15 Money habits that keep you poor “You’re poor because your head is poor”

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15 Money habits that keep you poor “You’re poor because your head is poor”

Have you ever asked yourself why you’re poor? Did you know that your poverty is by choice? Whatever you do in life determines whether you will be rich or poor

So what do you do on a daily basis? What tasks or habits take most of your time? Do you get paid for that or it is a way to pass time

In this article you will discover 15 money habits that keep you poor, read it until you reach to the end

So without further ado, let’s get started

  1. Go to school, get good grades, get a good job, wait for promotion and wait for pension

This was the worst advice and money habit I have ever received from the community in grow and you too face or you have been told this’

The truth is that the school system doesn’t teach people how to make money,

They train students to become employees and not job creators

I grew up knowing that the only way to become successful was to go to school, get good grades and good job

This made me to study and complete my university studies, worked for some companies and later got laid off

When I got laid off, this was the time I realized that the school system is a rigid game

If parents knew this they would not invest too much of their money or make their children get students loans because the truth is that you will never get rich by working for someone else

By working for someone, your trading your time for money, someone has control over how much you earn and the amount of money you earn depends on how much time you work for someone

To become rich, you need to start and run your own business, “you will never be rich working for someone”

Starting your own business and leverage your time and money will enable you to make more money as a result of compound effect

The work which you do today in your business can pay you in the further unlike when you’re working for someone else

If you stop working, you will never earn money

  • Taking advice from poor people

There is a saying that says “you’re like the five people you stay with”  if you stay with four fools, you’re the fifth fool

The person whom you surround yourself with determines whether you will be successful or not

Take advice from people who are where you want to be, you need to learn all the footsteps they took to become successful\

If you’re interested in having lots of money, you need to change your mindsets towards money

Most poor people say that money is the root cause of all evil, they say this because they are poor, and they are justifying the reasons for their being in poverty

Poor people are the ones concerned of robbing, living in slums and ghettos as rich people live in modernized and civilized places where the rate of crimes is extremely very low

  • Blaming others

Most poor people blame other people for their poverty, as an individual your in charge of your financial situation and no one will ever remove you there

Stop blaming others, the more time you spent blaming others the more time your wasting

There is a quote” being born in poverty is not your problem but dying in poverty is your problem”

The best question to keep asking yourself is how can move from this financial situation am?

How can I go to the next level?

Stop playing the blame game, once you figure out that to earn money you need to offer value o the public, there is no luck in this, offering value is the only way to earn money

People will pay you basing on your perceived value,

What value do you have? Have you offered it to the market and failed to bet paid? How are you’re marketing it?

Many people blame their parents for being poor, one time you will also become a parent and you will also be blamed

Stop blaming others, wake your ash up and start your own business

If you feel you have no skills, in this digital age you can learn literally anything from the internet on YouTube or Skillshare

Stop playing the blame game

  • Gambling and rotary

If you think that you will become rich by winning the rotary, you lying yourself, do you know the chances of you winning the rotary 1:10,000

In every 10,000 games you play, you only have one chance of winning

Stop playing the rotary or sports betting, all those programs are designed to take away money from you

Once you realize this, you will never play the rotary again

There is no secret to winning the rotary

Go to work, hustle until you get it

No one will help you; it is your role as an individual to remove yourself from the financial situation you’re in now’

Stop taking chances; put your time into something you know that it will bring in returns to you

You don’t need to be luck; luck comes for people who are prepared

  • Band wagon

Purchasing products because your friend has bought it is one of the worst money habits to avoid

Majority of you follow the jornes, you need to buy items that you really want

Stop wasting money on needs, consider only necessities, instead of wasting money on items you don’t need you should consider investing that money into something that will bring in returns in the future

Don’t buy whatever you find on the market, always make a budget of the things you need and stick to it

All messages you receive from online marketers are targeting selling products to you

So you should be careful towards where you spend your money

If the product is on the market and you don’t have it on your budget don’t buy it

  • Failure to give accountability for your earned money

How much do you earn in a month? How much do you spend your money all? Which products do you purchase?

As an individual you need to give accountability of where your money goes

What do you do when you receive your monthly salary?

As a rule of thumb you need to know where your money goes

Stop spending money on items you don’t need

How much money has ever passed through your pocket? How much money have you kept in your saving account or investment account?

