31 Dumb Things That Are Keeping You From Becoming Wealthy
31 Dumb Things That Are Keeping You From Becoming Wealthy
By Barb Nefer November 25, 2020
These small financial mistakes chip away at your wealth.
Everyone would like to know how to become rich, yet many people make financial mistakes every day that keep them from becoming wealthy — or at least from building up a nice nest egg. What are the dumb things that get between you and wealth? These warnings from experts will help you correct your financial mistakes and watch your bank account grow.
Not Having a Planned Budget
Budgeting is a no-brainer. But failing to create a budget is one of the most common financial mistakes people make. It sounds simple, but people play fast and loose with their money, then wonder why they never discover the secret of how to become rich. “Without a budget, it’s impossible to have control over your money and know where you are spending the majority of it,” said finance expert Kelan Kline of The Savvy Couple. “Without a budget, your money has no plan and will prevent you from building your finances up indefinitely.”
Being Reactive Instead of Proactive
When you handle money reactively rather than proactively, you’re likely to make mistakes. If you want to know how to become rich, handle your money with a sense of purpose and make it work for you rather than spending indiscriminately.
“One thing that keeps people from becoming wealthy is living reactively rather than intentionally,” according to financial behavior coach Derek Hagen of Money Health Solutions. “Going through life without knowing what money’s purpose is for you will make it more likely that you will spend money in areas that aren’t important to you.”
Staying In a Dead-End Job
The saying “a body at rest tends to stay at rest” applies to many things, including jobs. Most people avoid the time and trouble of a job search if they’re already in a decent position, but that’s a big financial mistake.
“While it can be difficult to look for a new job when money is tight, considering ways to improve your career should be an ever-present thought,” said Tom Blake, owner of This Online World, a personal finance blog for young adults.
“If you are working at a company that limits opportunity, you may be missing out on a chance to increase your salary and professional development over time,” he said. “If you feel as if the company you work for will never allow you to progress, it may be worthwhile to start a job search on the side and to look for an alternative option with more financial opportunity.”
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