5 TERRIBLE HABITS THAT WILL MAKE YOU POOR
Being poor can be a very cold and dark place where one can feel completely desolate and void of hope. To the poor, finding the road to financial liberty can seem like an unknown strange world full of mystery, barriers, mountains and impossibilities. But is this really the case? Stay with me while I share with you some of the toxic habits that follow poor people have that prevents them from achieving financial freedom.
The first toxic habit responsible for keeping the poor surrounded and bound by the chains of poverty is probably the worst of them all.
- Talking bad about money
How many times have you heard someone say money is the root of all evil.
This is a verse in the bible that is often misinterpreted. The poor often wonder why is it that they fail to get ahead in life and often lay blame on others for their predicament. The truth is that most people who are poor actually speak poverty into their own lives by talking bad about the one thing that can get them out of poverty. They often are indoctrinated by other people’s interpretation of the bible which is fed to them. These people have not taken the time to read and understand for themselves what they are being fed. This passage in the bible actually says “the love of money is the root of all kinds of evil.” The quote is taken from a letter written by Apostle Paul to Timothy. Paul, a mentor to Timothy at the time was preparing him to become an Evangelist and was essentially advising him to try to stay clear of the riches and worldly things which could easily distract him for his calling as an Evangelist. Jesus himself said in the bible that we must bring to Caesar what belongs to Caesar. This basically means that we must pay our taxes to the government. Now if money was so evil, why would Jesus ask you to use it to pay taxes? Now the same bible also says that we must feed the hungry, cloth the naked and provide shelter to the poor. How can you be expected to do those things without money. Not only is talking bad about money a terrible thing, talking negatively about the rich is equally as bad. Now I understand that some rich people are arrogant and act stupid, but that doesn’t mean that all rich people are idiots and arrogant. We live in a culture that demonize the rich and seem to think that rich people are inherently just out to suck your blood. Instead of hating the rich, why don’t you join them? Try to find out how it is they went about achieving their wealth, learn it and do it. There is enough wealth on earth for everyone to share in it. Pursue a life of financial freedom, embrace it, stop talking bad about it and this lifestyle will become yours.
- Poverty Thinking
Human beings are the only ones in the animal kingdom with the ability of having the conscious and subconscious mind. And with that ability we are all able to create everything we have or ever hope to have, both tangible and intangible. By using our minds, we choose what we wear, where we live, what we consume, who we associate with and in general the lifestyle we live. Everything that exists in our lives was first conceptualized in our minds. If you can think and believe in something without wavering, be laser focused and specific in detailing exactly what you want, then the universe will grant it to you. Many poor people remain poor because of poverty thinking. Poverty thinking is when one can only see himself in a reality as being poor. He says things like, this is too expensive, I am poor, I can never afford or I will never be able to afford that. Your reality is first created in your mind, the spiritual realm before it is constructed in the natural realm. Your thoughts and what you think about anything in your life are seeds that are planted in the mind. These seeds eventually germinate and grow to bear fruit as you continue to water them-be it with negative or positive habits. If you think negatively about circumstances in your life, you’re planting a negative seed that will grow to bear negative fruit. The true reality is what you create in your mind. Think of situation where 2 women walking down the street are robbed by bandits of all their money and personal effects. The one woman walks away feeling grateful that her life was spared during the ordeal, while the other goes home fuming and remains angry for many days later, hoping to get another crack at these men and shoot them all dead. These 2 women had different ways of mentally created their own realities, which resulted in different individual emotional experiences for each of them, or even life changing experiences. Remember you are what you think, so think positively about what you want, be very specific about it, stay focused and unwavering in your commitment to achieving it and it will be yours.
- Having no investments
One of the main reasons why wealthy people continue to increase their wealth is because they have developed a habit of investing. Not only do wealthy people understand the benefits of investing their money, they pay very close attention to investing in residual passive income generating assets. On the other hand, the poor live their lives having no investments because they are too risk averse, afraid of losing the little that they have. The irony is that many poor people spend the bulk of their money on liabilities such as cars, brand name apparel and jewelry, which does not generate any income, but fails to see the benefits of investing in residual passive income generating assets that will help to elevate them out of poverty. Remember, investing in multiple residual passive income generating assets is the number one secret power tool that the wealthy use to keep them in the top 1% which holds all the power and control in their hands. You only have 24 hours in a day and it’s impossible for one to continue to work 24 hours a day without sleep. Thus you only have a limited number of hours to work to earn money. Money never sleeps, so let money begin to work for you and see yourself on the road to being wealthy.
- Lack of money management skills
It is one of the scariest things in the world to not know how to management your money. Many lives have been ruined, dreams vanish into thin air, home structures disintegrate and people even lose their lives through suicide because of a lack of money management skills. Not knowing how to manage your money is a life sentence into the harsh cold prison of poverty. People with poor money management skills only see money as a spending tool to be used for the sole purpose of buying what they need and paying bills. They never see money as a tool that should be put to work on their behalf to get them to a life of financial freedom. Good money management skills teach budgeting and how to develop proper saving, spending and investing habits. The 50 30 20 rule is a great way to begin to develop money management skills. This rule states that out of your after tax earnings, you should utilize no more than 50% on needs – these are things like groceries, mortgage and health insurance payments, 20% on savings and investments, and the remaining 30% on wants – this would include things like dinner, movies and vacations. In your financial planning, remember to set aside money for charity as well. It is a good thing to give back. Giving back means you’re actually contributing to society and it always engenders a feeling of worthiness when you do. We’ve mentioned this earlier, but it is worth repeating that part of your investment allocation must be put into passive residual investment opportunities.
- Lack of positive habit formation
Anyone who has ever been successful at anything would tell you that the key ingredient was discipline and consistency. Discipline requires that one form good positive habits until that habit becomes like second nature to him. A few positive habits include rising early to begin your day, prioritizing self -improvement through education, living within your means by carefully watching your spending habits, being a disciplined saver and investor, and remaining consistent in spite of failure. Wealthy people understand the absolute need for discipline and consistency in achieving their goals. Great entrepreneurs like Henry Ford and Walt Disney understood that very well throughout their journey to success. Walt Disney failed over 100 times and went through multiple bankruptcies but remained consistent and disciplined because he had formed good positive habits. Henry Ford failed several times while trying to launch a successful car as new car manufacturer. Ford remained consistent until he had his first breakthrough car, the Model T. It took Ford 12 long years of failure and consistency before he could have his first success.
Observe those simple rules and you’ll be able to buy yourself a release ticket out of the prison of poverty and into financial liberty.
