10 Money Habits That Are Keeping Your Poor | How To Be Good With Your Money #Best Education Page #Online Earning

The truth is that everyone has a potential to become rich however certain

people have habits that are crippling their ability to build wealth luckily if

you can identify and correct these bad habits then you can change your ways and

build true wealth therefore in this video I'll share with

you ten money habits that are keeping you poor and if you're new to the

channel then hit the subscribe button below for more life changing content

habit number one impulse buying those who are constantly in financial distress

are often the type to snatch up something whether it's on sale or not

even if the purchase wasn't exactly planned in fact impulse buying can lead

to a series of different issues first many people will justify these unplanned

purchases by saying that they earn this new gadget or that the item is not a

want but a need second the spur of the moment purchases when put on a credit

card may lead to the person paying for the item without actually having the

funds to cover the cost finally these random purchases make it much more

challenging to adhere to your spending budget to compound these issues a lot of

people once realizing that their budget is blown well continue spending knowing

that they failed in sticking to their budget now don't get me wrong an impulse

purchase from time to time will not derail your chance of ever becoming

wealthy but as you can see issues begin to compound when you spend outside your

financial plan as a best practice everyday say the following affirmation

to yourself I only buy what I need before you know it you'll be a much more

cautious vendor and this restraint for making impulse purchases will have your

bank balance growing in no time habit number two using credit cards for the

points not all row or credit cards are evil in fact when used responsibly some

definitely have their place in your wallet however there's a reason credit

card companies offer those rewards and it's definitely not out of the goodness

of their hearts rewards encourage you to spend more

plain and simple a 2010 study presented at a meeting for the American Economic

Association found that simply using awards or point based credit card with a

1% return annually actually increased monthly spending by 68 dollars an

overall credit card debt by 115 dollars per month

suddenly that pursuit of points doesn't seem so savvy

well you might score a little cash back on that purchase many cards impose heavy

restrictions from no annual cops to higher cashback rates only for limited

purchases such as gas and groceries you might not be getting back as much as you

think going deeper into debt in pursuit of this almighty credit card point is

simply not worth it bobbin number three keeping up with the

Joneses real estate agents often say it's better to be the worst house on the

best Street then the best house on the worst street however when your neighbors

seem to have it all the drive to be the best house on the best Street can

overshadow your spending savvy competition is a psychological trigger

that can cause spending and keeping up with the Joneses or competing against

family members neighbors or friends can lead you to overspend while some people

simply don't care about measuring up to others it can be a real challenge for

certain families when friend purchases a new vehicle or home takes a pricey

vacation or even wears expensive jewelry it can trigger competitive behavior that

leads to poor spending decisions it's important to remember that success is

hard to measure from the outside when you see a neighbor pull up in a shiny

new car remind yourself of your priorities and goals no one can see your

retirement account balance but you know that you're working to secure a

comfortable future by contributing to it instead of that new watch cabin number 4

relying on retail therapy well some people exercise or listen to

music to reduce stress others fun therapy and spending shopping can

actually release endorphins in the brain similar to other activities such as

exercise sex and even eating chocolate unfortunately like those three things

spending money in order to feel good can actually become addictive shopping to

boost your mood creates a link between happiness and buying material goods and

it's a link that can be seriously hard to break so how pervasive is this issue

a 2016 study conducted by Ebates the pioneer and leader in online cashback

shopping from the 96% of adults and 95% of teens participated in retail therapy

the top items that provided therapy for these individuals included entertainment

travel and electronics needless to say this type of spending impacts just about

every of course if you can't get your

emotional spending under control you may need professional health shopping

addiction is real and can be difficult to break with the help of a dedicated

mental health professional you can learn your triggers and find coping mechanisms

to help keep you out of debt now am I saying that all shopping is bad of

course not you just can't do it to help you feel better at the end of a bad day

find another cost effective ways to reduce stress and increase your

happiness and you will get the same end result without busting your budget have

a number-5 expecting a miracle people who are constantly in money troubles

often believe that writing their finances would take a money miracle

however you're never going to get out of debt by winning the lottery landing a

windfall from a wealthy relative or having the world's best paying jobs

simply fall in your lap what makes this way of thinking so dangerous is that it

removes you from a position of control when you're hoping for someone else to

swoop in and save you from your bad habits you're handing over the financial

steering wheel and emotionally cutting yourself off from your debt of course we

all know that your credit debt and lifestyle belong only to you and only

you can solve the problem in fact having a sense of control is one of the keys to

