Being poor means having a lack of money to live at a standard considered comfortable or normal in a particular society. Simply, it is not enough money to live properly. There are multiple factors that stop being poor.

According to Dave Ramsey,

“There is a difference between poor and being broke. Poor is a state of mind, meanwhile, the broke means, I’m passing through.”

He further says, “there are three basic reasons for being poor:”

  • 1. If your government is corrupt and no economy to participate in
  • 2. People are oppressed and taken advantage of
  • 3. Making bad decisions with their money and lives.

We have nothing to do much on the first two. But we have fully responsible for the last one.

Table of content
1. Uncontrolled dietary habit
2. Making impulse purchases
3. Debt happens when you spend more than you earn
4. Spend your money blindly
5. Save what remains rather than spend after savings
6. Wasting your time and not improving your skills
7. Fail to learn from mistakes

vakxer 7 factors stop being poor

1. Uncontrolled dietary habit will help you to stop being poor

Health authorities recommend your daily intake. You have to take only the necessary amount of nutrients daily. Too much and unwanted junky food will make bad health. Just thinks, how much you spend on foods, especially most of them are unnecessary. It will dust your money. If you concern about your food, it will help you to save your money as well as your health.

2. Making impulse purchases

This is not about going out for dinner when you too tired to cook at home. You might find something cheap, an offer or a coupon on the internet or at the shop. But if you use to buy without thinking twice it will slim your pocket. So, you should raise concerns over what you buy.
When you go shopping, it is better to make a list of the most needed items. Otherwise, you will buy whatever you see. If you are buying online, you can search for the mean price of an item. you can also try for any available promo codes/ coupons or price offers.

3. Debt happens when you spend more than you earn

The buying attitude has changed in the recent past. In old ages, people used to buy with the money they belong. With the introduction of a credit card facility, you can buy enormously. The credit limit will depend on your wealth. You can buy even a home with credit cards or with loan facilities. If you have no idea about your buying capacities, it will sink you into a huge debt. So, it is worth it to realize your buying capacities. Otherwise, you will end up in unbearable debt and remain broke and poor.

4. Spend your money blindly

If you don’t have a preplanned budget, you don’t have a clue how your money spending. You should have an idea about how your expenses are. If you don’t have a list of expenses, bills, it is difficult to plan on savings, extra expenses. You will gain stuck in broke or poor.
Our solution is to maintain a list of monthly expenses and bills properly. Then you can list how much you allocated for them and mark when done. Finally, you have an idea about your income, savings, and expenses. Then you can plan your next month.

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5. Save what remains rather than spend after savings

Most people use to save money what they remain after your all expenses at the end of the month. This saves what remains is not a healthy financial attitude. When you have your paycheck, transfer at least 5% of that into your savings account. It will be your emergency fund. So, don’t touch it. It’s that simple. If you save money, the money will save you. So, you practice this, to live on what remains. It is financial discipline.

6. Wasting your time and not improving your skills

Time is money. We have limited time. If we wasting this time on unnecessary activities like playing video games, going to parties, or being on social media, it won’t gain any. Instead of that, you can invest your time to achieve your personal goals or to improve your skills. Try to convert this into a good income source. You can use new skills to improve your financial state. There is a famous saying, if you learn more, you earn more.

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7. Fail to learn from mistakes

Failures are not failures actually. They are the keystones to shape our journey. With mistakes or failures, we will understand where we get wrong. We can see what are the alternatives, what are the best options, how do we skip failure, and so on. Thomas Edison once said, “Never get discouraged if you fail, learn from it, and keep trying.” It will lead you to success.

Practice these seven methods that stop being poor. You will feel how money saves you when you need it.

“Congratulations”, Now you are on your very first step of going away from them being poor.

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