You may have been born poor, but it is your fault if you die poor. At least eight out of ten people will have done something to contribute to their future poverty by the time you finish reading this essay. Only two out of ten people will have taken the necessary steps to ensure their future prosperity. "Am I one of the lucky 2 or the unlucky 8?" is the question you should be asking yourself today.
Here are 5 bad behaviors that might lead to a life of poverty.
1. Instead of focusing on passive income, you concentrate on linear income.
Salary, allowances, and one-time payments are what most people think of when they think of income. Wise men, on the other hand, value royalties, interest rates, value addition, and profit as sources of passive income.
Depending on linear revenue is akin to fetching water from a river with buckets. You'll get too old and tired to transfer them back and forth over time, which means you'll have to go hungry for as long as you don't go to the river.
Passive revenue, on the other hand, is akin to constructing a pipeline. It may take a lot of work at first, but eventually you won't have to walk to the river to collect water — the river will come to you, and you won't go hungry.
This is the most basic principle of wealth generation that most people (including yourself) are unaware of.
2. You have yet to begin your successful path.
Every wants to be successful, but few are willing to take the risk of entering the icy waters. Do you see what's going on? There has never been a marathon race won (or even finished) by someone who never left the starting line in the history of the planet.
While you're stuck stating you don't have enough money to start, someone else is putting their money to good use.
Someone else is sharpening his innovation claws while you're lamenting the lack of business ideas. Someone else is busy thinking about how to build a business that answers that problem while you're busy whining about a problem in your society.
If you keep waiting at the starting line, poverty will eventually find you and keep you companion.
3. Constantly increasing your spending is an excellent method to accrue debt and stay in the lower tiers of society.
To stay out of bad debt, you'll need to either increase your income or reduce your spending. The first and greatest solution is to increase your income while maintaining your expenditures. As you may know, the only way to achieve this is to create various streams of income, which necessitates a great deal of thought.
The second solution is to simply reduce non-essential spending. The money saved from these budget savings could be used to start new investment programs in the future.
4. Instead of acting, you complain: "Life is too expensive"; "It's hopeless; I'll never get out of debt"; "I don't make enough money."
Have you ever said any of these things before, or even all of them? Old habits die hard; yet, if you do nothing to change, you and your future generations will have a one-way ticket to poverty.
Stop whining and making ridiculous excuses. Instead, take ownership of your unproductive habits and commit to changing them — then do it!
5. You live for today, expecting that tomorrow would be unconcerned about your concerns.
A Harvard University scientist investigated the factors that contribute to upward socioeconomic mobility in the 1950s. He was curious as to why certain generations are more prosperous than others. All of his study lead him to a single component he named "The Time Pespective," which he determined was more accurate than any other in predicting success.
When you make a decision today, your time perspective is basically how far into the future you project. When a sensible family man buys land or insurance for their child, even though he or she will not need it for the next eighteen years, this is an example of a long-term perspective. This is a long-term strategy that entails making short-term sacrifices in order to achieve superior long-term results.
The majority of individuals remain impoverished because their "temporal perspective" is focused on short-term goals like meeting basic lifestyle necessities, purchasing luxury items, paying rent, and so on... Is it possible that you're one of them?
It takes more than just physical possessions to be wealthy and prosperous. It's a feeling of joy and contentment that you share with others. So, as you try to get out of poverty, remember to smile.