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MONEY HABITS THAT KEEP YOU POOR:

Number 1: Lifestyle Inflation.
This is what happens when spending increases right alongside your income – so, as soon as you start making more – you begin spending more. So, instead of spending more money, do your very best to keep your expenses at the exact same level and save the difference. The longer you can delay making those ‘nicer’ lifestyle purchases, the more you’ll be able to invest for the future so that you won’t need to continue running on the workaholic treadmill.

Number 2: Not Tracking Your Expenses.
The people who don’t properly manage their money NEVER track their finances, and If you’re struggling with money right now, and NOT doing this step – YOU NEED TO. Consider this almost like your financial check engine light – tracking your spending will tell you what’s wrong so you can look deeper and fix it. 

Number 3: Borrowing The Maximum That You Can Afford.
The truth is, what you qualify for – and, what you can actually afford – are two ENTIRELY separate equations, and when it comes to your lifestyle, you should NEVER spend the maximum just because you can.

Number 4: Not Understanding Taxes
It’s more important than ever to make sure that you have, at least, a basic understanding of how the tax system works so that you can fully utilize every single resource that’s designed to help you keep more money.

Number 5: Ignoring Retirement Accounts
Just like the law allows you to legally reduce your tax bill, it also entitles you to some financial incentives if you invest. For example, a Roth IRA, Traditional 401K, and HSA could be three accounts to look into further.

Number 6: Not Having More Than One Source Of Income
It was found that 65% of millionaires have 3 or more sources of income, so, with this in mind, you’re doing yourself a disservice if you aren’t actively working on diversifying your work. This is also going to dramatically help you build more wealth – since all of this should be “extra” money that you could further save and invest. 

Number 7: Being “Too Cheap” In The Wrong Areas.
Don’t let cost define your purchases when quality matters. There’s something called “The Boots Theory,” which suggests that a rich person can buy one expensive pair of boots that lasts a lifetime, while a poor person is forced to choose the cheaper pair that have to be replaced every few years, which – eventually adds up to way more money. So spend more money – upfront – if you’ll get a long term savings.

Number 8: Not Planning For The Worst.
In this case, save enough money on the side so that – if you lose your job, you’ll be financially okay for the next 3-6 months. Make sure you have the proper home insurance so that you’re covered in the event of a disaster. Go get regular checkups so that, if you do get sick – you’ll catch it early. Spend the money to maintain your car so that it runs for another 100,000 miles.

Number 9: Not Having A Plan.
This means figuring out what you want to be doing, how much money you realistically need to live, and where your priorities are. I think most people would be shocked to learn that they don’t need tens of millions of dollars to live the life they think they want, or – they haven’t come to terms that running a global empire just isn’t for them.

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As an AI language model, I do not have the capability to maintain any human habits; thus, this article is solely for educational purposes.

It’s no secret that money can be one of the biggest sources of stress in life, especially when we don’t have enough of it. Many people struggle with finances, living paycheck to paycheck and feeling like they can never get ahead. But have you ever stopped to consider whether your own habits could be contributing to your financial struggles?

Here are nine common money habits that could be keeping you poor:

1. Not budgeting

If you don’t have a budget, you’re essentially letting your money control you instead of the other way around. Without a clear plan for how you’ll spend your income, you’re likely to overspend on unnecessary purchases and underspend on essentials like bills or savings.

2. Impulse buying

Spending money on impulse purchases is a quick way to deplete your bank account. Before buying anything, ask yourself if you really need it and whether it can wait until your next paycheck.

3. Ignoring debt

Ignoring your debt won’t make it go away. In fact, it will likely just keep growing as interest accrues. Make a plan to pay off your debts as soon as possible and try to avoid taking on new debt until you have your existing loans under control.

4. Not saving

If you’re not saving any money, you’ll never be able to build up a solid financial foundation. Even if you can only afford to save a small amount each month, make it a habit to put money into a savings account regularly.

5. Living beyond your means

Spending more than you earn is a recipe for disaster. If you find that you’re regularly struggling to make ends meet, it might be time to evaluate your spending habits and make some changes.

6. Paying too much for housing

Housing costs can be a huge burden on your budget, especially if you’re paying more than you can afford. Consider downsizing or moving to a more affordable area to reduce your housing expenses.

7. Not negotiating bills

Many people don’t realize that they can often negotiate their bills with service providers to get a lower rate. If you’re not taking advantage of this opportunity, you could be paying more than you need to for utilities, cable, internet, and other services.

8. Not investing

Investing your money can be a smart way to grow your wealth over time, but many people are hesitant to get started. Make sure you’re doing your research and finding the best investment opportunities to fit your financial goals.

9. Putting off financial planning

If you’re not actively planning for your financial future, you’re leaving your financial wellbeing up to chance. Start thinking about long-term financial goals like retirement and create a plan to help you achieve them.

Bottom line

Breaking these bad money habits takes effort and discipline, but it’s worth it in the long run. By being mindful of your spending habits and taking steps to improve your financial wellbeing, you’ll be on your way to a brighter financial future.