8 Bad Habits to Quit – Build Wealth

by roshi on June 17, 2011

in Get Rich

Drop the bad habits that stop you from being rich. Successful people give themselves targets every month or every year to start few things and to quit few things for good. They challenge themselves in different ways to grow. Bad habits are not easy to quit. You need determination, support, reminders and will power to do that. Here are 8 bad habits to quit if you want to get rich.

  • Stop using credit to finance your lifestyle.
  • Stop upgrading your lifestyle whenever you receive salary or bonus.
  • Stop buying possessions that cost money. Buy assets (e.g. property) and not liabilities (e.g. Car).
  • Stop buying things to impress friends and family.
  • Stop waiting for the miracle that will make you rich overnight.
  • Stop looking for reasons that justify why you should buy something.
  • Stop obeying what marketers and advertisers tell you to do.
  • Stop making spontaneous financial decisions that give instant gratification.

Always take time and think before you spend money. Think twice. Send on assets that make money (e.g. property, house, commercial plazas, life insurance, family insurance, bank deposit profit schemes, bonds, business etc.) and don’t spend on liabilities e.g. fancy new car. If you already have got a vehicle, go with it and don’t change it unless you have to. Don’t spend on luxuries. They will upgrade your lifestyle but then you will have to pay the maintenance cost. Have cheap hobbies and luxuries that require less maintenance cost.

I myself have got two fish aquariums. One aquarium is 2 foot and has got goldfish in it. That aquarium was sufficient for me because it requires less cheap food, minimal water changes, less effort to maintain it, easily cleaned, requires less time to maintain etc. But then I got 5 foot large fish aquarium and put some costly fish in that that require costly food. Large aquarium requires more time and attention to maintain. I put a lot of effort in maintaining it. The water filters cost me more for large aquarium and everything is a but more pain for this large aquarium.

Sometimes you realize later. I did a mistake in buying a bigger aquarium when I already had got a smaller one with goldfish in it. I learned my lesson. Hobbies can drag you far away and make your pockets empty while you try to get involved in them more and more. Be careful and watch out. A small hole can sink the big boat. Control small expenditures to save a lot of money.

Related Posts

Previous post:

Next post: