And how to avoid them...
Money traps are "Traps set out by society that consume all of your money and leave you with no money." When you are not intentional with your spending and do not recognize these traps, your money will disappear and you will need to make more money.
In this video I talk about, "10 Money Traps that Keep You Poor."
1. Not Managing Money Intentionally
We spend so much time trying to make money and when we finally get the money we spend it without thinking about how we should spend it. If you do not manage your money and budget, then your money will leave a lot quicker. You can avoid this trap simply by taking the time to budget and be more intentional with your spending.
2. Having an Unnecessarily High Standard of Living
There is no standard "Standard of Living," it varies from person to person. It is important to have a high standard of living; however, some people have an unnecessarily high standard of living. When you have an extremely high standard of living you money leaves a lot quicker. You can avoid this trap by defining what is important to you and adjust your standard of living accordingly.
3. Expensive "Normal Behavior"
When something is "normal" it is not special because you are not getting anything extra out of it. Money can disappear quickly when someone has an expensive normal behaviors, for example, eating out multiple times a week. You can avoid this trap by confronting your behavior and not seek what is easy and convenient.
4. Finding Enjoyment in Expensive Ways
The way you find enjoyment is a big determiner of how much money you will be spending. Rather than getting enjoyment in expensive ways like shopping, get enjoyment in cheaper ways like being outside.
5. Living in Expensive Locations
It is not easy to change locations, but your location might be the biggest determiner of how much your lifestyle will cost. If you live in an expensive location it may be impossible to keep up. You can avoid this trap by living in a location that is more affordable.
6. Too Much Social Media
Social media isn't bad, but massive consumption is bad. A lot of social media thrives on selling or promoting products. When you consume too much social media you could spend a lot of money on buying products. You can avoid this trap by having self control in how much social media you consume.
7. Believing You're Not Enough
Society likes to tell you that you are not enough and you can become enough by buying different products. This is a money trap that consumes all of your money and leaves you with a bunch of possessions. You can avoid this trap by understanding you are enough and you do not need a nuch of material possessions to become enough.
8. Thinking You Get Rich From Money
You do not need to have a bunch of money to live a rich life. Society tells us that a rich life means living in a big house with a bunch of material possessions. This trap eats away your money and forces you to keep making money. You can avoid this trap by living a life of experiences with less.
9. Constantly Chasing Money
We live in a hustle culture where we value success and profit over freedom and time. Money can improve your life, but only up to a certain point. Spending all of your time trying to make money is a trap that makes you poor in time. You can avoid this trap by living a life less focused on money and more focused on time.
10. Thinking You'll Find Contentment Through Possessions
Consumption is like a drug where the more you consume, the more and more you will need to consume. You will never be truly content through consumption, so instead of chasing contentment through consumption, chase contentment within.