“It doesn’t matter how much money you make but how much you keep”

Someone might earn small amount of money but keep much o it while another might earn a lot but it all ends in expenses

  • Taking advance

This habit has eaten majority of civil servants,

It is all about getting money which who have not yet worked for, you request your boss to give you upfront payment for the future salary

Majority of employees have this money habit and it has made them totally poor

They consume money today which they would have consumed in the future

Stop taking advance if you’re interested in getting rich

Taking advances is like eating your future today not knowing that you will also need money to use in the nearby future

Surprising money got in advances in spent on luxurious items like cars, motorcycles which also consume fuel

As a rule of thumb: Stop taking advances

Take an advance when you know that something you’re going to invest money in will bring in positive returns in the future

Stop spending money you don’t have

  • Staying in debt

When I grew up people had a saying that if you’re not in debt you’re not a man”

This was just justifying their reason for being in debt

But the truth when you’re in debt, you’re a slave to the lender; you will be working day and nights to make sure that you pay money to the lender

If you’re not careful, debt can consume all your had earned cash

All you need to do is to run out away from debt

Banks have taken people’s property because people borrow money they don’t need

  • Stop spending money to look good

Many people spend a lot of money on luxurious items like jerries, expensive clothes, apartments and cars

Why do you spend all that money?

What if you lived in an average place and put the balance into an investment portfolio that will generate profits

Stop worrying about your appearance, no one cares

Your appearance is none of our business; all that matters is how much do you have in your portfolio?

Borrow money when you’re sure that the interest rate you will earn from the investment you make is greater than the interest you will pay to the lender

Otherwise don’t borrow money

Rule of thumb: If you cannot manage to pay for an item in cash, don’t buy

“Stop playing the appearance game”

  1. Having one source of income

If you’re interested in getting rich, having one source of income is a guarantee that you will fail,

To become rich you need multiple streams of income, if you ask all rich people they will tell you that they have several streams of income

By having a single stream of income, it will all be consumed up by your living expenses and you will be left with nothing to save or invest

So if you’re working on your day job, you need to create other business side hustles that will help generate revenue into your bank account

“The more streams of income you have, the less likely to go broke”

“If you only earn money while working your poor” rich people leverage money to earn passive income

To become rich you need to earn passive income while sleeping, if you can’t earn it, you will be poor

  1. Wasting time of Television and entertainment

Do you know how much time you spent watching Television in a year? How would you life have changed if you had used that money to start a business side hustle?

Stop wasting your time, most of the times people say that they don’t have time to start their business side hustles yet they have time to watch Netflix, television or un-educative comedy

If you can turn all that time into an online business and work for three consecutive years, I guarantee you will become rich

“You’re poor because your head is poor”

If your broke today, know that you wasted your previous time on none productive things and if you’re interested in becoming rich, “spend most of your time on creation”

Bring value to the market and the market will reward you abundantly

Do something productive every day and do it consecutively for a long time and money will come

  1. Playing short term goals

Being interested in short term results has resulted into people being interested in getting hacks, shortcuts and secrets to building wealth

So if you interested in becoming rich, you need to play long term goals

Set up strategies and goals that will be achieved within a given period of time

Play the long term goal, there is no such a thing as fast, quick money

Money comes a s a result of providing value to the community and people will pay you according to your perceived value in the market

Remember money is an exchange for providing value, if your perceived value is high, you will make huge amounts of money

  1. I wish

“I wish I had done this” you have all been said the above statement

Every day people say that they want to start their own business but guess 1% start and the 99% of all those that wish fail to start

Why?

They give several excuses for not starting their own business, they usually say I have no money, I have no time, I have no skills, yet they spend most of their time watching television and Netflix

How would your life be if you had turned your spare time into building a side hustle business that would bring revenue in the future?

  1. Not making a budget

When did you make a budget and stick to it? Most people just purchase items until their money goes over

It’s like they are interested in spending money, it is hard to earn money but easy to spent

So if you’re interested in becoming rich, you need to make a budget, in a budget you will show clearly how much money you plan to spent, save or invest

You focus as an individual should be increasing on your saving and investment

Since saving alone won’t make you reach, money saved depreciates because of inflation and the value of the money reduces as the central bank prints more money

Why would you save if the government is printing more money?

So as an individual you should save to invest, there is no value in saving money which does not bring any return to you

Invest in something with high returns on investment like stocks

  1. Paying a lot of money in taxes

Do you know how much money you pay in taxes every year?

Each country or nation has its own income tax rates and majority lies within a range of 0%-35% per month

Assuming that you’re being taxed 35% of your annual income, how much do you get as net salary?

Most people don’t know that there is a legal way of reducing on the amount of taxes which you pay

As a business entity to reduce on the amount of taxes being paid you should all expenses as business expenditure

Bonus: Unhealthy lifestyle like smoking, alcohol, drug abuse etc

Conclusion

Has this article been of value to you? Which money habit is keeping you poor? Share your opinion with us in the comments below?

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