Is Pretty Obvious That It Will Keep You Poor Because It Is Actually Spending More Than You Make More Than Half Of Americans Spend More Money Than They Earn Which Is Super Scary So We Really Need To Break This Habit Because This One Will Definitely Keep You, Poor, If You Keep Spending Money 

What You Don't Actually Have And This Habit Basically Has A Lot To Do With Just Not Tracking Your Money Not Understanding How Much Is Actually Coming In And How Much Is Going Out So If You Can Actually Start To Track Your Money You'll Be Able To Break This Habit Pretty Quickly And The Way I Like To Track My Money Is Through Using A Free App It's Called Personal Capital When You Start Tracking Your Money You Can Actually See Oh I Only Have 

This Amount Coming In And Yet I Have All Of These Expenses All Of These Things That I'm Spending Money On And I'm Spending More Than I Actually Make So Once You Can Kind Of Get A Clear Picture On Your Money Situation It Gives You That Awareness Of The Problems With Your Finances So If You Are Not Into Setting Up A Spreadsheet And Writing Down Exactly 

How Much Is Coming In Each Month And How Much Is Going Out If That Kind Of Seems Daunting To You Or You Just Don't Want To Do It I Would Really Recommend Using A Free App To Do It And You Can Hook All Of Your Financial Institutions To It So You Can See All Of Your Credit Cards Or Your Checking Or Savings And 

You Can Get A Quick Overlook Of Your Entire Financial Picture By Just Logging Into The App And Letting It Update For About 30 Seconds Or So And You Can See Oh Okay Yeah I've Spent A Little More Than I Wanted To In This Area Maybe I Went Out To Eat Too Much This Month And You Can Check This Every Day To Make Sure Your Bills Are Getting Paid And Make Sure You're On Track To Spend Less Than You Actually Make And When You're Spending More Than You Make It Could Be Tied To One Of These Four Other Habits  



This One Is Not Having A Plan For Your Money As Soon As You Get It Or Even Better Before You Get It When You Start Planning Ahead With Your Money You Can Really Become Wealthier Instead Of Staying Poor Because There Won't Be As Much Of A Temptation To Spend It On Something 

What Really Isn't Important To You Or Just Something Frivolous Because You'll Already Know Where That Money Is Allocated To Do You Know How Much You'll Need To Spend On Rent And On Your Cell Phone Bill And You Can Have An Amount For Any Fun Things You Want To Do If You Want To Go To A Play When They Start Having Plays Again Or Going To A Movie And One Thing That I Really Like About Having A Plan For Your Money 

When You Get It Is That You Can Set Up Automatic Investments For Example, If You Haven't Already Set Up Your 401k With Your Work You Can Do That And Have A Certain Amount That Comes Out Each Month Automatically So You Aren't Even Thinking About It Which Gets Rid Of The Temptation Entirely Because You Don't Even See That Money You Can Also Set Up Auto Transfers To Transfer Money To Your Savings Account And 

Then You Can Save Up For An Emergency Fund Or A Trip That You Want To Take Whatever It Is That You Want To Plan Ahead For And Just To Give You An Example I Did A Presentation A While Ago And I Had Mentioned Setting Up These Automatic Transfers Ahead Of Time And A Girl In The Audience She Sent Me A Message After The Presentation And Said I Went Straight To The Bank And Set Up An Auto Transfer To My Savings Account 

Every Month And I Talked To Her A Little While Ago And She Had Said She's So Glad She Did That Because She Had All Of This Money In Her Savings Account That She Didn't Even Have To Think About She Didn't Have To Think About Transferring It Over Or Think Oh I Have So Much In My Checking Account I Can Spend More This Month And Not Even Know Really 

Where She Spent It But Since She Set Up That Auto Transfer She Has The Savings Account Now She Has This Emergency Fund Or This Fund That She Can Use To Take A Trip Whatever She Wants But Having A Plan For Your Money Before You Even Get It Really Makes A Huge Difference If You Are Going To Have A Plan For Your Money 



Which Is Not Saving Your Money Or Not Saving Enough Money As I'm Sure You've Seen In The World If It Hasn't Hit You Directly There Is A Need To Have An Emergency Fund There Is A Need To Save Some Of Our Money So That We Can Create A Buffer In Case Something Unexpected Comes Up Because If You Don't Have That Buffer 

Then You Will Definitely Stay Poor Because Unexpected Expenses Come Up All The Time And If We Don't Have Some Way To Pay For Those Expenses When They Happen We Are Going To Accumulate Debt And Continue To Stay Poor And Just To Share A Quick Example With You I Was Working With Someone 

