Nobody loves poverty because our society honours the rich while it despises the poor. Besides, if you are poor, you won’t be able to meet your personal needs.
Hence, the need for you to avoid certain habits that leads to poverty.
Unfortunately, many poor people are not aware of them. Both the rich and the poor need to read this piece.
Because it will enable the rich to sustain their wealth while it will enable the poor to come out of poverty.
Below are four habits to avoid if you dont want to end up poor:
1.Of Liability
Unfortunately, poor people are fond of purchasing liabilities and not asset.
What are liability and asset? Liability is what takes money out of your pocket. While an asset is that thing that gives you more income.
An asset generates more income while liability decreases that income. For an unemployment graduate, your car may be a liability to you. While the same car may be an asset to a driver.
Those things you possess that are making you spend money without receiving any income are the liabilities that you have.
Therefore, invest in assets. Stop buying things to impress people. If you buy things to impress people, you will remain poor.
When you purchase items based on necessity and the ability of that thing to generate income, then you are ready to be free from poverty.
Stop acquiring liabilities, rather, start buying assets. Land is an example of an asset.
2. Buying
Buying goods and services impulsively will make you end up buying things you do not really need.
Refuse to be captivated by the outward appearance of products. Refuse to be captivated by catchy advertisements that you see every day.
Be determined to buy products that you really need. Whenever you want to buy anything. Ask yourself these salient questions?
• Will I survive without this product?
• Is this thing/product important to me?
• Do I have other alternatives if I don’t buy this thing?
In other words, if that product is important to you and you cannot possibly survive without it. Also, if you don’t have other alternatives. Make sure you buy it. Do not be quick to pick up products and pay for them. Make sure you need them before you buy them. You may need something and not want it.
3.Living An Extravagant Lifestyle
There are people who earn a meager salary or wages. Yet, they live above their ability and power financially.
My friend, if you have not reached the level to buy a wristwatch of N20,000. Why must you buy it when you know that your salary is just #30,000?
The main reason why some people are wallowing in poverty right now is because of their insatiable craving for an extravagant lifestyle.
Learn to live within your financial status. Must you buy every expensive product that wealthy people buy? Learn to accept where you are now in order for you to move forward.
You will be rich if you can try as much as possible to lower your craving for an extravagant lifestyle. Be honest with yourself. If you have not reached that level, don’t fake it. Be yourself!
4. Inability To Save
No matter how meagre your salary or allowance is, you must be able to save some money.Ability to save shows your level of discipline. Honestly, once you get some money. Your ego will push you until you exhaust everything. But as someone who really wants to be free from poverty.
Be ready to save some money for the future. At times, your savings may rescue you from miscellaneous expenses.
Start saving today. Who knows? Someone might want to sell something that you need to buy. What if you don’t have money at that time? You may miss out on those opportunities.
That’s why I always encourage people to save because nobody knows what tomorrow holds. It is an act of stupidity for someone to consume all he has once and for all.
A wise person saves not because doesn’t have what he will use the money for. But because he is a disciplined person whose knowledge of money is noteworthy.
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