by Chinkee Tan
People have a lot of misconceptions about what being poor means. Sadly, the real indicator of being poor may not exactly be the same with your idea of what being poor is like.
The truth is, the poor state of your finances may be coming from your wrong perception of wealth, financial stability, and being poor. There are patterns in the way you live and spend your money, which can be considered clear signs that you are going to end up poor one day.
Let us look at the potential signs that you will one day end up poor or which might be already happening in your life.
1. You have bills you struggle with or cannot afford to pay.
You can barely keep up with your utility bills every month. Apparently, you have spread yourself too thin to the extent, that you are spending more than what you are earning. As a result, you get anxious every time you receive your bills, because you know that you can no longer afford to pay them.
You don’t have a consistent source of income or your income is not just enough. You just settled for the one that is currently paying you an amount that is barely enough to make ends meet.
2. You have an addiction.
Being addicted to shopping can do you more harm than good. In fact, you find pleasure in buying things you don’t even need rather than saving your money to secure your future.
The sad thing is, you put your resources in something that you know is only temporary and will not give you lasting benefits.
3. You’re expecting someone to take care of you after you retire.
You live on the mindset that your loved ones will take care of you and your needs someday when you are already old and retired. Unfortunately, our loved ones also have their own family and expenses to take care of, not just your own.
There is no guarantee that the people you helped and loved will provide your every single need as a senior citizen. You need to work on your retirement fund while you are still young, so you can secure a stable future for yourself.
4. The moment you lose your source of income, your only resort is to borrow.
If your only option is to borrow money instead of fixing your expense and working hard in order to achieve financial stability, it can create a vicious cycle in your life that is going to be hard to shake off.
5. You have the tendency to spend money before you receive it.
The main reason why the poor stay poor is because they develop the habit of borrowing. If getting into debt is a habit, then borrowing also becomes a habit. It becomes a trap for you and your loved ones.
If you really want to get rich or at least improve your financial situation, you need to learn how to manage your money. Money should be used for protection, to protect you and your family’s health, comfort, and lifestyle and sometimes even happiness.
If you find yourself in this situation the first thing you should do is get rid of the debt.
Bottom line, no one wants to become poor and needy one day. I hope this article enlightens you and challenge you to do something about it today.
THINK. REFLECT. APPLY.
What unhealthy spending habits do you have that might make you poor one day? Which spending habits do you need to change in order to become more financially responsible? What are your priority expenses every month and how much do you need to put aside for them?
