5 Financial Habits That Will Keep You Poor All Your Life

By Michelle Wanjiku

“If you are born poor, it’s not your mistake. But if you die poor, it’s your mistake.” – Bill Gates

Financial success is not limited to those who are born in well-of families. This is clear when you look at all the financially successful people who were born in poverty such as, Chris Kirubi, Jalang’o, Churchill and many more.

This means that you are the only person who can determine whether you become financially stable or not depending on the financial habits you have.

Habits that will keep you poor for the rest of your life

1. You don’t think about passive income

What is the one thing most of these wealthy people have?

You will find that most financially successful people have set up ways they can be earning passive income. For example, they have invested in stocks and bonds; have built rental houses among other things.

They don’t just rely on their salary or allowances. If you want to become financially stable, then this is a principal you need to adopt as well.

A time will come when you won’t be able to work anymore, if you don’t have passive sources of income then you will end up struggling.

2. You keep waiting for the right moment

There is never really a right time for you to start working on improving your finances. So many people are held back because they are waiting for the right time to start the journey to financial success.

As you are waiting for the right time or the right amount of money, there is someone else who is making the most of what they have.

3. You spend what you earn

Just because your income has increased doesn’t mean your expenses should as well. Most people make the mistake of adding expenses whenever they earn more money.

You don’t have to move into a bigger house just because you got a raise, when you are still living alone.

If you want to become wealthy then you need to learn to live below your means. This is something truly wealthy people understand.

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4. You are always complaining

Complaining about your situation does nothing but ruin your mood and kill your motivation to do better.

Instead of spending all that time complaining about your financial situation, you can try coming up with ideas on how you can improve your financial situation.

5. You don’t have any long term financial goals

There is nothing wrong with wanting to buy a nice car but it should not be the only thing on your mind. If you want to become rich then you need to think about your tomorrow. You need to understand that the financial decisions you make now have an impact on your finances 10 years from now.

So you should not live with the mentality of now and spend all your money on things that will benefit you  but instead start making decisions that will have a positive impact on your future.

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In Conclusion,

The only thing keeping you from financial success is you. You need to ensure that you let go of these bad habits that are just going to keep you poor.

You will only be able to build a good financial future if you make smart financial decisions now.

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