Barely putting food on the table and struggling to work all day long just to spend all earning for the necessities can be exhausting. Being in such a situation can make you feel like nothing is working anymore, and it may appear like there’s no way out from living paycheck to paycheck. Don’t worry. You can escape from a dark financial situation.
If I may ask, what would you do to your money if, by chance, you won the lottery worth $1.5 billion? Although this may sound like a dream beyond reality, something like this actually happened back in 2016, when the biggest PowerBall prize in history was won.
However, since the prize was divided into three winners from three different states, they didn’t get to be a billionaire. And even if they did, the hefty taxes and other expenses that come along with the prize won’t let them get away with billion dollars that easily. Despite all the costly expenses, the money that will be left is enough to keep them wealthy for the rest of their lives.
If you placed the lotto prize on a good investment vehicle, its interest could provide you with a more lavish lifestyle that even some CEOs can only dream of. However, if you would look at the data gathered about most people who won the lottery, you will notice that what happened to them is the opposite— they went bankrupt.
Research shows that individuals who made fortunes by winning the lottery are most likely to wind up their money in just one year or less. But why do these instant millionaires have this tendency to lose their money real fast?
While a stroke of luck can make a person a millionaire, bad habits have the power to drag them down powerfully. Millions of dollars can easily distinguish in a single day with a destructive habit. So, it doesn’t usually matter how much money you make or have, but it is about how you manage them.
If you want to achieve financial freedom, then stop sabotaging yourself by keeping habits that are not good for you. Here are the five money habits that will keep you poor forever:
Not giving value to time
Time is among the best resources you could ever have. So, even if this isn’t a direct money habit, this is probably the number one reason people struggle financially. Every single minute you spend on something that doesn’t give you anything in return could have been spent on improving yourself or building a business.
People, especially the young ones, tend to spend time as if they have unlimited time. However, you should know by now that time isn’t unlimited, and no one knows when the gift of time will be taken away from them.
You don’t have all the time in the world, so begin looking at every hour you spend as the time that you will never have again. Either you take advantage of it or stay mediocre the rest of your life.
Letting money rule your life
This sounds a bit weird, but the more you run after money, the more it flees from you. Individuals who prioritize money tend to show off how much money they have, spending a hefty amount of money on things they cannot afford.
Most people who let money rule their life often live from paycheck to paycheck, sinking from debt just to look well-off and successful on the outer appearance. Yet, behind the “successful” facade is the truth that they are in deep trouble financially.
If you do anything for money, you’re most likely to miss valuable opportunities. It becomes relatively hard to see the bigger picture when you are too focused on money. For instance, what may not seem like a profitable business when you look at it short term, might be insanely rewarding in the long run.
Always keep in mind that money isn’t always the end goal. Life isn’t about making as much money as possible since money would not mean a thing if you were a breathless human being lying in the morgue. Treat money as a resource and not a destination.
Jumping from one get-rich-scheme to another
Individuals who get into a get-rich-scheme tend to jump from one undertaking to another with the hopes of winning the jackpot. These types of people are those who are always looking for a shortcut. They want the easy way to wealth and don’t invest a sweat in paving the way to their dream riches.
Although some truly hit the jackpot, the chances of you obtaining it is one in a million, or perhaps, a hundred million. If luck is on your side and you get to be that one person, good for you. Nevertheless, it would help if you always kept in mind that luck is not a strategy, and it will never be.
Stop wasting your time and effort on shortcuts, but instead, use your time wisely by taking courses that will help you gain valuable skills that can earn you big bucks.
Not believing in delayed gratification
We often view successful people as smart, talented, or even genius. However, that is not always the case. In fact, a study conducted has stated that the number one reason that sets successful people apart from the average is the ability to delay gratification.
Delayed gratification is when you can resist and decline things that can give you a small reward to receive a bigger prize later. For instance, rather than scrolling down for hours on Facebook, you open up your book to review for a test. Or, instead of giving your liver a boost for partying all night long with your friends, you choose to hit the gym instead.
According to research, a person’s ability to delay gratification is a great habit that leads to academic excellence, physical and psychological health, as well as social competence. This doesn’t mean that you should forget the present and set your focus on the future, though.
You should understand that everyone started off as a beginner. So, throw all your excuses away to the window and sacrifice your time and effort to build up yourself today for a better tomorrow.
Professionals you see now are those who have mastered the art of delayed gratification. They didn’t get into where they are the easy way. Instead, they spent months, years, and even decades improving themselves and being better than anyone else.
It is better to sacrifice now and reap all the fruits of your labor later than do nothing but enjoy and starve afterward.
Don’t expect to be rewarded the very moment you start your journey. Understand that it takes time for leaves to grow and for fruits to ripen. If you want to succeed, just focus on your craft and save the rewards for later.
Always comparing yourself to others
Comparison is a poison that kills. Most often than not, people who compare themselves to others tend to lose their confidence in front of those who are way too superior for them. It kills passion, years of hard work, and dedication.
You need to understand that your life is unique and different from those that have ever existed. Don’t compare yourself to anyone else. Just stay true to your core because, at the end of the day, you are a completely different identity.
