Written by Robert Thompson III | 12/15/20
Many people love to have fun, they use their money to buy things to just enjoy life. But there are certain things you can not do in order to keep a balanced budget. These are the 10 things you should never do with your money.
1. Never not pay your self
You want to buy many things but you can’t forget to pay yourself. Put some money in savings and then invest some money and have some money for yourself so you are earning money. You won’t earn money overnight but as time passes you will earn plenty of money.
2. Don’t buy gifts you can’t afford
Everyone wants to buy gifts and give to loved ones, but sometimes it’s not necessary for the sake of your budget. Write them a letter or make an agreement that their gift can’t be over 20 dollars. If you want to generate wealth then something has to be done.
3. Avoid get rich quick schemes
Getting rich quick is something everyone wants, but you have to put in the work in order to be wealthy. Being wealthy is something you have to work for. You can’t be lazy and look for some get rich quick schemes, that’s just a waste of your time. If you really want to be wealthy then put in hard work to achieve. Hard work + determination = success.
4. Buy now, pay later
If you can’t afford something don’t fall for this trick. Let’s say a customer wants to buy a phone, and he tells the store he can’t afford it.The customer is able to receive the item right at that moment, but pay overtime, including interest. Which means you’re paying more than the price of the item.
5. You don’t need the newest things
Having new things may seem cool, but to your budget it’s not. There is a new iPhone, but your old phone is working perfectly. Think about this: you don’t need a new phone if you have one that already is working. Buying things you don’t need is not good for your budget.
6. Don’t blow your money
Sometimes people buy things, use them once, and never use them again. This is why many people lose a lot of money, you have to buy something that you will use consistently. don’t just blow your money away on things that will waste your money and time.
7. Don’t invest in something you do not understand
Nowadays a lot of people are into the stock market and are looking forward to investing in some things, but you need to understand what you are investing in before you invest in it. Like bitcoin for example in order to invest you need to understand what bitcoin is.
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8. Don’t shop when your upset
When you are angry or upset then go to the store is a bad idea. When you are angry you will buy more to satisfy your anger and make not so good choices, even if you try to control and know what you are buying when you are angry it’s better to avoid it at all costs.
9. Driving a car you can’t afford
Everyone loves to ride in fancy cars they like to show off and look rich but let me ask you a question: would you rather look rich or be rich? If you are trying to generate wealth then looking rich would not be your answer. If someone is driving a tesla and when you go to their house you see 6 tesla cars and his house is a mansion, 99% of people would say he’s rich but in real life he is just looking rich. Wealthy people don’t try to show their wealth because they don’t need to prove anything. Just like you, don’t try to impress everybody by looking rich.
10. Don’t eat out if you have credit card debt
Eating out is something everyone does but on certain occasions, it’s just not necessary. Like in credit card debt let’s say you go out to get a sandwich that cost $25, every day for lunch you go out to get that same sandwich you’ll be spending 700 dollars every month and plus you in credit card debt and on average, Americans carry $6,194 in credit card debt, so $700 in a year is $8,400, that’s way more than your credit card debt.
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