Who Had A Whole Bunch Of Different Debts And We Organized Them All And Decided Which Ones To Pay Off First And We Were Working On This Payoff Plan But I Had Told Her I Think It's A Really Good Idea To Set Up Some Type Of Emergency Fund Some Type Of Buffer In Case Something Goes Wrong 

In Case Something Unexpected Happens And She Was Really Excited About Paying Off Her Debt Which Is Great But She Decided To Pay Off Her Debt And Something Unexpected Did Happen And She Didn't Have A Buffer And So Now She Has Another Debt That She Has To Pay Off So It's Very Unfortunate But If We Can Really Educate Ourselves And Become Better And Save Some Of Our Money For Emergencies 

Like This We Can Really Build Our Wealth Instead Of Staying Poor And Getting Into More And More Debt And I'm Actually Not One To Have A Huge Emergency Fund But I Have Access To Cash In Other Ways It Is Definitely A Personal Preference But Makes Sure That You Can Take Care Of Emergencies 



This One Is Not Investing Or Not Investing Enough And This Is The One That I Used To Struggle With The Most I Had Plenty Of Money In Savings I Had No Problem-Saving Money But I Wasn't A Big Investor And This Part Is Really Key To Becoming Wealthy Saving Your Money Is Great And We Want To Have That Emergency Fund But If We Can Invest Our Money We Are Going To Build Our Wealth So Much Faster And I Want To Share A Personal Example With You 

So I Had A Significant Amount Of Money Sitting In My Savings Account And I Eventually Decided I Needed To Invest That Money I Had A Good Friend That Was Doing Really Well With Real Estate And The Stock Market But I Asked Him A Lot Of Questions About Real Estate And Did Some Of My Own Research And Had Another Friend Who Was Actually A Boss Of Mine That Was Also Successful In Real Estate And I Thought Okay I Want To Buy A Rental Property 

I Already Had My Own Property But I Wanted Strictly A Rental Investment Property So I Ended Up Finding A Condo That Would Be A Great Rental And Ended Up Purchasing This For 121 And 450 And Since This Was Going To Be A Rental Property I Put At Least 20 Down On This House So My Cash Out Of Pocket Would Have Been Hundred 24 Ninety Dollars So I Took That Chunk Of Money Right Out Of My Savings Account And Put It Toward Purchasing This Property This Was 5 Years Ago 

In July Of 2015 So By Transferring This Money From My Savings Into An Investment Property I've Had To Make The Mortgage Payments And The Hoa Payments And Fix Up Anything That Needed To Be Repaired And Do Some Upgrades To The Condo But I Was Also Receiving A Monthly Rent Check So If We Subtract Out What I Still Owe On The Property And Subtract Out All Of These Expenses And Add-In The Income That I Have Received Over About Five Years If I Was To Sell The Property Today I Would Make A Profit Of 142 531 Dollars  

If We Want To Subtract Out That Original Investment Of 24 290 Then That Would Give Me A Dollar Profit Of 118 And 241 So Throughout Just Five Years I've Made A Return On My Investment Of About 387 Percent And I Do Realize Not All Investments Go Up So Much So Quickly And There Could Be More Things That Go Wrong With Properties And There Is Some Work Involved But I Just Want To Show You 

What Is Possible So Let's Compare That To Keeping That Amount In Our Savings Account That Twenty Four Thousand Two Hundred Ninety Dollars Let's Say We Earned A One Point Five Percent Interest Rate On This Amount Sitting In Our Savings Account Which Is Pretty Generous Because In 2015 The Average Savings Interest Rate Was Point Zero Six Percent And It's Gone Up To Point Zero Nine Percent As Of 2019 

But I'm Going To Assume You Were Smart With Your Money And Put That Money Into An Online Savings Account So You Were Earning A Little Bit More All Right At The End Of The Five Years If We Left That Money Alone In Our Savings Account Earning That 1.5 Interest We Would Have A Total Of One Hundred And Eighty-One Dollars That's Quite A Bit Of A Difference From Investing Our Money In A Property 

So If We Were To Subtract Out That Twenty Four Thousand Two Hundred And Ninety Dollars Of Our Original Amount In Savings We Would Have Made One Thousand Eight Hundred Dollar On This Amount Which Is About A 7.8 Return On Our Money So Hopefully You Can See 

The Drastic Difference Of Investing Our Money 387 Return Compared To A 7 Return Is A Huge Difference And I Get That It May Not Always Be That Much Of An Increase But Investing Your Money Will Make You Wealthier Than Just Saving Your Money I Can't Emphasize This Enough So Not Investing Will Keep You Poor And This Brings Us To Our Last 



