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There are 7 Things Keeping You Poor and if you keep watching, I’m going to show you how to change your life for the better.

A big part of building wealth is not whether you should create an online business or invest in stocks, but rather if your mind is ready for wealth.

Your mindset affects your habits, and there may be habits keeping you broke if you have the wrong thinking.

Your ability to enjoy the world is limited when you have a low salary or you’re up to your eyeballs in debt.

But, certain habits can lead you to wealth or keep you broke.

There are plenty of people out there who make enough money but just don’t practice good financial habits.

Habits are all about things that you do unconsciously, without knowing that you’re doing them

You might think consciously about saving enough for retirement and building wealth, but it’s usually the unconscious habits that carry you through each day.

Poor Money Habit #1 is that you don’t have a budget or keep it up to date, so you’re not aware of your bad spending habits.

If you don’t have a budget, how do you know how much money you’re earning, spending, and saving?

Without a budget, it is tough to accomplish your financial goals.

A budget is all about knowing where your money goes so that you can set spending targets and hopefully save some money.

Just knowing how much you’re spending can help you spend less because you become more conscious about it.

And, you have to update your budget and make changes as you progress.

Suppose you didn’t grow up in an environment where good financial habits were taught.

In that case, a budget is the first step to becoming financially aware.

Poor Money Habit #2 is that you spend too much money on stuff you don’t need.

Do you often spend money eating out but very little buying groceries?

This bad habit keeps you broke and goes hand-in-hand with lacking a budget.

While you can’t change how much you earn in the near term, you can definitely change how much you spend.

Especially on non-essential things, like eating out, entertainment, and other expenses that are more wants than needs.

It’s a lot easier to spend more money when you don’t know how much you’ve already spent.

Once you know where you spend too much money, you can be hyper-focused on those areas when you’re making purchases.

Have you ever bought something that you never end up using?

We’ve all made purchases that we later thought to ourselves, “why the hell did I buy that?”

These types of purchases can really hurt in the long term because it may not feel like a big deal at the moment.

That item may have been only $20, but you ended up putting it in the closet.

No big deal, it’s only $20, you say to yourself.

But, if you would have invested that $20 instead, you could have doubled it in 10 years.

That might not seem like much, but if you start to add up all of the unnecessary purchases plus investment returns, it can become a considerable amount.

Poor Money Habit #3 is that you hold on to stuff giving you a false sense of wealth.

Have you ever been to someone’s house, and it’s packed full of stuff?

Or, maybe you’re the one with a bunch of stuff in your house.

When people buy a lot of stuff that they keep in their house, it can create a sense of being wealthy.

Someone might have two cars, a garage full of tools, a boat, skis, snowboards, bicycles, decorations all around the house.

If you’re doing this, you may feel more wealthy than you really are.

You give yourself the illusion that you’ve bought all this stuff, so you must be okay financially.

Holding onto stuff that you don’t use is one habit keeping you broke if you feel like all of that stuff means you’re wealthy.

Only the money you have inside investments and income-producing assets is an indication of wealth.

Poor Money Habit #4 is that you buy cheap stuff that breaks, and then you buy quality later.

Have you ever bought something only for it to break and then you buy the high-quality version later?

Many of us have done this many times in the past.

Instead of paying more for the high-quality version, we buy the cheap version.

But then it breaks, and then you have to buy the high-quality version anyway.

An easy example is sunglasses.

You buy a cheap pair, and you accidentally drop them, instantly breaking them.

Then you buy a high-quality pair later.

What if you just bought one nice pair and they outlast all of your cheap pairs?

In the long run, you’ll be better off purchasing quality items.

You’re also more likely to take care of more expensive items.

Who cares what happens to those $10 sunglasses, but if you paid $150 for a pair, you would treat them like gold.

When you buy cheap, you may end up spending more money in the long run.

Poor Money Habit #5 is that you don’t have long-term goals, so you never invest your extra money.

This is probably more common among people under 30.

Either you don’t have goals at all, or your goals about the future are very vague.

If you don’t have goals, you’re likely to be more carefree with your money.

With no goals, you have no reason to spend less or save more.

