Here is a list of 7 sins that keep you poor:

1) Buying for the sake of boasting

Amazing how many people think ‘this much is basic’ how can I not travel by air, taxi, auto…or ‘it is my wedding anniversary, I MUST BUY HER a diamond ring’ or ‘sir we just need an I pad’ . Amusing to see kids buying a mobile, car, house, …all on such ‘sir everybody borrows to buy a house’ theory. Entitlement based on dad’s earnings is even funnier to watch.

2) Self worth should not depend on what you have

Self worth is completely dependent on what you have. So all ‘show off ‘ assets HAVE to be branded. There is a whole gen out there which has been beautifully told that Brand = Value. Excellent for me as a shareholder of cos. where I am a shareholder…but it is hurting you like mad, wake up!

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3) Using credit cards/debit cards when you’re out of cash

Using credit cards or debit cards: The card has become such an important part of our lives we cannot live without it. I have always argued that the card dramatically reduces our need to print notes, etc…however if you wish to reduce your expenses, stop using the card, shift to cash.

4) Don’t let your friends decide for you on what to buy

Where you live, what you buy, where you eat out, what you do – all this is decided by colleagues, classmates, etc. who are actually chasing you. Funny situation is it not? No clue who is chasing whom – seem to be running in circles and wondering where have they reached!

5) Entertaining yourself doesn’t need to be pricey

Today your entertainment has to be going to a mall, bowling, playing other games, movies or eating out. To imagine that reading a book, going for a walk, cycling around, etc – those which you can do together but does not cost money have been so beautifully killed as entertainment thoughts! Wow media, you have achieved your goals!

6) You love loaning

One more loan won’t matter I anyway have X amount of student debt, x amount of car debt, y amount of personal debt…so what if I added another small amount

7) You don’t know how to invest

No understanding of investment concepts like start early, compounding, power of small numbers – leading to fatalistic statements like – what will I be able to do saving Rs. 4000 a month? or I will never be able to buy a house in Mumbai, so let me live it up!

 

Source: says.com after editing

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