8 Money Habits That Keep You Broke (AND STUCK AT YOUR JOB)
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In today’s video I am going to talk about 8 money habits that keep you broke and stuck at your job. I will also talk about bad money habits to break, money mistakes, personal finance tips, personal finance 101, investing, personal finance, how to save money, and financial education. If you want to obtain your financial freedom it’s important to learn how to be good with money and eliminate money habits that keep you broke and learn how to budget. Another advantage of eliminating bad money habits is that you can become debt free. Many people what to learn how to get out of debt, learn how to break bad habits with money, and learn how to build wealth. Creating a budget and eliminating money habits that keep you poor are the first steps of this journey.
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In this video, I am going to share with you 8 common money habits that are keeping you poor and how to stop these habits now. Many experts are saying that we are beginning to head into a deep recession. So now is the perfect time to identify some of these bad money habits that might be holding you back and change these habits now so that you can be in a better position in the event of a recession. I know I have been guilty of many of these myself, but once you are aware of them then you can change your habits and you will be shocked at how much quicker you will be able to grow your wealth. If you stay until the end of this video, I am going to give you a tip that can help change your money habits even quicker and easier. So, let’s jump right in.
Let’s face it most of us learn money habits from family, friends, or just by learning the hard way. Unfortunately, money habits are not taught in school which I personally believe is intentional to keep everyone stuck in debt and tethered to the 9 to 5 rat race until you can hopefully retire in the final years of your life. And, If you are anything like me, then that sounds like complete torture and way too long to wait to start living the life I want. However, the good news is that while managing your money may seem overwhelming, and confusing at first, when you learn the basic principles, it is actually easy and fun to master your money and get out of the grind as soon as possible.
The first money habit is only focusing on one stream of income. So many people only focus on one stream of income, the money they make at work. They think about getting a raise, changing jobs to increase their salary. While there is nothing wrong with wanting to make more money, in fact it is great, it is more important to work on building as many income streams as possible. This could be investing in real estate, dividend stocks, regular stocks, getting interest, or even creating your own assets. Like writing an E-book, you create it once and then you keep getting paid every time someone purchases it. Changing this one habit and focusing on creating more streams of income can exponentially grow your money and build wealth over time. There are 2 ways to build wealth, one is cutting back expenses and the other is creating more income. Creating more income and not focusing on one income stream will help you build wealth so much faster. If you are thinking that is great Lauren, but I have no idea how to invest in real estate or buy stocks. I get it, but I promise you that it is not difficult and can be broken down very easily. I have so many other videos that can help you with that and I will list them in the show notes below.
The next money habit is investing while you still have debt. You might be thinking what all people say is invest, invest, invest. Yes, that is true you should invest early and as much as possible, but first you need to pay off your debt or at least look at the interest rates you are paying on your debt. Let me give you a quick example. Let’s assume you have a credit card and the interest rate is 20% which is actually not a bad interest rate as they can often be as high as 27% especially for cards with large rewards. Now let’s say you are investing in the stock market and the historical return is 9%. If you subtract 9 from 20 you have 11. That means you are actually losing 11% each month. Even if you were getting a 20% return on the stock market which is remarkable you still would not be making any money. Something else people forget to factor in is inflation.
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