6 HABITS THAT WILL KEEP YOU POOR FOR LIFE
6 Habits that will keep you poor for life. You were born poor, but if you die poor, it is your fault. At least 8 out of 10 people will have done something that contributes to their future poverty by the time you finish reading this article. Only two out of ten will have done what is necessary to ensure future prosperity.
The question you must ask yourself today is, “Am I one of the lucky 2 or one of the unlucky 8?”
Here are six habits that could easily lead to a life of eternal poverty:
1. You prioritize linear income over passive income
The majority of people concentrate on linear income in the form of salary, allowances, and one-time payments. Wise men, on the other hand, concentrate on passive income from royalties, interest rates, value addition, and profit.
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Relying on linear revenue is like to fetching water from a river with buckets. You’ll get too old and tired to transfer them back and forth over time, which means you’ll have to starve for as long as you don’t go to the river.
Relying on passive revenue, on the other hand, is akin to constructing a pipeline. It may take a lot of work at first, but eventually you won’t have to walk to the river to obtain water – the river will come to you, and you won’t go hungry.
This is the most fundamental principle of wealth generation that most people (including you) are unaware of.
2. You’re still waiting to begin your successful journey
Everyone wants to succeed, but few are ready to brave the icy waters.
Do you see the issue here?
No marathon race has ever been won (or even finished) by someone who never left the starting line in history.
While you’re stuck claiming that you don’t have enough capital to get started, someone else is making the most of what little they do have.
While you’re moaning about the lack of business ideas, someone else is sharpening his innovative claws.
Someone else is busy thinking about how to launch a business that solves an issue in your society while you are busy moaning about it.
If you remain waiting at the starting line, poverty will soon find you to keep you company.
3. When you earn more money, you spend more money
Consistently increasing your consumption is a good method to build debt and remain in poverty.
To keep out of bad debt, you’ll need to either earn more or spend less. The first and best solution is to find ways to make more while maintaining your current expenditure.
As you are aware, this can only be accomplished by generating various streams of income, which requires much thought.
The second way is to simply reduce wasteful spending. The money saved by these budget changes could be utilized to fund future investment programs.
4. You moan instead of doing action
“Life is too expensive”; “It’s hopeless; I’ll never get out of debt”; “I don’t earn enough money.”
Have you ever said any of these things before, or even all of them?
Old habits die hard; but, if you do nothing to alter, you and your children will have a direct ticket to poverty.
Stop whining and making pathetic excuses. Instead, accept responsibility for your bad habits and commit to altering them – then do it!
5. You live for today, hoping that tomorrow will care about your problems
In the 1950s, a Harvard University scientist investigated the causes of upward socioeconomic mobility. He was curious as to why some generations became wealthier while others become poorer.
All of his study led him to a single component that he concluded was more accurate than anything else in forecasting success, which he dubbed “The Time Perspective.”
When you make a decision today, your time perspective is basically how far into the future you project.
A good family man may purchase land or insurance for their child even though he or she will not need it for the next eighteen years as an illustration of a long-term perspective.
This is a long-term strategy that entails making short-term sacrifices to ensure superior long-term benefits.
The majority of individuals remain impoverished because their “time perspective” is focused on short-term goals such as meeting basic lifestyle necessities, purchasing luxury items, paying rent, and so on.Are you among them?
6. You simply don’t get it!
The issue is that you keep learning but don’t understand it. You’ve had an education, but you’ve never internalized what your teachers taught you.
You have knowledge, but you don’t want to spend too much time figuring out how to apply it.
You’ve been stuck at the starting line your entire life because you don’t want to start small and expand gradually from there.
You’re still locked in the lottery mindset, thinking that one day you’ll wake up and it’ll all be over. find “the newest, incredibly simple way to accumulate wealth”
