What are the BAD FINANCIAL HABITS that keep you poor. Well not exactly poor, it does not allow you to break out of being middle class. Let me look at a few of the things that I have observed:
Having no financial goals – when there is no goal for which you are saving or investing, chances are you will not save or invest! It is really important to have goals – whether in health or wealth. The rich and those really wanting to reach there have clear goals.
Paying yourself last – when you earn money on a regular basis (mostly monthly), if you first spend on your needs and luxuries, you will never have enough investments. The rich stick to the principle of ‘Pay yourself first’ – first pay and allocate the money for all your goals, and thus you will have savings.
Getting comfortable with debt – borrowing to pay for sudden expenses – a broken windshield, or an inflated electricity bill or a doctor’s bills. Once you get comfortable with debt you don’t worry about borrowing. When you are told only the instalments the loan looks small. Such people buy everything in instalments – EMI for travel, and even expensive phones! The interest paid to the banks keeps you poor!