There’s a quote that says “your habits will determine your quality of life”, and this is especially true when it comes to bad habits and even more so if it’s bad money habits.
Your bad money habits compound over time and will determine if you will end up rich or poor. That’s why it is vital to recognise any bad money habits you might have early on and to replace them with good ones.
In this video, I’m going to go over 10 bad money habits that are keeping you poor and how you can fix them, but before we get started make sure you hit the like button and subscribe to this channel.
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Disclaimer: I am not a financial adviser, I am not an accountant, I am not a tax adviser. This video and my channel is for general information only, as with anything in life you should do your due diligence and seek independent advice.
👋 WHO IS CHRIS CHOW 👋
Hello! My name is Chris, I'm a marketing manager working in Sydney, Australia. I have worked at Apple, Microsoft and HP in a variety of marketing roles. I make videos about personal finance, investing and saving money.
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1) Let’s get started with bad money habit number 1 and that is Having disorganized finances. For a lot of people, it can be overwhelming trying to organise their personal finance and it’s easier to stick your head in the sand and pretend everything is okay even though it’s absolutely not. A lot of people have no idea what their net worth is or what their monthly expenses are or how much credit card debt they have.
2) Everyone wants to be rich and wealthy but most people don’t have any financial goals set. Without financial goals, you won’t be able to determine if you’re on the right track.
3) Impulse buying
I know it can be so tempting to make an impulse buy. Maybe you’re buying a gift shopping and you happen to see a nice shirt, so you decide to reward yourself and buy it.
If impulse buying is a regular habit for you, it’s going to add up really quickly and cost you in the long run.
4. Keeping up with the Jones or as I like to say keeping up with the Kardashians.
If you haven’t heard of the phrase “Keeping up with the Jones” before - it means attempting to compete with people around you in terms of material possessions or social status.
5. Lifestyle inflation
Lifestyle inflation refers to an increase in spending when someone’s income goes up.
6. If you’re not shopping around and comparing prices online then you’re most likely paying extra and wasting money.
7. Not caring about your superannuation
8. Paying too much in taxes
9. Gambling
10. Waiting too long to invest
Bad Money Habits Keeping You POOR (How To Break Them)
#Habits #Money