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

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