4 COMMON MONEY BAD HABITS





Why do people fail financially? What does it take to succeed financially? Financial success is not the exclusive right of some but a dream achievable by all. Listed below are bad money habits which are some factors responsible for the financial failure of people. 

INCORRECT BELIEFS ABOUT MONEY

 The birth place of wealth is in your mind. There are basically two beliefs about money – POSITIVE and NEGATIVE. Your belief about money is positive when you have an ABUNDANCE MENTALITY, which is believing that there is enough prosperity for everyone on earth. You being poor is not because there isn’t enough prosperity for everyone but because you limit yourself mentally.Negative belief about money is when you are equipped with a SCARCITY MENTALITY that the wealth
available is not enough for everyone. The mind becomes preoccupied with thoughts of you not being able to afford something rather than focusing on how to get it.

Related:3 Ways Budgeting Can Make You Richer

 PROCRASTINATION 

Money will not come to you on a platter of Gold. You have to cultivate the discipline of execution just like Tito Philips jnr. (Entrepreneur and founder of Differentiate Online) because this is the ability to get something done when it should be. It is the ability to take action to make your financial goals a reality. Many people fail financially because of their poor work habits. Procrastination is the habit of pushing important work forward with the mind of getting it done later. What you must remember is this;
Today was Yesterday’s Tomorrow and Tomorrow will be another Today. What does this tell you? All you have is NOW, not Tomorrow, so your job is to make the most of it. 

Related:FINANCIAL LITERACY: THE ROAD MAP TO FINANCIAL FREEDOM

NO FINANCIAL GOALS

 Not having financial goals is one of the factors keeping many poor. How can you expect to grow your income if you do not have a precise figure in mind? Just confessing that you need more money is not enough, you must be as specific as possible with a particular figure or amount in mind. Why is it so? The human mind only works with what it has been fed. The more you feed it through your thoughts, knowledge and words, the more focused it becomes. The less you feed it, the more confused it becomes. Goals are how you help your mind to become laser focused. It is how you gain clarity which is a necessary requirement for action. Those who set financial goals with clear figures often end up having their goals achieved. If you don’t know where you are going, how do you get there? Financial goals give your financial life a direction.

Related:TURNING TRASH TO CASH

 NOT HAVING A SAVINGS HABIT 

All that you earn is not meant for consumption. The classic book by George. S. Clason. The Richest Man in Babylon puts it this way pay yourself first. Money saved is the seed you plant in order to reap more in the future. Bad saving habit leaves you with less capital to invest (plant), when you do not sow, how then do you reap?

No comments