If you are one among those who feel financial planning is only for the rich, you are truly wrong.
Who doesn’t want to become rich? In fact, the popularity of reality TV shows like Kaun Banega Crorepati shows that everyone aspires to be a crorepati. However, only day-dreaming is not going to make you a wealthy person. Becoming rich requires lots of self-discipline, hard work and financial planning. If you don’t take your life seriously and don’t plan for the future, then you are unlikely to become rich. Sometimes some bad habits also stop us from becoming rich. Here we are taking a look at 5 such habits that usually stop us from becoming rich:
1. Over-Spending
You become rich by not how much you earn, but how much you spend. Money and income are finite resources. Even if you are lucky enough to inherit some money or win a lottery, it isn’t going to stay forever. Your money management skills or the lack of it is the single most reason to become rich or poor. Many of us are born spenders. Impulsive purchases can lead to financial trouble. Big spenders do not even realize the amount they spend until considerable time has passed and they are left with huge bills.
“The flag off point in the journey to be rich is to be prudent with your spending. The most common trait among the rich and the super rich is their frugal living. Some of the richest people today are incredibly frugal and their penny pinching habits are worth following. Taking control of your finances is the first step towards financial security. Keeping a track of your income and expenses will give you an overview of your financial status – where you can spend less and save more,” says Santosh Joseph, Founder & Managing Partner, Germinate Wealth Solutions LLP.
2. Procrastinating/ Postponing
Delaying key financial decisions can cost you dearly. We are always split between ‘Day1’ or ‘One Day’. Your financial planning should start from the day you start earning. Many of us have the tendency to push money planning to another day or postpone it till the last minute, simply because we have something else to do or we don’t understand it.
“If only we can avoid the ‘one day’ syndrome and opt for financial planning from ‘Day one’, you are sure to get a grip of your money matters. The salary you earn and increases in income as you grow in your career alone won’t make you rich and wealthy. What you do with the income and how you make use of your savings will determine how significantly your wealth grows,” says Joseph.
3. Wrong Thinking
If you are one among those who feel financial planning is only for the rich, you are truly wrong. The notion that being rich is only for a select few is prevalent and real. There is no minimum amount you need to start planning your money. Almost everyone who is rich, believed that they would be rich and had some manner of thought and work towards it.
4. Waiting For Luck/ Fortune
An ancestral treasure or a sudden lottery is never going to make you rich. If you are waiting for luck to shine upon you and hand you a fortune, it’s time to break the bubble. This is a habit that makes one complacent and a sure shot reason to keep you away from being rich.
5. Laziness
Laziness fuels more laziness. “Good things come to those who are willing to go out there and be productive. If you love mediocrity, you will never rise above the mundane. If you can’t beat laziness and act beyond the ordinary, your chances of becoming rich are pretty ordinary. Productivity increases your chances of being successful and rich,” informs Joseph.
