16. You are eager and busy to get rich quick.
“Too many people are looking for the quick and easy way out of poverty and are trying to get rich quick”, said Jon Dulin, founder of Money Smart Guides. “Whether it be a hot stock, a job or business idea, too many of us chase the idea that we can come into extraordinary wealth overnight,” Dulin said.
“Sadly, it doesn’t work this way,” he said. “You have to put in the hard work to become rich. We see the rich now thinking they got lucky or made it without much work. But we don’t see behind the scenes at just how much work they put in to get where they are.”
Having great ideas is not a bad thing but to follow through your ideas like a crazy person could bring more trouble to you than good. Imagine investing your hard-earned money in a business idea you did not even thought about carefully. Imagine losing all the money at the end of the day! Take it slow and carefully. Know if it’s a wild goose chase.
17. You do not know how to budget or even if you do, you do not stick to it.
Having a budget is Personal Finance 101, yet many people still don’t have a budget or don’t stick to one.
“Many end up in financial hardship because they think they don’t need a budget,” said Michelle Schroeder-Gardner, personal finance blogger at Making Sense of Cents.
“No matter how rich or poor you are, a budget is almost always a necessity because it can help you figure out where your money problems are and what you can do to improve your financial situation.”
18. You are always one step behind your bank account.
“Not planning ahead is the number one reason I was broke as a younger me,” said Linsey Knerl, blogger at 1099 Mom. “From not keeping track of due dates and getting hit with late fees to not planning out trips and losing track of deposits and withdrawals that led to overdraft fees, planning was my big challenge,” she said.
“It was never about not having enough money initially,” Knerl said. “It was that I was so bad at planning and I missed important opportunities to hold onto it. It’s the little things that kill a budget.”
19. You buy idle, or worse, depreciating assets instead of productive ones.
“One of the main reasons that people can become poor is that they focus their time on buying depreciating assets like cars, ATVs, boats, etc.,” said Deacon Hayes, personal finance blogger at Well Kept Wallet. “Because of this, they have little resources to build wealth and, therefore, they continue to live paycheck to paycheck.”
How can you fix this problem? “Focus on buying appreciating assets like stocks and real estate, which would grow over time and eventually give them more resources so that they are no longer living in poverty,” Hayes said.