The Most Authentic Guide on Personal Finance and Investments

Words of Wisdom : "If past history was all that is needed to play the game of money, the richest people would be librarians." ~ Warren Buffett

7 Ways to Remain Poor

Do you think only money makes money? Wrong. If it were true, you wouldn’t have had the countless rags-to-riches stories.

Do you think that some special talent makes money? Wrong. Many talented persons have not made any decent money. And yet there are many average persons who have become millionaires.

Do you need to be in a particular country or place to create your millions? Wrong. You will find both rich and poor people from the same locality, same environment and, in fact, even the same house.

Do you need to be in a particular vocation or career to make your millions? Wrong. Many people are doing the same type of job or are in the same business. Yet only some succeed, while many others remain poor.

Listed below are 7 common habits that make people poor. Many people are unfortunately afflicted by these bad habits. I hope you aren't one of them.

1.  Save your money in bank FDs
The net amount in your hand – after taxes and inflation – will be lower than what you had initially put in.

2.  Save your money in insurance policies
Again, inflation, high charges and sanitized investments will make sure that you get less than what you put in.

3.  Pay only minimum balance on your credit card
The exorbitant interest cost will definitely put you on the the road to penury.

4.  Live your life on credit
If the total EMIs that you pay every month is more than 50% of your take home pay, you will never have surplus money to create wealth.

5.  Buy the best
Buy top-end phones, top-end cars, top-end gadgets, top-end dresses and you will surely hit the bottom-end with your finances.

6.  Buy gold jewellery
Gold jewellery comes with higher gold prices than market rate and heavy making charges. These will eat into your returns and you will rarely make money by investing in gold jewellery.

7.  Eat out as often as you can
Outside food is 3-4 times more expensive than home-made food. Also, being unhygenic, it invites medical problems and hence medical expenses. Great! A single punch provides double hit to your finances.

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Ignorance is like a SIGNED BLANK CHEQUE... anyone can MISUSE it.

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