The secret to becoming wealthy is proper financial management
Proper financial management entails discipline with spending, saving and investing. No matter how little you make, if you manage your money really well, it’s easy for you to become wealthy. If you truly desire to be rich, here are some things you need to stop spending money on.
1. Betting tickets
Gambling has ruined great men. Sports betting is huge these days, and it’s made to be addictive. Every time you buy a ticket in the hopes of winning millions, chances are you’re signing away your wealth.
Cigarettes will eat up all your money and ruin your lungs.
You don’t have to be high to enjoy your life. Addiction to weed can lead to disastrous consequences.
This is another addictive substance that will siphon your money before you can say Jack Robinson.
5. Latest gadgets
If you’re obsessed with buying the latest gadgets just to show you can afford it, then you don’t have your priorities straight. You should only replace a device if it’s broken, and you have at least 3 times the amount it costs in your account.
If you go clubbing and ‘make it rain’ at the club every weekend, it might be time to reevaluate.
7. Eating out
Going to fancy restaurants is nice, but doing this frequently will leave you constantly broke. Instead, go grocery shopping and make home cooked meals.
8. Unplanned expenses
Set a strict budget during the month and stick to it. Random expenses will kill you.