Habits That Will Keep You Poor for the Rest of Your Life
You were born poor, but if you die poor, you are responsible for your situation. Before you finish reading this essay, at least eight out of ten people will have done something to increase their future poverty. Only two out of ten people will have done everything necessary to ensure their future prosperity. The question you should ask yourself today is, “Am I among the lucky two or the unlucky eight?”
Here are six habits that might easily lead you to a life of eternal poverty.
- You focus on linear income rather than passive income.
Most people concentrate on linear income in the form of salaries, allowances, and one-time payments. Wise men, on the other hand, focus on passive income.
Relying on linear revenue is analogous to using buckets to get water from a river. You’ll get too old and tired to transfer them to and from the river, so you’ll have to hunger for as long as you don’t travel there.
Relying on passive revenue, on the other hand, is analogous to creating a pipeline. It may take some effort at first, but over time, you will no longer need to go to the river for water; the river will come to you, and you will not go hungry.
This is the most basic principle of wealth generation that most people (including you) are unaware of.
- You are still waiting to begin your journey of success.
Everyone wants to succeed, but few are ready to brave the icy seas. Do you spot an issue here? In the history of the world, no marathon has ever been won (or even completed) by someone who never left the starting line.
While you’re stuck stating you don’t have enough money to get started, someone else is making the most of what they do have. While you are lamenting the lack of business ideas, someone else is sharpening his invention claws.
When you’re busy moaning about a societal problem, someone else is thinking about how to create a business to solve it.
3. When you earn more you spend more
Constantly increasing your spending is an excellent method to build debt and stay in poverty. To stay out of debt, you must either increase your income or reduce your spending. The first and best approach is to identify ways to make more while keeping your expenses constant.
As you are aware, this can only be accomplished by diversifying your sources of income, which requires a great deal of thought. The second way is to simply reduce unneeded spending. The savings from these budget changes could be utilized to fund future investment programs.
- You grumble rather than commit.
“Life is too expensive”. “It’s hopeless; I’ll never get out of debt” ; “I don’t earn enough money.” Have you ever made any of these remarks, or possibly all of them? Old habits die hard; but, if you do nothing to alter, you and your children will be destined for poverty.
Stop moaning and making pathetic excuses. Instead, accept responsibility for your unproductive habits and commit to altering them – then do it!
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Habits That Will Keep You Poor for the Rest of Your Life