Business

10 Reasons Why You are always Broke and How to Start Building Wealth

dessange-lahore
Written by Beauty Tipso

Accruing monetary gain, driving a nice car, and being rich is all everybody wants. However, the reality is painful, your car lies in the garage unrepaired, you moved your child to a state school, and your mortgage is two months behind in payment.

  1. It all begins in the Mind

Thoughts translate into actions, and actions into behavior relaying character. Make a decision you want to stay free of debt and believing in it.

Understand the relationship between creating wealth, assets and liabilities, and your expenditure.

  1. You don’t have a plan

If budgeting is not your culture, then try these three simple steps; clear off your debts, save money, and invest your income. Make your financial program your best friend and track your spending. Even wealthy people have budgets!

Planning will enable you to track your expenses directly decreasing your extravagance. Gradually, you will understand what it costs you to actually live.

  1. You spend what you earn, at times more

Simply, you cannot save a cent leading you to sign up for loans, thus entrapping yourself in debt. You cannot say NO. You have developed a yes attitude even at the office you are regarded as a joker.

In extreme scenarios, you request an overdraft or advance because you are expecting a salary increment. Be patient.

  1. You are Financially indisciplined

I personally struggle with being disciplined with my wallet. The major cause of money mannerlessness is the desire for instant gratification. Additionally, your financial literacy is below the bar and you have never bothered to adjust.

Be aware of surrounding advantages such as waivers.

  1. You are a blame gamer.

Your financial decisions are heavily dependent on other persons and institutions. You point fingers at the government for your challenges citing that you pay taxes. Furthermore, you blame the people around you when things don’t work out. Adjust to the changing dynamics

  1. You are caught up with emergencies

You are always caught unawares with upcoming events. When you fall sick, you let your credit card do the honors and infer to your inner soul that the next paycheck can sort it. Unaware, bills pile up and you start mark timing failing to catch up. Deliberately engage yourself in financial lessons on saving.

  1. You have a corrupt financial notion.

You don’t have to earn lump sum amounts of money in order to save, rather cultivate the saving belief and persistence. Another misconception you hold is that, now that you are promoted to a higher rank, time to start saving is in plenty.

Creating wealth begins now.

  1. Your future is myopic

Deliberate decisions you make today will reflect your economic sustainability tomorrow. Therefore, make the right choice and hang out with the right company. Infamously, you are the average of the four to five people you spend your time most with.

  1. You are a brand slave

You find yourself purchasing irrelevant commodities, comparing yourself to others and eventually falling into debt.

You want to Keep up with the Kardashians and associate yourself with Louis Vuitton.

  1. You are a coward.

Lastly, you are afraid to do. You are scared to invest, shy off from money conversations, and fear to fail.

Take that bold step, Start.

About the author

Beauty Tipso

Yasir Hafeez, Student of Information and Communication Technology. Writing article on Health, Education, Beauty Tips, Beauty Tips and Tricks, Beauty Secrets, Beauty Recommendation, Beauty Tips in Urdu, Beauty tips for girls, Research, Communication, Technology is his hobby. Basically he is an IT Professional as well so he share knowledge through writing. You can also read Yasir Hafeez's articles at Beauty Tips, http://www.beautytipso.com

Leave a Comment