9 'Normal' Money Habits Keeping You Poor

When I was growing up, the limit of my financial education was my parents telling me “To buy only things I can afford in cash”. Looking back, this was a huge life lesson and it has probably shaped my relationship with money to this day. I always had the voice of my dad in the back of my head guiding me on any significant purchase. And even in business, we rarely took on debt. If we couldn’t afford something, we just didn’t buy it, until we could actually afford it.

But most people don’t think like that. The reality of life today is that we have access to nearly unlimited sums of credit and if we want something now, we can generally buy it at a moment’s notice and with little friction. And that’s regardless of whether or not we can actually afford it. This is normal, not because it’s right, but because everyone else is doing it.

Money habits like this are stopping people from getting out of debt or building true wealth. And that’s the purpose of today’s video. In my view, there are 9 “normal” money habits keeping you poor. Most people are making these mistakes without even realising it and today I‘m shining a light on each of these to help you tackle them head-on. If you recognise yourself in any of these scenarios, good. That’s the sign to take action.

Timestamps
00:00 Introduction
01:29 Keeping up with the Joneses
03:55 Not managing your budget
05:49 Having only 1 source of income
06:49 Not understanding taxes
07:57 Being cheap
09:18 Not talking about your finances
10:30 Going into debt unnecessarily
11:39 Paying yourself last
12:20 Buying things NOW!
13:06 Want more like this?

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Disclaimer: Any information provided in this video is meant purely for entertainment purposes and does not constitute any form of recommendation, They are simply my opinions. If you want financial advice tailored to your circumstances please consult with a qualified professional.

#moneyhabits #keepingyoupoor

[sambowman]

All excellent points. For some reason my wife and I never had the "lifestyle inflation" that is common when income increases during a career. We just saved more as our income increased. Fortunately this was just our nature and did not require any financial discipline, but because of this happy circumstance we can both retire early (in 63 days)!