5 Horrible Lifestyles That Leave You Broke (That You Must Change Right Now)

These guys are the reason why you are earning more and yet have nothing to show

0

The number one goal on everyone’s minds today is to make more money, enough to make them financially secure. So we all wake way earlier than others, work way harder than others, get more stuck in the 9 to 5 routine but someone how manage to omit the word “smart”  from our money making endeavors only to end up broker than ever. We work so hard all our lives to be wealthy yet retirement comes by and yet it is still a pipe dream, with no nest egg, FU money or anything else to evince for our expended efforts. It’s not like we are not getting well paid, the problem is, and we focus so much on getting more that we neglect to retain what we have. Still wondering why you still live from pay check to pay check in spite of all you are making? Here is the problem. You’ve been rearing a lion-sized lifestyle that feeds of your living wages. It’s a problem of poor spending habits and nothing illustrates this situation more than the quote below.

The time making money should be greater than the time that you are spending money. – Sophia Amoruso

Sometimes you have to make tough decisions to hold the line on spending. – Evan Bayh.

So today we have to address this problem once and for all. We have to rid you of this albatross around your neck that has kept you from ever having enough money to live your dream life. So get ready for some “tough love”. Here are the 5 horrible lifestyles that are responsible for why you are always broke.

 (1) You Engage In Lifestyle Inflation

Pray a little more, work a little harder, save, wait, be patient and most of all live within our means. That’s the American way. It’s not spending ourselves into prosperity or taxing ourselves into prosperity. – Mike Huckabee

So what is lifestyle inflation? Lifestyle inflation is a status-related concept that is premised on the idea that people’s expenses should be commensurate with their income. Thus with every increment in one’s level of income, expenses are to be increased to match up. For example if you earn a not so decent income, drive an older car and live in a poor neighborhood, once you get a better paying job, all of sudden you have a status to maintain, peers to keep up with, you now have to drive the “right” car, live in the “right” neighborhood and your kids have to go to the “right” school. You change your car to the latest SUV, move to an expensive neighborhood and on your expenses go. Society calls this lifestyle living it big, sets great store by it, and it’s just the kind of lifestyle that leads to financial ruin. When you engage in lifestyle inflation, you hardly ever develop the habit of saving, it’s spend, spend, spend until one day, you either lose that job or reach retirement and realize you are broke with no money to fall back on. So what do you do now? Cut down on all unnecessary expenses. Nobody said you shouldn’t have fun sometimes but don’t just buy things to match up with your new status or keep up with the Joneses. Keep your expenses down as much as possible, and if possible move to less glamorous neighborhoods which can help free up the mammoth monies you might have spent on paying rents living in high income neighborhoods and instead put that money in a good investment.

 (2) You Are Living Your “Dream” On Debt

So what do the credit cards company tell you? That you can live the life of your dream all on burrowed money? “Buy now and pay later”, go on an exotic vacation in Hawaii, the Bahamas, or Seychelles, go on buying spree, and engage in impulsive buying until your credit card is maxed out (and it’s not hard to see anymore why debt-fueled consumer spending is ever on the up and up today). Buying with the credit card seems like a smarter choice to many of us because it Feels like we are actually being given an opportunity to Spend Someone Else’s money each time we are presented with the slightest opportunity to buy – and that gives us the biggest incentive to overspend. But we still have to pay back, right? So that means it’s not free money anymore. What you don’t realize when you live your life off your credit card is that you only end up serving the credit card company for life. The more you use that credit card, the further debt you are in until one day when it’s so much that you can’t pay back (and then you have to beg for loan forgiveness). Credit has been defined as burrowing from tomorrow to spend today. When you maintain a lifestyle that’s centered on using more of credit cards then there would be trouble ahead. The point is, stay away from the modern day slavery called “debt”. Imagine a lifestyle where the TV in your house, the house you live in, the clothes you wear, and the car you drive are all acquired on credit. At the end of the month, you’ll have to make the monthly payments for your numerous debts with ever rising interest rates until you are left only with peanuts to get by on. So what then happens when you lose your job or can’t pay back? It’s a forgone conclusion that you would lose everything and end up getting a heart attack. So why don’t you live less on credit. Pay for it in cash and if you can’t then you shouldn’t have it. Debt is death.

(3) You Hang Around the Wrong People

I’m a big fan of socializing. Why won’t anyone in an age where our associations make us! However as far as financial intelligence is concerned, you have to be very strict and choosy in your choice of friends. You have to keep good friends and push away the toxic ones with a bargepole. And why is that? The reason is because we mimic the spending habits of those we spend our times with the most. Hanging out with profligate friends will influence you to adopt that same wasteful lifestyle. So if your friends are happy-go-lucky’s who don’t have the slightest care about saving for their future but instead spend their earnings on the latest junk, it’s also possible you might end up taking some of their traits – at least we can understand  that by the power of peer pressure. If all of your friends are driving the latest Ford car and you drive an old edition, it is possible you might also go for that same car to blend in and quell their unceasing teasing. Now watch your associations. Better be alone than be in bad company.

(4) You Gamble An Awful Lot

These days gambling and bet centers are on the rise with some even going the extreme to promise bettors a complete refund of their first deposits if they don’t win at the first try. While betting or gambling may seem like a good money making avenue for some persons, only a few manage to hit it big (and by sheer mother luck) at the expense of the many unfortunate bettors. A few bucks wasted on sports betting may not seem that big a deal when looked at in isolation but this could become an impulsive habit that consumes every penny you have preventing you from saving. Wealth accumulation follows the slow and the gradual path of wise action and investing and not a one off event. Financial empires aren’t built in one day (not even Rome) – Even Warren Buffet took the slow and gradual process to wealth accumulation and started investing at 11 only to become a millionaire at 31, he didn’t do it winning a jackpot at the slot machine nor through gambling in Vegas. At its best, betting offers you an elusive promise to financial gain and at terrible odds, and a great opportunity to play ducks and drakes with your pennies making it harder to save what little you make. So until you are ready to break your gambling addictions, your penniless hoodoo might well linger on. It’s up to you to make that decision.

(5) You Watch Too Much TV Commercials

The media today has become the go-to place for marketers who are hunting for new customers for their latest releases. News documentaries today are sandwiched by seconds of well-timed subtle TV commercials. These adverts put ideas in your head. These adverts portray celebrity figures using certain products to get viewers to follow suit. They heighten your deprivation levels and soon enough you are off shopping for items you never needed in the first place. To kill every impulse buying, I’d suggest you watch less TV commercials. Don’t become a prey to marketers.

One more thing, don’t just read this article and run off without actually getting to implement the tips shared here as that would take you nowhere. You’ll be guaranteed greater results in ensuring you put behind you the life of lack and empty wallets if you can honestly crack down on the lifestyles wasting your precious money. C’mon, you can do it and I’ll be here to cheer you on all the way. Go deal with them now!

You might also like More from author

Leave A Reply

Your email address will not be published.