The goal of this article is to shine a light on possible mistakes you're making in your daily life that are keeping you from moving forward especially in the financial sense. Most people don’t have a clear understanding of where their money is actually going. As you go through this list, you might want to check against yourself to see if you're guilty of the same wasteful spending. Below are 5 things poor people waste money on.
1. Impulse Purchases
No! You don't need six phone cases, the funky socks, kitchen appliances you only used once and the list goes on forever. You’re well aware of what the essentials in your life are; the things you actually need. Everything else is just marketed to you, they’re brainwashing you into thinking you need the product despite you only wanting it. The moment you learn the difference between need and want you'll begin to take control of your life.
2. Lucky Charms Or Spiritual Items
Isn't it ironic how people without money spend the little money they do have on Lucky Charms and other spiritual items that are supposed to bring more wealth into their lives? You know what would make you GH¢ 100 richer? Not spending GH¢ 100 on stickers and calendars and sika gari.
3. The Latest Tech
It's weird to look at people who you know are not doing that well financially spend ridiculous amounts of money buying the latest tech every damn year. You can’t afford the new iPhone, you may have the money to pay for it but you can't afford it, there’s a difference, in the same way, you don't need a large flat-screen TV when your household obviously needs maintenance.
It also boils down to the lifecycle of a product, people who take care of their belongings enjoy using them for longer periods of time thus saving themselves money in the form of maintenance costs or the upfront cost of replacing it.
There it goes, when people say you have to spend money to make money, they weren’t talking about lottery and bets. Poor people spend exponentially more money on betting sites, on slot machines and at casinos than everybody else. They all dream of winning big one day.
5. Your Bank
Your bank is costing you money; you pay a commission when you put the money in, you pay a commission when you ask them to give your money back. Interest rates are a joke and in most cases, they're not even keeping up with inflation. Putting money in the bank and a volatile economy is costing you money in both the short and long term. Society is shifting so quickly that old lessons about saving money no longer apply. Instead of saving money at the bank, educate yourself on investment and invest it.
You might be blowing up your cash on these things knowingly or unknowingly. But either way, persisting in such an attitude, will not make you rich.
Thanks for reading, see you in the next article.
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