1. Ignoring massive debts. Stacks of bills and late notices are a significant cause of anxiety and fear when you’re broke. Don’t buy things on credit when you can pay. Avoiding those issues and failing to manage your debt, on the other hand, will only make things worse and become unmanageable. You will struggle for the rest of your life paying debts that did not add any value to your life.
2. Prioritizing present fantasies over investments...CONTINUE READING
Poverty is typically passed down through generations. You could be poor because your family has always been poor because of a negative mindset on money.
Making conscious decisions before spending your money should be priory for every person who wants to build financial freedom.
People who should be in good financial shape may not be, often because the decisions they make aren’t aligned with their future financial needs.
3. Buy things to impress others.
You should do things with aim of jumping out of poverty. Poor people want to be seen as rich by the community thus will struggle to buy things that will drain their pocket for the long run. Buying expensive clothes, shoes, electronics and a good house is not a good option for poor people.
Some men work all day to make money and give nearly half of their earnings to ladies. They spend money on amusement with their obnoxious companions that don’t last. Their earnings evaporate as quickly as they arrive. This will make them poor easily when the job they are doing is cut off.
4. Excessive unnecessary expenditure
It might be time to downsize your living standard and live below your means. The most common cause of financial hardship is spending too much money on rent or a mortgage. Cut down unnecessary expenses that have no value to life and instead live simply.
