1. THEY SAVE
People who always have money are great savers. They learn to save at a very young age. If you also want to be like them, start saving today.
If you are thinking, you’ll start to save money when you reach a particular salary, you are wrong.
There is nothing like enough money. As your salary increases, so does your living standard.
Spending money has no limits.
Saving has nothing to do with how much you earn. Saving is about the way you spend.
2. THEY ARE NOT IMPULSE BUYERS
Impulse buying does more harm than good in the long run.
It is wrong in every way possible. It hurts your bank account, clutters your house and makes you believe; you don’t have enough.
Stop buying things you don’t need.
Shopping is not a remedy but a trap which leads to financial problems.
Learn to control impulse buying. If you like something, don’t buy it immediately. Wait for at least a week before buying it. If after a week you feel you need it, go for it.
3. THEY USE THEIR FREE TIME TO EARN MONEY
Start something outside of your 9 to 5 job.
People who always have money do not rely on a single salary. They usually have multiple sources of incomes.
Use your free time to start a side hustle.
Now, please do not say that you are not good at anything and have no talent. Every person is talented. You just need to have faith in yourself.
Turn your hobby into a side hustle. I believe every hobby can be turned into a source of income. You just need to be passionate enough.
4. THEY LOVE CREATING BUDGETS
So, you ask me who loves creating budgets? Well, people who are good with money do!
Budgeting is one of the most important financial habits that everyone should have.
A budget allows you to track your spending habits and stops you from overspending.
When you don’t have a budget, you don’t have a limit. And limitless expenses result in debts and hardship.
5. THEY DO NOT SPEND TO IMPRESS
People who always have money understand that they don’t have to prove anything to anybody.
Their financial condition is their personal matter and does not need validation from friends and family.
Your friends and family members who really care about you will never judge you for not throwing extravagant parties.
Do not spend to impress, because respect is not earned with money.
6. THEY HAVE FINANCIAL GOALS
Decide your financial goals.
I want to become rich, or I want to have a lot of money are not goals but merely desires.
Have a goal and then chalk out a plan to achieve it.
For instance – Your financial goal is to build to an emergency fund of $1000. So, your action plan consists of small tasks and should answer the “HOW”.
7. THEY DON’T BUY WHAT THEY CAN’T AFFORD
This simple mantra is the answer to a large number of financial problems.
Buy only those things that you can afford. Possession of expensive things does give you a sense of fulfilment, but that felling is only temporary.
I believe, the constant pressure of being under debt is more troubling than the absence of luxury.
I know people, who are ready to go under debt and borrow money from friends, just to buy the latest version of the iPhone.
8. THEY ARE ALWAYS READY FOR FINANCIAL EDUCATION
People who always have money are learners. They are open to financial education at any given time and age.
By financial education, I am not asking you to take a loan from the bank and get a degree in finance.
It simply means to be ready to learn about money, investment and budgeting.
Read books on personal finance, take money-saving challenges, find out ways to save money and do everything else in your capacity to manage your money.
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