American business guru Robert Kiyosaki had two dads, the rich one and the poor one. Comparing their lifestyle he found that the key difference between those two people was their attitude towards money and financial habits rather than the amount of dollars on their accounts. It is hard to believe, but some of your habits can become a serious obstacle on your way to financial stability. Let us see what bad habits you need to break.
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1. Not investing money
Has it ever occurred to you that both rich and poor people work for money? What makes the difference is the way they treat their income. The first thought of the rich would be how to save money and make it work; the poor think of surviving and paying debts in the first place. It is not the ‘bad karma’ of the poor, but their mindset and habits. You do not need a great sum of money to start investing. Just a couple of bucks will be enough for the beginning. What is important, you should go on no matter what the first result would be and develop a habit of investing money.
“The rich invest their money and spend what is left. The poor spend their money and invest what is left.”
Robert T. Kiyosaki
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2. Waiting for a miracle
It is common knowledge that you have to work hard to earn money, but people who are always short of money often live in an expectation of a fairy who would come and solve all their financial problems. Looking for a chance that would save them, they spend their last penny on doubtful matters such as lotteries etc. hoping for good luck. Sometimes they win but in general, this strategy brings losses and disappointment. In other words, while poor people live in expectation of luck, the rich ones create their luck with their own hands.
3. Ignoring potential income
Always look for a new source of income. It may even be your hobby. Many millionaires started their career with things that they could do best, which was their hobby in fact. Many of them agree that the most complicated thing on their way to richness was to believe in what they do. The good advice from rich and successful people is to give a new look to your everyday occupations and find a new source of income. It may lay in the most unlikely place, right before your eyes. However, until you start looking for it, you will never find it.
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Note! You have to look for a new source of income constantly.
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4. Lacking financial education
Being financially educated does not mean that you should have a professor’s degree in economy or finance. However, the poor often do not know the simplest things about their finances. For example, they do not understand how much they overpay when buying something with their credit card. Or they ignore investment possibilities which are available even for people with a very tiny income. While investing just a small sum could bring them sufficient revenue. Rich people study constantly. They read books, follow news, explore the stock market and look for new sources of receipts, no matter that they already have a sufficient income.
5. Setting low expectations
It takes certain courage to set higher personal goals. For example, it is not easy at all to change your profession if you see that another occupation brings more income. Poor people do not want to take additional effort. They stay in their zone of comfort, convincing themselves that they are happy with what they have, coping with constant money shortage. The rich are always alerted. They set their plank high, shifting goals constantly.
Note! If you want to be rich, act like the rich. Set higher goals and shift them nonstop!
6. Living without a plan
Having a financial plan is crucial for your financial stability. You have to know your income and expenses. To reach any kind of goal in your life you usually need money, so you need to know exactly which amount is required. The ignorance of planning leads to constant shortage of financial resources.
7. Blaming circumstances
Anyone who wants to gain something valuable in this life has to take the responsibility. Stop blaming circumstances, other people, misfortune and start acting in a positive way. That is the way wealthy people live. They take the responsibility for their actions and for other people’s lives. They create new value for products they produce and new working places for their employees. The rich never complain about difficulties but overcome them.
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