AVOID 12 HABITS OF POOR PEOPLE IF WANT TO BECOME RICH

When intellectuals research why so many peoples are poor in the world and stay poor having good income, while some people get rich with the same income at the same location and position, they found many bad habits in them which they do regularly, and many good habits that rich people adopt, but these poor people avoid.

In this article, I will focus only on the bad habits of poor people that keep them poor. Everyone wants to become rich and it is equally possible when avoiding bad habits and adopting good ones. 

Intellectuals found so many bad habits that stay people poor but to carry through your time, I mentioned here only 12 of them which are most prominent than others in the rest. Avoid these 12 habits from your life as soon as possible to become rich early:

1.         LAVISH GATHERINGS

Mostly those people who have a good income from any source invites famous personalities, actors or actress, famous politicians, and bureaucrats and spent a lot of part of their income. They do have not any solid reason for these gatherings. Prepare many dishes and offer them expensive gifts for the gatherings.

They want to become famous or they copy these lavish habits from their bosses, mentors, or any other persons. They want to show these gatherings to their relatives, friends, and neighbors to burn them. But actually, they are burning their own money.

These famous personalities do have not any interest in these poor mind people they eat daily expensive food and already have so many luxurious gifts. These famous personalities attend these gatherings only for their marketing and advantages.

You could invest this expended money and time into other many valuable activities which can make you rich. There are so many habits and mindsets already available to become rich or earn passive income.

2.         EXPENSIVE WEDDINGS / BIRTHDAYS PARTIES

Proceeding with the previous habit, expensive weddings and birthday parties also have no any solid reasons. This is the only copy of rich people or showpieces of having rich. This is a hypocrite to themself, actually, you are poor but showing others as rich.

With this money which poor people spent on weddings and birthday parties, they can invest valuable funds and also spend this wasted time learning the best technologies to receive or earn more money.

If you wish to become rich and you want to save your children from poor and hunger then avoid these expensive weddings and birthday parties. Don’t attend nor arrange these parties. Save your time and money for the sake of your country and children.

3.         USELESS DEGREES

Nowadays many degrees are available in universities that do not need the markets. The universities enroll in these useless degrees that students have no sense of business and earnings. They waste their valuable 4 to 6 years in these useless degrees and then complain to the Governments and companies for not having jobs and employment for them. 

Actually, markets do not need these degrees and knowledge. How an IT company will hire or can pay wages to a degree holder who cannot produce software for them?  If the MBA degree holder doesn’t have any knowledge of business then how the companies will hire them?

Learn only emerging technologies and knowledge. An intellectual proverb is that don’t learn that knowledge in the universities which you can get on your own through books or the internet. Which knowledge you can get easily without any help then why are you wasting your time in the universities to get the same knowledge? 

Universities should teach us something special that we can’t learn without universities, intellectuals, teachers, and mentors. 

4.         PONZI SCHEMES

Poor-minded people invest in the Ponzi schemes to be rich early but actually, they don’t become rich and lose their existing money. They also waste their time and energy on the Ponzi schemes along with money. They can earn more during this wasted time and from this invested money if they manage properly in real businesses and investment funds.

These schemes are basically phishing and fraud. Phishers’ main purpose is to grab money from your pockets. They earn money and run out from these Ponzi schemes along with country into other countries. They are experts in the seduction of poor people because poor people don’t know about businesses but they want to become rich in easy ways.

If you want to be rich and stay to be rich then don’t invest in any Ponzi schemes and get early rich schemes. Focus on starting and expanding any profitable business.

5.         CRYPTOCURRENCIES

Poor people also invest in different cryptocurrencies to become rich early. As the result, they lose their own money instead of becoming rich. Because every cryptocurrency is not growing. The main aim of cryptocurrency is not earning and growing but only creating easiness in online transactions, buying, and selling.

