Do you ever sit and wonder where all of your money goes such that as soon as you have it, is the same moment you use the whole of it and you’re back to zero all over again.
Most of you have money habits that are keeping you literally poor. Today’s article is meant to emancipate you from that bondage.
1. Lifestyle spending
This happens to everyone. It is in human nature that the more you earn is the more you are inclined to buy yourself more things to reward yourself.
Some of the things, you do not even need. Instead of doing that and loosing your money in less meaningful stuff, invest somewhere.
2. Buying designer to impress others.
This goes in line with lifestyle spending she you spend more to show others that you earn more.
Take an example of the rich people we know in the world such as Zuckerberg, Elon Musk and many others, they don’t even don designs every time, they are simple.
Stick to your basics, on things that you can comfortably buy without stretching so much on your finances.
3.Thinking you’re too young to start saving.
Nobody is too young for anything. Save the little you have and have financial discipline as early as you can. It is important.
The younger you’re the better it is to start saving as young as you are.
The longer you save and invest your money, the more it compounds and as a result you become wealthier.
4.You’re not tracking your money.
You should know where your money is going. If you don’t, then probably, you’re spending it for all the wrong reasons.
Make sure to compare your inflows and outflows and make proper decisions concerning your finances.
5. Having a poor mindset.
Most poor people tend to believe that money is the root of all evils, where’s rich people do not have that kind of mindset.
Learn to understand money, to be able to generate it, to be able to earn it.
If you never have the time to think about it, then you are going to remain poor for so long.
In conclusion, being financially literate is quite helpful as far as our lives are concerned. You need to be able to earn money, spend it wisely and still have some to save and invest.