8 Bad Money Habits That Keep You Poor! Avoid These.

In today's video we discuss every day habits that could keep you from being wealthy down the line. Be aware of these habits, stop them, and have an easier time becoming wealthy.

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Timestamps:
0:00 - Start Here
1:10 - Failing to Save For The Future
3:08 - Keeping Up With Friends
5:15 - Lifestyle Inflation
6:48 - Paying for Status
8:44 - Subscriptions
9:30 - Only Minimum Payments
10:40 - Falling for Sales
12:02 - Not Investing Soon Enough

1. Failing to Save For The Future
This is a habit that all you need to do to fix it is to simply just, plan better. Saving money takes some pre-planning and analysis, but saving for the future is actually easy if you're able to do the following:

Automate your savings.
Trimming your expenses.

2. Keeping Up With Friends
You need to resist the temptation to keep up with them if it's not within your means, and if your friend is a true friend they will understand if you say to them that you're not down to spend $100 on a dinner whenever you guys go out to eat.

3. Lifestyle Inflation
It's basically when you make more, you feel like you can spend more. I know personally when I was in college, I was able to get by just fine living the life of a student - which was not going out to eat all the time, sharing a place with 3-4 other roommates to keep housing costs down, and not spending too much on unnecessary items.

If you can continue to increase your income throughotu your life, but still live WELL below your means, that means the difference between your expenses and your income is going to be greater which means you can invest that $ and grow your wealth even faster.


4. Paying for Status
Would you rather LOOK like a million bucks or Have a million $? Well one of the biggest wastes of money out there are things you buy for status, or signaling goods.


5. Subscriptions
It's always good to do a quarterly or half yearly assessment of your subscriptions, take a look at your credit card statement and see what subscriptions you're paying for.


6. Only Minimum Payments
Most credit cards only require you to pay 1% to 3% of your balance each month. So it's tempting to pay the minimum off, but really - try to pay as much as it off as you can every month.


7. Falling for Sales
A SALE is set by the retailer. You know what else is set by the retailer? THE PRICE. Retailers know this and will always set the prices and sale prices in a way that will make THEM the most money.
So whenever you see a sale, Really just question it - is it actually worth the money you're about to give them?

8. Not Investing Soon Enough
If you haven't already started to invest, make sure that if you are saving a % of your income that some of it is going toward your investing account or your future.

▶️ My name is Humphrey Yang, I've built multiple businesses and am passionate about Personal Finance. If you're trying to build a solid foundation of financial literacy, learn to invest, or become financially free - then I'm here for you! This channel cover topics like getting out of debt, managing money, building credit, multiple income sources, passive income, etc.

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