we all want to be prosperous we dream of living the handsome life where we can do whatever you want at whatever time we want and not worry about any shortage of money that’s available, there are multiple ways of getting to the top in regards to financial needs and unfortunately there are things that bring you down as well.
In this article I will show four things that are keeping you poor, by poor I mean financially but also living below your true potential in life, I see these type of things occur every day if you keep doing these bad habits you will stay poor, I guaranteed that.
Perceived obsolescence
The manufacturer purposely designed the product to fail after some heaters, that’s a bad thing but at the end of the day it’s not really your fault since you didn’t know that before you purchase the items, however, perceived obsolescence is entirely on you.
Perceived obsolescence is when the customer is convinced that one needs an updated product even though the existing product is working well.
This is commonly seen in electronics such as smartphones and computers but the concepts can be seen other types of goods as well
People with this mindset will waste money endlessly because they’ll never be satisfied and trends always change.
Plus they develop the mindset that the newest item is always better than the older ones which is not always the case.
I personally suffered from this, what I did to combat this mindset will stop watching media content and promoted this idea and keep myself busy other venues of life by cutting out the media stuff such as YouTube review channels, manufacturer, social media etc..
I no longer noticed the newest gadgets and items released, thus no longer felt the urge to buy them.
By finding work elsewhere in life, I didn’t feel bored and seek out new things to add in my life.
You have to keep in mind that a lot of people who upgrade are generally idle and bored in a subconscious way and see upgrading as a some kind of fun pastime.
After implementing these two strategies, I stopped upgrading unnecessarily, thus saving me money.
everyone is different but these two strategies can help people who suffer from this half.
Learned helplessness
This is a serious problem with serious consequences, learned helplessness is a mental state in which a person bears adverse of stimuli and becomes unable to avoid such stimuli even though they are escapable because the person thinks the situation is uncontrollable when it is controllable
Translating this into a financial sense, these types of people think that they personally will never be able to escape their financial crisis, and as a result they will not attempt to improve their situation by paying off debts, saving money or investing.
In such a perspective is horrible and a self-fulfilling prophecy, but fear not, there are steps to correcting:
The first step is to start off by embracing the change, you must be open-minded to the possibility that your life can prove before you can.
Actually, do that this is a hard step but once you can do it the rest will be easy.
The next step is to get a different perspective on life, what I mean is that you should change the way you can think and explain events that occur in your life.
Optimistic people tend to interpret troubles as transition controllable and Pacific to one’s situation.
Pessimistic people believe that their troubles last forever undermine everything they do and are uncontrollable.
Next step is to set goals, because setting goals will help you overcome the feeling that you have no control over your futures and will get your mind thinking in a whole new way.
The last step is to achieve success by actually achieving success, you will overcome the belief that your actions don’t affect your future.
Such examples can be containing a high income job paying off debt getting huge returns on your investments and more, Those steps should help you overcome learned helplessness.
Buying Unneeded Stuff
Even if you buy items on sale, you are still losing money, this is even worse if you’re not even using the product and you can’t afford it, we all have been guilty of doing this habit in some way or another.
The impulse to buy things can be really powerful sometimes and making small purchases can add to several hundred dollars or even thousands of dollars a year.
If you’re not careful, here are some tips on how to cut down and hopefully eliminate this problem.
The two strategies I gave earlier for curbing for co-ops lessons can be used for preventing buying things you don’t need.
You can also try the cash only method where utilize cash and step credit card or debit card, this will remind you to budget your money since it does not appear limitless.
Another great method is to convince yourself to wait instead of buying immediately because your motions can sell down after some time.
Wasting Time
In the finance world, wasting time is losing money.
For example, let’s say you’re a 20 year old and you one invest but you never got around to it until you’re 30 years old, well you just missed out on the huge effects of compound interest.
If you start earlier you would have received huge amounts of games do the interest building off interest.
Another example, is paying off your bills.
If you waste time not paying your bills fully, you will have to pay interest on them later.
Not wasting time may seem like common sense, but most people don’t put the time for their financial agenda.
The solution to this habit is the simplest of all the habits mentioned, simply start doing the action required for your finance right now, don’t procrastinate start paying your bills off on time, invest that money build your business now, just do something.
These are the four habits they’ll keep you poor, they will drain the money from your wallet.
Hopefully the tips I gave you for curbing these habits will help you on your journey to acquiring the handsome life to use something from these habits.