Phishers used it for earning and the cryptocurrencies lose their main aim. Again if you want to be rich don’t invest in cryptocurrencies and invest your time and money in real businesses and funds. Where you can earn some extra money along with your existing income and this is the best way to be rich.

6.         CREDIT CARDS

Poor people expend their all salary before receiving the next salary and use credit cards at the end of every month. They don’t know the percentage of the interest on the credit received from these credit cards. They lose their money by paying heavy interest rates. 

Poor-minded people purchase not useable items through credit cards. They have no patience to wait for the next salary. They also don’t know the value of money and the value of items. How much benefit they have received from these purchased items and in return how much interest had been paid to the credit cards?

Rich minder’s peoples always research before purchasing on cash and credit and also know the value of the items. They also have the patience of waiting for the next salary. They don’t disturb their budget to see the advertisements. 

7.         FIXED DEPOSITS

Poor people also invest in the fixed deposit schemes of the banks on very low interest or profit rates. They don’t know the future value of money and also the inflation rate. The other mistake of poor people is that they don’t increase their investing rate according to the increase in salary and inflation.

Invest in other funds instead of fixed deposits on very high-profit rates. Index, equity, startups, real estate, stocks, and ETF funds are the best place to invest money. Increase the SIP according to your salary and inflation every year.

8.         BRANDED ITEMS / BRANDED REPLICAS

The other fault to stay poor is purchasing branded items or branded replicas at very high prices. They can take the same benefits from the others items which are available in the market at a very low price. But they copy some richest personalities and also show their branded items to their relatives, friends, neighbors, and colleagues to show them that they are rich than them. 

 But they all have no interest in these branded items and branded replicas. They don’t notice which items you are using. They have many others tasks in life to achieve.

For example, if you need of jacket to save for winter then you have many options, you can purchase the same jacket at a low price and the same at a very high price. The benefits of both are the same but the difference is that only one is branded and the other is not related to the famous brand.

9.         PARTNERSHIPS

Poor mind people start their businesses in partnership. In other words, they pay someone to start a business their business. They think the other person will run the business on their behalf. But they have no knowledge of partnerships and the manner of partnerships.

Any other person can’t run the business on your behalf or from your money. There are many other ways to invest in other’s businesses like invest in startups, stock, and equity. But if you directly pay your money to anyone for business they will lose your money. Because they have no interest in these businesses and investments.

Invest your money in other’s business on equity and profit basis. Nowadays many sharktanks and hedge funds and VCs are have best strategies and experience in investment in other’s businesses on equity and profit basis. Theses investment are transferable and sellable in open markets.

If you want to invest in local business then learn before investing to avoid loss. 

10.       NON-PRODUCTIVE HOBBIES

Poor people also waste their time and money on non-productive hobbies and activities. They have no money but purchase a high-priced pet and some purchase high-priced show items. They also waste their time along with finance on these non-productive hobbies. 

On the other hand, some people invest their time and finance in productive hobbies like learning new technologies and businesses and become rich. But poor people stay poor due to their non-productive hobbies and habits.

11.       TIME WASTING ON SOCIAL MEDIA 

The other habit of poor people is wasting time on social media. They watch reels and short videos in their free time. If they create some posts and videos, are useless and without any reason or purpose.

If anyone has an interest in social media then they should learn social media SEO, Social media marketing to earn money from social media instead of wasting time on it.

Poor people also waste their money purchasing useless items after watching advertisements on social media because they use social media all the time and trust these posts. They have no knowledge of advertisements and digital marketing, how company grabs their money for selling their products.

12.       TIME WASTING WITH JOBLESS PEOPLE

Poor people also make friends with poor and jobless people. Because they listen to their complaints and their gossip due to the same mindset. Both of them have much free time and also have very low knowledge and confidence.

If anyone wants to be rich then should spend time with mentors, experts, teachers, researchers, and businessmen. They will teach many lessons which you can’t learn from universities or books. You will many secret hacks and tricks of business and life from them. You also feel experiences and changes in yourself after some time with these mentors or businessmen.