Mimicking Others Will Keep You Broke
Don’t follow the follower
If you try to be like everyone else regarding money, you will be broke most of your life.
Most people don’t understand the concept of delayed gratification and self-discipline — especially regarding their money.
It feels better to obtain our desires now instead of waiting, but waiting is one of the most powerful things we can do without money. And we can see how nicely that played out with Warren Buffet, who is now a billionaire because of his aggressive savings and investment habits.
We live in the age of I want it now; therefore, I must have it now. I don’t want to wait. And why would I wait when I can finance it now?
But getting what you want now when you can’t afford to cover it with cash, comes at a cost.
F*ck Appearances
Appearances carry more weight than they should, and people continue perpetuating the value of it.
If you drive a janky car, wear janky clothes, and don’t have all the nice things that some people do, you’re frequently valued less.
We are taught to aspire to certain things as a society:
Nice technology.
Nice clothes.
Nice home.
Nice car.
You’re considered broke, poor, or less important when you don’t have these things.
People treat a person dressed in name-brand clothes differently than those who wear Walmart-branded clothes. Typically, those who look the part are granted better treatment; this is our society.
Things Broke People Routinely Do:
Car
Carry a car note when they can’t afford to pay cash for their car.
Spend more or close to half their income on a new vehicle.
Upgrade their car every 2–6 years.
House
Not build an emergency fund before they buy a home.
Spend over 30% of their gross income on their mortgage or rent.
Buy too much house, so they constantly experience financial anxiety.
Luxury
Buy clothes and shoes that lead them into debt.
Take trips they have to fund through a credit card.
Get cosmetic procedures that they can’t cover with cash.
Financial Ineptitude
Not have a retirement goal to work towards.
Don’t save x percentage of their income consistently.
Spend more than they earn, leaving little to nothing in their bank.
Have you ever engaged in any of the activities above?
If so, and you desire to create wealth, these are the habits you need to obliterate immediately.
The easiest way to learn what to do with your money is to do the opposite of what the masses are doing. Unfortunately, most people don’t know how to manage their money and live beyond their means effectively.
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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.