financial wellness you see there are many aspects of life

that are out of your control for example you don't have much control over the

economy or the job market because of this it can be easy to get discouraged

when things aren't going your way to avoid feeling defeated give yourself the

opportunity to make a choice about something you do have control over

choosing to save as one small way you can have some say in your financial life

just ask Charles Duhigg author of the power of habit in his latest book

smarter faster better doing writes motivation is triggered by making

choices that demonstrate to ourselves that we are in control the specific

choice we make matters less than the assertion of control in other words it's

not really about the five bucks you save or the extra twenty five dollars you

decide to throw out your debt is the fact that you're making the decision in

the first place that makes this psychological trick incredibly powerful

so instead of waiting for a miracle start opening your bills and taking the

time to make a budget set up payment agreements to stay current pay all new

bills on time and remember you're the one who is affected when

you're facing financial challenges haben number six succumbing to lifestyle

inflation as you get older you probably expect to achieve a better financial

status than when you were a young adult a better job arrays and even natural

economic inflation can all affect your earning power however the difference

between those who succeed in growing their wealth and those who perpetually

struggle is how they manage the balance between their income and expenses you

see it's tempting to put all these increases in income towards a new house

a vacation or simply increasing your day to day spending but doing so could land

you back at square one for example is Bowl earn $60,000 per year and spends

forty five thousand but Jeff earns a hundred and fifty thousand and spends

one hundred and seventy five thousand who is truly in a better financial

situation although Bill earns less earnings aren't the only factor when it

comes to building wealth it's how you manage your money that counts

unfortunately for most people lifestyle inflation is a natural part of earning

more and moving up the chain at work but it's only acceptable if you're spending

within your means as soon as you start going into debt to afford a certain way

of living it becomes problematic make sure you only spend what you can afford

and maintain your valuable financial freedom hobbit number seven avoiding

your debt when you have a seemingly insurmountable amount of debt just the

thought of paying it down can make you cringe and for many of their strategy

for managing this debt is by avoiding it those attending norther debt may engage

in the red flag behaviors like avoiding phone calls from creditors and throwing

OH bills before they even open them you don't have to like your debt but you do

have to acknowledge it get in the habit of opening your mail when you feel calm

and ready the more you know about your debt the better prepared you can be to

face it once you know how much you owe work out payment plans if you owe a lot

to several different creditors pay your utility and fix bills first and then

focus on the account with these smallest balance this can feel more achievable

and paying it off can give you the motivation you need to move on to the

next biggest balance haba number eight taking interest-free loans like credit

cards that offer points and rewards stores that offer no interest loans are

simply luring in potential betters and enticing them to spend

more than they can afford the sad part is that many people who bite on such

offers won't pay off their loans before the interest rate period ends after

which they're often slammed with fees and even retroactive interest from that

so-called interest free period always read the fine print and remember unless

you're certain you can pay it off before the grace period ends interest-free

loans are anything but Hobbit number nine only paying the minimum paying the

minimum every month doesn't mean you're getting out of debt in fact minimum

payments are often calculated to be about four to six percent of your

balance which could mean you're not only staying in debt but actually accruing

more interest when you open your credit card statement remember that you owe the

balance not just the amount listed under minimum payment habit number 10 relying

on only one source of income for most people having a sole source of income is

a way of life and this income usually comes in the form of a salary and

fortunately jobs aren't as secure as people perceive them to be

in fact in 2018 alone US businesses laid off more than 21 million people meaning

that if your job was the only way you made money then all of a sudden your

cash flow came to a halt when it comes to income sources you need to think of

yourself as a tree do trees grow fruit only from one branch the simple answer

is no they have different branches producing flowers and fruits and so

should you you should keep developing and learning new ways to let your income

work for you this is not only wise but a safe way to help you sleep at night

now obviously the solutions to each of these bad habits varies from person to

person someone might need to take up exercise to replace the mood boosting

properties of shopping while another should probably cut up that cash back

card to reduce temptation however as with all bad habits the first step is

recognizing that your behavior needs to change if you find yourself chronically

sabotaging your financial stability it's time to hit pause and take stock of

yourself knowing you're hurting your own chances for freedom might just be the

kick you need to finally get yourself out of the red thanks for watching if

you want to go from the life you have to the life you deserve then hit the

subscribe button

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