Revealed: 10 Bad Habits That Keep You Poor (Part 1)
There are good and bad financial habits. Here are the first ten bad habits that keep you poor.
(Habits make or break your success. Some habits will keep you poor, in the middle class, or help you to become rich. These are ten habits that keep you poor.
Gambling
Gambling has grown in popularity. There are now a variety of gambling options that people can choose from. People can gamble on sports. People can play blackjack. People can play slots. There are lotto tickets.
According to Statista, the most popular types of gambling are:
Playing lottery games.
Betting in a casino.
Online slots.
Playing casino card and table games online.
Hoping to get lucky from a lucky draw.
I heard about an old high school friend addicted to playing slots. He would go to the local casinos to play the penny slots. It may not seem like much money is being spent, but the pennies quickly add up. Before someone knows it, they have spent hundreds or thousands of dollars gambling.
Purchasing Luxury Brands
There is no reason to purchase luxury brands or goods. The only reason to buy a more expensive brand is if you think it will last longer. Otherwise, you are just trying to look and act rich. When in reality, you may be middle class or poor.
There is nothing wrong with wearing store-brand clothes. Costco has good quality clothes for cheap. Only if you can afford to buy a brand with a reputation for lasting a long time may it be worth the purchase.
That is a vital distinction between being cheap and being frugal. The frugal purchase may cost more upfront but will last many years than the inferior product. There is no reason to try to impress anyone.
The chances that you will still be friends with the people you currently hang out with later in life are very low. There is no reason to impress people when you go out, especially if you cannot afford the brands and lifestyle. There is nothing wrong with living a simple life.
Buying A House (Too Soon)
Purchasing a house, when done correctly, can make it an asset. However, if done too soon and if you pay more than you can afford with a mortgage, it becomes another form of debt. A mortgage is a debt.
In the age of McMansions, there is nothing wrong with a small house or condo. Only buy as much square footage as you can afford. There is no reason to buy a large house. It may be more than you need.
3 Philosophies About Purchasing A House
There are different money philosophies when it comes to purchasing a house. Here are three.
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