5 REASONS WHY YOU ARE STILL STUCK IN POVERTY - Business Ideas For You

5 REASONS WHY YOU ARE STILL STUCK IN POVERTY

why you are stuck in poverty
Hello there!

I feel I should have written about this earlier because so many people are struggling to achieve financial breakthrough but realize that they keep on going back to their initial financial situation.

What they don't realize is what could be causing this.

Below are the 5 reasons which could be dragging you down back to the road of endless poverty

1. FOCUSING ON LINEAR INCOME

Do you only rely on your salary, wages or your guardian to fund you?

If so, that could be the major reason why you're not having any breakthrough in getting rich or achieving your financial goals.

One thing that you have probably heard, read or seen about the rich is that they have numerous passive revenue sources. This is because investing in passive income is the fundamental principal of wealth creation.

Passive revenue is the type of income where you earn without having to work in the conventional way.

An example is investing in a slot machine and keeping it in a casino. In this case, you will earn without being actively involved.

When you invest in passive revenue you won't need to sacrifice your time to earn. This will allow you to have numerous income sources as your sole work will be management

Passive income in a nutshell: Making your money work for you,as opposed to working for money


2. WAITING TO START

You have probably heard your friends or from social media about a great investment opportunity.However, you keep postponing on when you'll start. In the end what will happen is that it'll be too late.

However, don't rely entirely of hear say. When you learn about a potential income opportunity, do your research first since as much as an opportunity may be good for your friends, it doesn't mean that it'll work out for you too.


3.SPENDING MORE WHENEVER YOU EARN MORE

A poor man's mentality is where, whenever you get additional income or a promotion, you immediately change your lifestyle; buy a less fuel efficient car,move into a more expensive house, start flying first class etc.
This is one sure way to remain broke all your life.

It's okay to treat yourself, after all you have deserve it, but you have to set the limits in your expenditure.

Point to note: Don't increase your spending unless it's really necessary.
At the same time, avoid as much as possible spending your money on liabilities

4. YOU SIMPLY NEVER SAVE

Savings are the ultimate stepping stone to financial breakthrough.
Most financial advisors recommend that you save at least 15% of what you earn.

I especially like Patrick Bet David's view in 20 rules of money

Ask yourself: How much money has passed through your hands since you were 14? and How much of that money have you left in your wallet.

If you are not pleased with the answer, then you need to make some serious changes in your savings habits.

5. FEAR OF THE UNKNOWN

Investment is all about risking and in most cases you have to spend money to get money.However, you'll need to know how high or low your risk tolerance is.

Do your research well and success in investment will be a leap of faith away.

Success is a choice
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5 REASONS WHY YOU ARE STILL STUCK IN POVERTY 5 REASONS WHY YOU ARE STILL STUCK IN POVERTY Reviewed by Frank Migici on August 08, 2017 Rating: 5

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