There’s no special magic to wealth creation and those that have it are not born with a Halo circling their head. The rich individuals we see today that you hope or wish to be like started by doing some of the simplest yet most difficult things anyone can do depending on how you look at it. Simple in the sense that they seem rather sensible and easy to learn by heart, and difficult because it takes a lot of discipline, dedication and patience to reap the sweet fruit called success and wealth.
In this article, I will tell you some things that makes people rich over time that you might want to do and why obeying them will help you escape poverty.
1. Buying things you don’t need.
It is very common for people to do what we call binge shopping. What that means is that people sometimes buy things not because they need them but because they have money. One of the most devastating effects of this kind of behavior- apart from the toll it has on your finances, is that the more you buy, the more you would want to have. The circle continues which might make you end up in penury.
You can’t necessarily have everything at the same time, so the best thing to do is for you to adequately plan your wants on a budget and buy them little by little. Remember that your wealth is not how much you can afford to buy, but how much money you have.
2. Living without a budget.
Similar to the above point, it is important for you to live your expenses on a budget. In economics, there’s what people refer to as “scale of preference”. What this simply means is the ability to arrange your wants or needs in other of importance. Would you rather buy an expensive phone when you can hardly afford food?
Think about it.
3. Bad saving habit.
I’ve come across people who would say, “enjoy your life today and forget tomorrow”. In as much as this is true to some extent, as in it is pretty much true to enjoy every day as it comes by, but that doesn’t mean you have to pretend that there’s no tommorow. Tomorrow will always come. Therefore, it is important for you to save money for the future as it can be of great help for you.
Don’t spend all your money if you believe there’s a tomorrow to worry about.
4. Living way beyond your means.
No matter people’s age or status in life, every one has some form of insecurity. This insecurity makes us judge ourselves very harshly as we take our worth by how others see us. A very famous man once said ” It is funny how people spend so much money on things that they don’t need to impress people they don’t like”. That is a very powerful quote that reflects on how people nowadays are trying very hard to impress others by living way beyond their means and usually into debt. If you use all your money to buy designer clothes or bags and expensive gadgets to look rich, people will assume you’re actually rich and can never be broke. When you actually become broke, there’s a high chance that nobody would want to help you.
5. Having a single source of income.
Your wealth is actually the accumulation of all your money generated from several sources. You can’t be rich by having a single source of income that might fail disappoint at any moment. Whatever work you think you’re doing or whatever amount you’re earning is not always guaranteed since you might lose your job due to reasons you might not even expect it understand. Always try to use part of your earning in profitable businesses.
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