The Bad Habits Preventing You From Having More Money

2018-06-15T10:05:21+00:00

Some people think that there’s a magic bullet when it comes to earning more money, but while this is convenient to believe (it’s a handy excuse), it’s not true. In truth, the people with a healthy financial landscape have mastered the art of cultivating good habits, ones which naturally lead to more money moving inbound. Take a read of some of the habits below, and see how many you’re guilty of. A more promising bank account may be within easy reach if you change a few of your ways!

You’re Too Loyal To Your Employer

People do rightly value loyalty, but it’s not something that should be shown at all times. Show loyalty to your friends and family, yes! But to your employer? It’s probably best if you didn’t. Studies have shown that people who move companies typically earn more money than the ones who stick it with just one. You’ll of course want to be loyal to a degree to those companies who have been good to you, but just be aware that you’ll be doing damage to your bank account if you stay too long.

You’re Not Topping Up Your Skills

The world is moving pretty quickly – some would say too quickly – and that means that new skills are always in demand. Even if you left formal education only recently, some of the skills that are required in the job marketplace might be alien to you. If you want to earn more money, then you need to be routinely topping up your skills, even if that means paying for the course yourself. This advice is more relevant in some industries than others, but there aren’t many careers that can’t be helped by having a few more up to date skills on the resume.

You’re Too Generous at Christmas

There’s a collective madness that sweeps through the nation when Christmas rolls around. Suddenly, all that budgeting we did for the rest of the year goes out of the window, and we go hog wild when it comes to buying presents. Americans spend an average of $900 on presents, and let’s be honest, how many of them are really worth parting with such a huge sum of money? This year, try to think of a new approach. The pressure to buy sack loads of gifts can be strong, but it can also be resisted – and even if everyone complains, they’ll get over it (and you’ll have a nice looking bank account)!

You’re Too Nice

We live in a country where there are consequences for your actions. If you’re injured and it wasn’t your fault, then there are two options: you’ll suffer, or you won’t. There are some myths surrounding the personal injury legal process, and one of the biggest is that the person you’re suing is going to pay for the damages out of their own pocket. In most cases, this is not the case. So don’t avoid getting what’s rightfully yours just because you don’t want to cause another person any hardships; they’re unlikely to have any anyway.

You’re Not Diversifying Your Income

How many sources of income do you have? If the answer is one, and that’s your salary, then it’s time t rethink your approach to building wealth. While solely relying on your income is the easiest option, it is not the best. You should be investing some of your wages, thus diversifying your income. If you can get into the property market, then all the better. In any case, aside from losing potential wealth, the problem with having all your eggs in one basket is that if you were to lose your job, you’d be in major trouble.

You’re Guilty of Lifestyle Inflation

You have a $25,000 a year salary and have a $25,000 lifestyle. You then get bumped up to $40,000, and instead of having $15,000 to put into your savings or invest, you don’t. Why? Because you’ve fallen into the trap of lifestyle inflation, which is the process of upgrading your lifestyle when you get a raise. This is why many people who have well-paying jobs end up financial difficulties; they’re not saving anything! You can treat yourself to a few new treats when you get a pay rise, but those treats shouldn’t account for all the new money you’re getting each month.

You’re Surrounding Yourself With Naysayers

Let’s say you’ve got an idea for a business. If you could get some money behind you, then you could have a viable, profitable business. Alas, you mention it to some people you know from your local watering hole, and they’ve all convinced you it’s not worth pursuing. So you drop it. Who knows where it might have led? We’ll never know. If people are constantly putting your ideas down, leave them behind. It takes guts and positivity to start a business, and you can’t have people pulling you down when you’re trying to fly.

You Don’t Know How Much You Spend

Be honest: do you know how much money you’re spending each month? And we don’t just mean on rent, food, and bills; we mean on coffees, cinema trips, and other luxuries. Keep tabs on your expenses for the next month, and you might find that you’re spending far more money on things you could cut out of your life than you realize. Get rid of them forever, and put all the money into your savings account.

You’re Not Pushing Yourself

Finally, a bad habit that most people have: not pushing themselves hard enough. People want to have fun, socialize, and so on, but if you do all of those things, then you won’t have the time or energy you to need to become a high earner. You can’t have everything in life, so eventually you’ll have to decide in life: to have a healthy bank account or have a nice and easy life.

Start making the necessary changes, and you’ll be on your way to boosting your income in no time!

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