To become rich, you should develop some habits. There are things you are doing that might be the cause of your poverty. For you to rise to the level you desire, wealthy, you have to develop these habits:
- Live within your means
You should avoid living beyond your means if at all you want to make progress in life. Living within your means will ensure that you remain with some money for savings and investments.
- Reduce uptake of alcohol
Alcohol can ruin your life especially if it’s taken in excess. If you are open to taking alcohol, drink in moderation. If possible, quit alcohol.
When you are alcoholic, you may fail to plan yourself appropriately. At night you will plan to wake up at 6 am but since drank, you find yourself sleeping up to 10 am the next morning. Upon waking up, you are tired with hangovers—that day is wasted like that.
Alcohol will also exhaust your finances.
- Have several income streams
Don’t rely on one source of income. You should have both active and passive incomes. Even as you do your dream job, look for a side hustle that will supplement your income.
- Save before you spend
Open a savings account where you save money once earn money. Don’t make a mistake of spending money before saving.
Open a fixed deposit account where the money is automatically credited, then spend the remaining amount.
- Have a budget
Create a budget to know money coming in and money going out. If your income is $2000, know how much rent will cost, food, shopping and other expenses. This is to ensure that your money is spent wisely to remain with money for investments.
- Reduce the number of dependents
If possible let your family be small. Don’t give birth to so many children who will make your struggle financially. You should also avoid being generous to your friends and family members. The more dependents you have, the more money you spend on them
- Reduce debts
Debts can make you suffer your entire life. Don’t be relying on loans. There are individuals who like taking loans to maintain their lifestyle. Such loans can swallow your entire income.
- Set financial goals
You should set financial goals especially at the beginning of the year. There is the 52 week saving challenge where you save a particular amount of money weekly. If you take this route, it’s easy to become rich.
- Reduce the number of partners
Some men will have multiple girlfriends who they finance. This is one way of destroying your life. You can’t progress with this kind of lifestyle.
- Avoid gambling
Gambling is also another way of losing your money. For you to progress, don’t gamble.
- Live a healthy lifestyle
If your body is not healthy, then it’s hard to make any meaningful progress. Drink a lot of water, exercise regularly, eat healthy meals ad ensure you are from terminal illnesses. This way you will be able to be productive.
If possible have a healthy insurance to cater for your health needs.
You should also prepare appropriately for your retirement. Save in annuities and pension schemes. You won’t suffer in your retirement.
