The habits of a man defines his life and destiny. Great potentials, great skills, great talents with bad habits, will make you end up as a failure. Your habits will either help build your destiny or help to crush it. The choice is yours to make. Choose your habits based on how you want your destiny to be.
When it comes to finance, there are certain habits that can cripple your financial standing before you even realize it. Either you’re a billionaire or a poor street beggar that survives on less than $20 a month, it boils down to your habits. Your habits determines whether you get rich or not.
According to Tom Carley, a co-author of the book, “Rich Habits, Poor Habits,” there are two habits on earth when it comes to finance, and the one you chose to live with, strongly determines you becoming rich or poor. So, if you’re struggling today to get a grip of your financial life, you’re probably living with the “Poor Habits.”
The question is, “what are those habits that make people end up poor? What are those habits that prevent people from getting rich? The answers are not far-fetched. In this blog post, I discussed about 9 poor habits that can make you die a poor man.
1. Sticking To Salary Jobs
According to Robert Kiyosaki, the bestselling author of the “Rich Dad Poor Dad” series, JOB literally mean “Just Over Broke.” A job restricts your finances to a pay check that comes every 30 days, and flies in less than 10 days. For almost all job employees across the world, salaries from a job are barely enough to cover the expenses and bills. This make employees go into debt. The more the debts accumulate, the more the get poorer.
Sticking to a salaried job is a poor habit you need to work on, if you desire a future with financial independence. If you have a job, get a side business or hustle or investment that will help to raise your income above the expenses.
2. Extravagant Lifestyle
When you adopt a lifestyle of extravance, it makes you live above your means. And if care is not taken, you might end up in everlasting debts. Learn to cut your cloth according to your size. It’s high time you stop spending your little capital to compete with people that are probably living on their profits from business. It doesn’t work that way.
The act of staking a certain amount of money on the probability that an event will occur, with the prospects of getting double returns if your guess was right; is known as GAMBLING. Take a look around you. Have you ever seen a gambler becoming rich? Even if they do get luck and make money, they usually lose the money back. Gambling will do more harm to your financial life, if you don’t desist.
Procrastination steals your time more than anything else. And time is as precious as money. So, if you often procrastinate on things, you’re obviously losing money. You see how it works? If you continue to shift actions you need to make to later dates, it will make you poor.
The good news is that procrastination can be cured. If you’re struggling with procrastination, I have a blog post for you below.
5. Zero Financial Intelligence
Robert Kiyosaki wrote that financial intelligence is needed for you to become rich. He said the difference between his poor dad and his rich dad is the level of their financial intelligence. The poor dad believed in going to school, getting good grades and getting a high-paying job. The rich dad, on the other hand, believed in building an asset column. In the end, the result was evident, one ended just like every other person, and one became wealthy.
Going to school to acquire knowledge is good. But, the schooling system isn’t designed to teach you about financial intelligence. Financial Intelligence involves understanding how the cash flows. Financial Intelligence involves knowing how to build the assets column over the liabilities column. If you don’t understand this principle of how money flows, you’re more likely to end up a poor man.
6. Negative Mindset About Investments
If you don’t believe in investments, I hope you believe in poverty? Yeah. It’s either you invest and become financially independent, over time. Or you ignore business opportunities and end up poor. If you can’t take risks, how do you expect money to flow in? A negative mindset about business and investments is common to every poor man on earth.
See, that money you’re scared to invest because you don’t wanna lose it, won’t stay in your pocket forever. You will end up spending it to add more liabilities to yourself. Why don’t you take that risk, and invest it instead?
7. Hanging Out With Bad Energy
According to my own understanding, a bad energy is anyone that doesn’t see the good thing is any decision you make. Hanging out with bad enegies will subject you to #6 above. They are the type that will tell you why a business investment won’t yield profit. If you hang out and listen to bad enegies, you are dieing as a poor man.
8. Watching too much TV
Spending more time watching TV shows is likely to reduce your mental productivity. More so, it wastes your time and increases the urge to procratinate on important things. Rich people and billionaires rarely have time to watch TV. Why don’t you start thinking and living like a billionaire will do today?
9. Running The Rat Race
The most important thing that defines whether you become poor or rich is where your run. Robert Kiyosaki wrote, “if you don’t get out of the rat race, you are dieing poor.”
The average man lives in the rat race today. Make money, buy liabilities, get broke, make more money again. If you’re living in that cycle, you will never get out of it. It’s most destructive habit. Sadly, a large proportion of the world today lives in the rat race. To learn more about the Rat Race, I’ll encourage you to get a copy of “Rich Dad, Poor Dad,” and read it carefully.
Just like God said to the children of Israel in the Bible, “I present to you life and death, choose what you want.” I’m saying the same to you, “I present to you habits that prevent you from getting rich today, choose if you wanna drop them and become rich, or continue and become poor. The choice is yours to make.
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