Not knowing how to save
Having a sum of money to support you for a few months in case of an emergency is one of the signs that you manage your money well.
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Being forced to borrow money in any unexpected situation indicates poor financial management and a difficulty in achieving wealth.
You can follow Warren Buffett’s advice to build your savings: Don’t save what’s left after spending, but spend what’s left after saving.
Buying pleasure on credit cards
A vacation paid for by credit card is a sign that you have a problem with financial management. We all need rest and relaxation from time to time, but going into debt to travel is a bad idea. This is because you will have to pay off the debt from this vacation instead of saving money for the next one.
Former US President Thomas Jefferson advised that one should not spend money before they have it. Even though there were no credit cards in his time, there were still many opportunities to go into debt.
Frequently throwing away leftover food
If a person frequently throws away leftovers, it shows that they don’t know how to manage their food, resulting in waste. In essence, you are throwing your money away.
Fear of taking risks
This doesn’t mean that you should spend half of your salary on lottery tickets and invest the rest in high-risk stocks.
However, avoiding all risks and hoping to stay in your comfort zone forever will cause you to miss out on many opportunities to get rich.
Not learning new things
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The world is changing at an astonishing pace. If you don’t take the time and spend the money to improve your professional skills, you will, at best, be able to maintain your current income. However, you will also have fewer opportunities to become wealthy.
Relaxing in the wrong way
Writer and salesman Zig Ziglar once said, “Rich people have small TVs and big libraries, while poor people have small libraries and big TVs.”
There are activities that are considered entertainment but are actually a waste of time, such as computer games, entertainment videos, social media browsing, and bars.
Spending too much time on housework
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Cleaning and cooking are necessary activities, but it is a mistake to spend too much time on them. There are only 24 hours in a day, and after sleeping and working, you are left with only 5-6 free hours.
If you spend this time sweeping, making soup, and roasting chicken, you won’t have any time left to improve your skills.
You should spend this time learning about finance and looking for profitable investment opportunities instead.
Not trying to earn more money
Not everyone has the opportunity to completely change their job to earn more money, but even people in the same profession can have different salaries.
If your salary is not the highest in your field, you may not have really tried your best.
CEOs of large companies ensure that they are willing to increase salaries if their employees continuously strive to improve and excel.
Lack of money control
Entrepreneur Jaime Tardy believes that wealthy people always manage their money well.
If you don’t pay attention to how much money is in your wallet after shopping, you and wealth cannot go hand in hand.
To become wealthy, you should be aware of your income and expenses to spend reasonably. At the same time, you also create capital sources for profitable investments.
Sharing wealth-building plans with everyone
Sharing your plans to become wealthier only makes sense with people who will support you, but there are very few of these supporters.
Most people will think that your plans are unrealistic and impractical, and they will “shoot down” your business or wealth-building ideas.
Nam Phương (Translated from Bright Side)
