You might think that financial security is not in the cards for you. Just when you think you’re getting ahead, some unexpected charge, fee or event sets you back. Well, according to some financial authorities, certain habits, if adopted, just might keep a bit more of your hard earned money with you where it belongs.
Don’t spend more than you have
One of the reasons why rich people have money is because when they didn’t have money, they didn’t spend money. Wherever possible, avoid credit card debt (the fees are huge) and lower your spending on essentials like rent, food and transportation. Since these are recurring costs, any way you can lower them, even by a little, gives you money to use elsewhere.
Don’t impulse buy
You work hard so you can have stuff, right? Merchants know this so they dangle temptations in front of you all the time. Steak restaurants blow the smell of their grill far and wide, shiny trinkets dangle in store windows, and the checkout aisle is littered with things that make you say, “Oh, why not?”
Control those impulses. Those are not the things that satisfy us; they just suck up our valuable money.
Do spend your time wisely
You could be like the average American television viewer who consumes just over four hours of television every day or you could be like the average wealthy American who watches less than an hour a day. Financially healthy people spend more time developing their money making/retaining skills or grinding away at their businesses.
Do respect your money
“Money makes the world go around.” People with money respect money because they know the power it gives. Many of us know what it is like to not have any. Every time it is spent or saved it impacts your own financial independence. Respect money because of what it can do for you and your loved ones. Having it means having options.
Don’t rely on luck
There is an invisible force that seems to direct victory and failure called “luck.” If you’ve had a setback, don’t assume you now have “bad luck” and give up. Likewise, you shouldn’t rely on a run of “good luck” and make reckless decisions. Financial success comes from skill and discipline.
Do have a goal
Wealthy people are always pursuing a dream. To succeed, they focus their efforts on accomplishing that dream. It motivates them and provides a course to keep to. But having a dream is much bigger than providing discipline; it is something that makes you happy and gives you something to strive for. Without that dream, what are you working towards? Why are you grinding away at your job? Find your dream and chase it!
