rich/?r=US&IR=T