This One Is Not Spending Based On Your Priorities Maybe You're Not Doing Any Of These Other Habits That Keep You Poor And You're Not Seeing Real Improvements And This Could Be Why Because You're Not Spending Your Money Consciously You're Not Spending Based On Your Priorities What's Important To You If You're Just Spending Your Money 

On Things That Aren't Really Bringing Fulfillment Into Your Life Then You'll Continue To Spend Money And To Share Another Personal Example I Brought My Lunch To Work 99 Of The Time And I Actually Did A Video On This So I Will Link To That Below In The Description You Can Check It Out If You Want To But That Was Just Something That Wasn't A Priority Of Mine  

I Had A Lot Of Co-workers That Would Go Out To Eat Every Day For Lunch But By Bringing My Own Lunch I Saved So Much Money That I Could Spend On Things That Were Important To Me I Took Vacations That I Loved So Much I Went To Italy I Went To Paris I Went To Israel The Caribbean All Over The Place Because That Was A Priority Of Mine I Wanted To Travel The World And Going Out To Lunch Was Not One Of My Priorities 

So I Didn't Spend Money On That And If You Continue To Spend Money On Things That Aren't Really Important To You Then It Will Keep You, Poor, Because You'll Try To Become Fulfilled By Just Spending Money And That Isn't Going To Work So You'll Continue To Spend And Spend And Spend And Spend But If You Really Sit Down And Take A Moment And Think Okay What Are My Priorities 

What Is Really Important To Me What Is It That I Want To Accomplish What Is It That I Want To See Or Who Do I Want To Spend My Time With Who Do I Want To Become What Do I Need To Do  That When We Ask Ourselves These Types Of Questions Then We Really Get To The Bottom Of Things And We Can See Okay Yeah I Don't Really Want To Spend My Money Here I Want To Spend It Over Here This Is Going To Bring Me Joy Or Bring Me A More Fulfilling Life Instead Of Just Trying To Keep Up With Our Neighbors Or Our Friends 

Who Have The Boats Who Have The Jet Skis Or Who Have The Huge House Or The Really Nice Cars If That's Not Something We Really Value Then We Shouldn't Be Spending Our Money There And If You're Thinking Tiffany Well I Don't Really Want To Be Paying Rent Like I Don't Like Spending My Money On That Or I Don't Really Want To Be Paying My Power Bill Then I Have An Answer For You So Start House Hacking Buy A Place Get Some Roommates And Have Them Pay The Mortgage? 

Plus Some And You Can Live Free Of Charge And If You're Thinking I Don't Want Roommates Well Is It A Priority Or Is It Not Maybe You Just Need To Move To A Smaller Place That Will Have Less Rent So You're Not Paying As Much In Rent It Honestly Comes Down To What You Really Want What Is Important To You And Then Start Aligning Your Actions With Your Priorities Especially In Regards To Money And If You Don't Want To Pay Your Power Bill I Honestly Haven't Paid My Power Bill For About Six Months Now Because I Found A Free Website Arcadia power  

https://www.arcadia.com/  CLICK HERE  

If You Refer 10 People Then You Get A Thousand Dollar Credit On Your Power Bill So There are Just Little Hacks That You Can Do That You Can Find To Stop Spending Money And Where You Don't Want To Be Spending Your Money And Maybe It's Just As Simple As Leaving Your Air Conditioner Set A Little Bit Higher And 

You Spend More Time In The Basement Where It's Cooler And Especially Now With What's Going On In The World It Is So Important That We Are Paying Attention To Our Money That We Are Spending On What Is Only Important To Us And Really Making A Conscious Effort To Become Better With Our Finances 

So That We Aren't Poor We Aren't Broke And We Can Actually, Build Our Wealth And Help Other People And Not Be A Burden To Anyone Else So If You Change This Habit And Start Spending Based On Your Priorities You Are Going To Become A Lot Wealthier And Have A Happier Life I Know When I Was Able To Do This I Purchased Another Property 

And I Eventually Paid Off My First Property There Are Huge Goals That I Had And I Made Them A Priority And Started Putting My Money Toward That Instead Of Spending So Much On Clothes And Just Little Things That Didn't Really Bring Me Joy So Hopefully You Can Start To Change These Five Habits

If You Have Any Of These Habits And Comment Below With The Change That You Are Going To Make Starting Today So That You Can Stop Being Poor And Start Building Your Wealth To Become Financially Free And If You Found.


I am an engineer by profession but being a blogger is my old day's dream to create my site for those who are more curious about my birthplace than I am coming from (India). the current city lives in Navi Mumbai, India

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