You want to retire one day and live a life with plenty of money.

You want to pay off your debts, so you can start investing your extra capital.

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What do you need to do to pay off your debts?

Goals are not hopes and dreams.

Goals are about setting specific targets to achieve something of value.

Whether you have no goals or vague goals, you’re more likely to spend your money in the short term.

When you have specific, targeted goals, it’s a lot easier to tell yourself, I’m not going to buy that because I need to put this money towards my debts so that I can buy a house in 5 years.

Specific goals give you a reason to consciously choose how you spend your money.

Poor Money Habit #6 is that you don’t pay off your credit card balances each month.

Keeping a credit card balance and paying interest is one of the worst habits keeping you broke.

The high-interest rates on credit cards can significantly damage your finances.

This causes you to spend extra money on interest each month.

You could be investing that extra money to get higher returns, but you’re giving your extra cash away to the banks.

You should pay off your credit card balance each month.

If you don’t have enough cash to buy the item with a debit card, then you should not buy the item at all.

Some people just don’t realize that they’re wasting money because they think they only need to make the minimum payment.

Or, they don’t realize how much extra money they’re spending on interest.

A lot of people struggle to pay off their credit card balance each month.

If you are struggling to pay off your balance each month, that is an indication that you are spending more than you earn.

Either get a better-paying job or check the description of this video to learn more about the money-making system that I recommend.

Cutting back on spending may require that you spend only on essential things until the card is paid off.

If you cut back on spending, this will save you money because you won’t be paying interest anymore.

You might be wondering if there is good debt and bad debt?

What debt should you pay off or pay down first?

Good debt is when you buy something that grows in value, like a house.

Bad debt is when you buy something that loses value the day you take it home, like a car, a pair of shoes, or a watch.

Poor Money Habit #7 is that you lack confidence discussing money, so you don’t have a financial plan.

While you may think a financial plan and a budget are the same, they are different.

Not having a financial plan might be one habit keeping you broke.

A budget is focused more on the next month or quarter, while a financial plan is focused on the next 3-5 years.

Your financial plan (or 3-5 year roadmap) should be a strategy for how you’re going to achieve your financial goals.

It should explain how your investments are expected to grow over time and how you plan to build your wealth.

Will you start an online business like affiliate marketing, build a Shopify store, or blog?

Maybe you plan to day trade stocks or commodities online to build your wealth.

You might not feel confident talking about money and finances.

This bad habit will keep you poor because it’s a negative mindset.

Most of us did not grow up in an environment where financial literacy was necessary.

You probably learned about biology, history, math, and writing.

But, compounding interest or debt amortization were not covered in most of your classes.

This has created a lack of confidence in talking about money and finances.

How are you going to achieve your financial goals when you’re afraid of money?

Once you learn the basics about money and that most of it are about how you spend and save, you gain some confidence.

That confidence is the key to reaching the financial goals that you desire.

Poor Money Habit #8 is that you don’t invest in your education to learn how to become wealthy, and you think money is evil.

One common habit keeping you poor is negative thinking about education to become wealthy.

This is one of the most common reasons why people stay broke.

If you refuse to spend money on training, you are destined to be broke forever.

When you invest in training, you are buying a shortcut to success.

You might also think that money is evil and only bad people are rich.

But, money is really just a tool for exchanging goods and a store of value.

You cannot think that money is bad, but then you also want money.

Money is a great way to keep score.

The more money you have, the more value you must be adding to the world around you.

Money is attracted to solving big problems.

When you create or sell a product or service that solves a big problem, your reward is money.

The bigger the problem that you can solve, the larger your wealth grows.

There are plenty of potentially harmful habits keeping you broke.

The goal is to be aware of them and try and to avoid them so that you can build wealth.

Once you build the wealth you want, life gets easier because now you have more options.

You can move your family into a safer neighborhood, buy a more reliable car, and take vacations outside the country.

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Oscar DeLa Cruz
Oscar DeLa Cruz

Life Bliss Journal offers research & polling data on life transformational programs. We cover wealth and motivational topics to help our readers be the best version of themselves.