Don’t let your burning desire to become rich fade away just yet. Here are five of the worst habits that are blocking your path to amassing a fortune.
We all harbour a burning desire to become rich someday. To fulfil that desire we strive harder at work to advance our career, in hopes of ultimately earning and saving enough money to make our dreams a reality. We all move on with our lives with this ambitious mindset, but in spite of practically starving ourselves to save that extra rupee, some of us still find it hard to get our finances in place.
However, regardless of how hard you work, it’s quite possible that you find yourself struggling to attain your financial goals due to a whole range of bad habits that you just can’t seem to shake.
But don’t let your burning desire to become rich fade away just yet. We’ve listed five of the worst habits that are blocking your path to amassing a fortune.
Procrastination
Stop putting everything off till tomorrow. That just smacks of laziness and lethargy on your part. And when it comes to money-making, it’s your savings and that could be directly affected.
Give us one good reason that keeps you from saving and investing your money? Excuses like ‘I don’t earn enough’ or ‘I am left with no money after paying my bills’ just won’t fly. No matter how little you may earn, you can always put away a small percentage of your income as savings. While it may be difficult to part with that amount today, you’ll surely be thankful for it tomorrow.
Besides, if you truly want to join the Richie Rich club, you need to start investing along with saving. Only if you invest will you be able to benefit from compounding. So, stop putting off making that first investment of yours.
Ignorance Is Not Bliss
Stop being an ignorant when it comes to finance-related matters. Being up to date with what’s happening in the world of finance is of vital importance. You need to know about different investment options, the different taxes you pay, tax-saving measures, Savings Schemes, Mutual Funds, etc.
The good part about enhancing your financial knowledge is that it will certainly help you in the long run. You won’t be easily fooled into partaking in shady money-making or get-rich schemes, and you’ll also learn how to make wise financial decisions.
Additional Reading: Is Your Financial Life On Track?
Not Being Prudent
Being knowledgeable about financial products helps you to be cautious and alert. Certain investments, especially when it comes to Mutual Funds, equities, etc., are risky ventures. You can mitigate these risks by learning more about these investments and staying up to date with all the latest developments. Also, you can always take the help of a certified financial planner if you’re still unsure. But, don’t ever blindly invest in schemes without doing your homework.
Also, don’t ignore investing in equities just because they are risky. You need to take a little risk if you want to become rich. Though risky, equities give you the best returns as compared to other less-risky avenues. In short, don’t be averse to taking risks, but tread carefully when it comes to investments.
Stop Comparing Yourself To Others
Stop comparing yourself to others. Be happy with what you have.
Make this your life’s motto and you’ll surely do well in every aspect of your life. Many of us make horrible financial decisions due to peer pressure. Your friend buying a new house, or your neighbour buying a new car, aren’t things that should affect you.
How do you stop yourself from making such terrible decisions? It’s simple. Set goals for yourself. Setting goals will not only help you save and invest better, but will also help you spend on a priority basis. Also, it would help you break free from the chains of peer pressure.
Spending More Than You Should
How much money are you spending? Do you spend more than you can afford? Ever thought about where you are spending all your money? If you haven’t, then it is time to take stock of the situation because you may be overspending on unnecessary stuff. Even small purchases like buying a pack of cigarettes every alternate day, or ordering food every night, add up.
Budgeting is the best solution to kick this bad habit of yours. It is necessary to work out a balance between your income and expenditure. So, create a budget according to that. And no matter what happens, ensure that you stick to your budget.
Additional Reading: 4 Possible Leaks In Your Budget
Kicking these habits is easier said than done. However, by keeping these tips in mind you should be well on your way to amassing that fortune you always dreamed of.