Some of us never dream on how to become multi-millionarie or crorepati in our life.
If you want to spend your money lavishly and don’t do planning there are good
chances that you won’t become Crorepati/multi millionaire in your life. One can do bad
financial planning and screwup their financial status and would not become
Crorepati in their life.
Here we are taking a look at 5 such habits that usually stop us from becoming rich:
1. Over-Spending
You become
rich by not how much you earn, but how much you spend. Money and income are
finite resources. Even if you are lucky enough to inherit some money or win a
lottery, it isn’t going to stay forever. Your money management skills or the
lack of it is the single most reason to become rich or poor. Many of us are
born spenders. Impulsive purchases can lead to financial trouble. Big spenders
do not even realize the amount they spend until considerable time has passed
and they are left with huge bills.
“The flag off
point in the journey to be rich is to be prudent with your spending. The most
common trait among the rich and the super rich is their frugal living. Some of
the richest people today are incredibly frugal and their penny pinching habits
are worth following. Taking control of your finances is the first step towards
financial security. Keeping a track of your income and expenses will give you
an overview of your financial status – where you can spend less and save more,”
says Santosh Joseph, Founder & Managing Partner, Germinate Wealth Solutions
LLP.
2. Procrastinating/ Postponing
Delaying key
financial decisions can cost you dearly. We are always split between ‘Day1’ or
‘One Day’. Your financial planning should start from the day you start earning.
Many of us have the tendency to push money planning to another day or postpone
it till the last minute, simply because we have something else to do or we
don’t understand it.
“If only we
can avoid the ‘one day’ syndrome and opt for financial planning from ‘Day one’,
you are sure to get a grip of your money matters. The salary you earn and
increases in income as you grow in your career alone won’t make you rich and
wealthy. What you do with the income and how you make use of your savings will
determine how significantly your wealth grows,” says Joseph.
3. Wrong Thinking
If you are
one among those who feel financial planning is only for the rich, you are truly
wrong. The notion that being rich is only for a select few is prevalent and
real. There is no minimum amount you need to start planning your money. Almost
everyone who is rich, believed that they would be rich and had some manner of
thought and work towards it.
4. Waiting For Luck/ Fortune
An ancestral
treasure or a sudden lottery is never going to make you rich. If you are
waiting for luck to shine upon you and hand you a fortune, it’s time to break
the bubble. This is a habit that makes one complacent and a sure shot reason to
keep you away from being rich.
5. Laziness
Laziness
fuels more laziness. “Good things come to those who are willing to go out there
and be productive. If you love mediocrity, you will never rise above the
mundane. If you can’t beat laziness and act beyond the ordinary, your chances
of becoming rich are pretty ordinary. Productivity increases your chances of
being successful and rich,” informs Joseph.
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