There is really no magic attached to becoming rich or staying broke. Wealth, just like everything else in life is governed by rules and if you play by the rules there is nothing on earth that can stop you from becoming rich. Here are financial mistakes that you’re probably making that could keep you poor:
Now before you argue that you’re working hard to enjoy the best things in life, remember that there are countless athletes who went from earning millions in a week to becoming broke. This is because of lack of financial management. People tend to do this because they have bad habits or they’re trying to act rich and show the world they have made it.
Living Paycheck to Paycheck
This expression describes someone who can’t meet his/her financial needs if he has no job. Those living paycheck to paycheck devote their income to expenses. This kind of living leaves you with zero investment funds, any unforeseen problem could quickly turn into a disaster because you’re always not prepared.
Always borrowing to fund things that are not essential could keep you poor. Borrowing to fund a lavish lifestyle, borrowing to organise a party etc.
Depending on A Single Source of Income
Its general knowledge that one cannot become wealthy from paid employment. This is because your worth is always determined by your employer and there is an income cap that you may never exceed. Don’t ever fall into the trap of believing that you can become rich and stay rich from one source of income.
Investing in get-rich quick schemes
Putting your money in investment vehicles you don’t understand will keep you poor. Often these schemes and packages are scams that target young adults to dupe them of their money.
By: Isaac Newton
Content created and supplied by: DrayB (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More