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Poor Habit #1 – Want Spending – Want Spenders spend more money than they make on their wants. They surrender to instant gratification, eschewing saving in order to buy things they want now: 60 inch TVs, nice vacations, expensive cars, bigger homes and jewelry. They also spend too much money at bars and restaurants. Worse, they incur debt in order to finance their standard of living. Want Spenders have been brainwashed by advertisers and a consumerist society into buying things they do not need.
Poor Habit #2 – Spontaneous and Emotional Spending – Never buy anything on impulse or on emotion. It is almost always the wrong thing to do. That spontaneous or emotional purchase will lose its luster after only a few weeks. Then you’re stuck with something you don’t need and that does not generate any income.
Poor Habit #3 – Supersizing Your Life – Supersizing your life is driven by ego and envy. Your neighbor puts in a pool and envy drives you to do the same. Your friend buys a much bigger house in a more expensive neighborhood and envy drives you to do the same.
Poor Habit #4 – Lifestyle Creep – You engage in Lifestyle Creep when you increase your spending to match your increased income.
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, Effort-Less Wealth, Change Your Habits Change Your Life, Rich Habits Poor Habits and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
