It is possible that a position with a highly paid salary, an inheritance, being the owner of a large company, or even the lottery; allow you to place yourself within that small and privileged group of millionaires. But avoid the habits that impoverishwill also do it.
It is not luck that has placed some of these individuals in these positions; it’s your financial habits that really make the difference between a life of prosperity or constant financial stress.
Becoming a millionaire is a long term game. However, it is not impossible and it is completely in your control.
So you better start acting like one now. Patience, positive mindset and good habits are necessary to achieve this.
Also read: Why having more patience will make you more successful.
If you want to control your money and make it multiply, find below 6 impoverishing habits that you must eliminate; if you want to accumulate wealth quickly.
6 habits that impoverish more every day.
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Not tracking your spending.
Everyday purchases and unexpected expenses continually add to your bills.
Don’t think that trying to hold these numbers in your mind works. You need to keep an exact record of all the money leaks you have. Absolutely anything that makes money come out of your pocketmust be accounted for.
Especially if you are one of those people who spends money excessively or you are a compulsive shopper. You need to start analyzing your spending habits actively. You will find unnecessary expenses that you can eliminate to save and invest in the future.
Learn how to avoid having debts with the magic number technique.
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Consume coffee, snacks, cigarettes and lunch every day.
Money is irresistibly easy to spend; especially in small things. Those consumptions that seem insignificant add up continuously; and when you start keeping your records you will realize all the money you are wasting. It’s money that could go directly to your savings goals.
For example. Smoking is a bad habit for your health and for your pocket; so think better before buying the next pack. Going out for a coffee is not bad; but do not make it a habit, it is not necessary.
Also read: 3 eating habits to increase your productivity.
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Always make the minimum payment on your credit cards.
Fortunately, banks give the opportunity to make a minimum payment on credit cards; in case your budget is a little tight and you can’t pay the monthly balance.
In this way you can show your bank a consistent and punctual record of payments.
However, doing this unnecessarily will cost you a fortune. Well, the interests of this payment method increase considerably.
You can avoid it by paying more than necessary and making this a habit. This way you will save money that you would spend unnecessarily on interest.
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Make payments outside the due date.
Paying outside the dates repeatedly will stain your credit history; affecting the possibility of applying for loans in the future. If you don’t have automatic debits, you need to create a system that reminds you of the exact payment dates; so that it becomes a routine.
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Live without a savings goal.
If you do not have a savings goal, you will end up spending without measure and possibly be in trouble at the end of the month. Determine a percentage of your income that will go directly to your savings column. Save 10% (or more if you can) and use it for investment.
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Spend everything you earn.
The number one rule in financial matters is simple and clear: “Spend less than you earn.” However, many people struggle daily with their bad habits and live submerged in eternal debts that they try to cover to get into others.
If you get extra money like bonuses or commissions, use the money wisely. Don’t see this as an opportunity to buy for the sake of buying; Since most of the time you buy things you don’t need.
Conclusion.
As you can see, the 6 habits that impoverish have direct solutions. Solutions you can implement. It is clear, if you have many debts, it is difficult for you to allocate money for investment; but little by little, as you improve your habits, your finances will improve. Many successes!
If you liked this information, we recommend you click here. There are 11 tips on financial education from Dave Ramsey, considered a money guru.
And remember, if you are really interested in creating your own business, you can read our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
