Why you will never become rich?

Why you will never become rich

Why you will never become rich?

Friends being rich means different for different people, for some it means financial independence, for some it means more indulgence in luxury, here the bottomline is everyone of us wants to be rich but not everyone is rich.

There is no mantra that will make you rich, but there are some financial discipline and practices that will make you rich in long run, at the same time there are habits which will pull you back from becoming rich.

Here I'm listing down 5 reasons why you will never become rich.

1. Overspending

Friends if you find yourself in this category, then its time to take some corrective measures, and don't worry it's not only you, as per data more than 52% of global population is living beyond their means.

Friends overspending is a big reason why you will never become rich.

So what corrective measures should I take?
Start closely tracking your monthly inflows and outflows, and see where you can cut your expenses, make a realistic and practical budget, and stick to it. Keep repeating it over and over every month.

2. Not creating an emergency fund.

Friends not creating an emergency fund, can cost you a lot.

Most of the people are of a belief that nothing wrong is going to happen in immediate future, but often life has got it's own plans.

So everyone must create an emergency fund, so that in case of any financial emergency you are not short of cash, and don't have to run helter skelter looking for money.

Creating an emergency fund will also ensure that you will not have to take any short term loans, just in case any unpleasant event happens.

There is no thumb rule when it comes for creating an emergency fund, the best way is to keep amount equal to your 12 months household expenses as an emergency fund.

3. Not buying a health insurance.

It is often seen people are ready to spend 1000$ for the latest flagship phone but don't bother to take adequate health cover, which will cost far less than that spanky mobile phone.

Friends we all know the amount of stress and strain our body is absorbing today, above that lack of sleep and no proper diet, we are literally abusing our body by all means.

Hence the probability of attracting many diseases have increased manifold, so taking adequate medical cover for  you and your family has become the need of the hour, or else one medical complication can wipe up your life savings.

4. Not investing in equities.

Friends no matter how much people read and understand about equities, still many of them will not invest in it saying there is no guarantee of fixed returns.

They will majorily depend upon traditional sources of investments like fixed deposits, post office savings, ppf which In the long run will not be able to beat inflation and will leave them poorer.

5. You complain, make excuses and don't commit.

There are people who are always complaining.

I don't have a good job.

I was born into a poor family.

My parents didn't give me good education.

My parents didn't leave enough fortune for me.

I was born unlucky.

Friends are you a person who falls in such complaining club, then trust me you will never become rich.

There is no point in complaining or making excuses, if you want your life to change, take charge of your life, take responsibility of it.

Friends if you keep on doing same things, then you will keep on getting same results, take control of your life and do what it takes to change it for better.

Mr gates was right when he said

If a man is born poor it's not his fault, but if dies poor it's his and his only fault.

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