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5 Habits That Keep You Poor Even When You're Earning Income

Poverty is a disease that has eaten so deep into the lives of so many people. People no longer have desire to work hard to be successful, what is even more sad is the fact that they keep on engaging in some habits that keep them from making money. While some people are very much aware of these dangerous habits, some others still imbibe them probably because it feels cool to them.

Here are five habits that will keep you poor even when you have a stable source of income:

Spending more as your money increases

It is usually expected that you spend more when your salary increases. Unfortunately, it only becomes a problem when you're spending your money on irrelevant things like overpriced designers clothing, shoes, bags, phones and expensive vacation spots. As your income increases, you are expected to either invest it or look for other means of making more money.

Focusing on the present instead of the future

You must understand that the decisions you make now have great impact on what you'll experience in future. In order to have a bright and secure future, you must start now by saving up and making good business decisions.

Not keeping a record of your money

There are times where you probably look at your account balance and begin to wonder where all your money went to. You have this constant question mark because you're not keeping record of your money, you just spend recklessly without thinking things through. If you want to break the yoke of poverty, you might need to start keeping record of your money in whatever way you can. Buy a journal, document all your spendings, and keep receipts of previous transactions.

Lack of budgeting and/or poor budgeting

Even when you start keeping record of your transactions, if you do not have a budget, you're only going to end up spending much more. You must learn to create and stick by the budget you've created. This only maximizes discipline and money-saving capabilities. You must also learn to differentiate your wants from your needs.

Content created and supplied by: TheLifeOverdrive (via Opera News )


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