Whether we like it or not there are huge differences between the wealthy and the poor. I’m not just talking about the financial aspect, there are other differences too that we will take a look at in a moment that separates very clearly the wealthy/ rich from the poor.
When we think about people that are wealthy or rich we assume that they got lucky. They come from a rich background, had access to things that you perhaps didn’t or they got a lucky break in life.
No matter how much it hurts the truth is that we all more or less have the same opportunities but the difference comes down to habits.
The habits of poor people.
When we talk about rich people it’s normal to talk about the habits that rich people have but poor people have habits too and this is what causes a divide.
People who are wealthy have very different habits to those that are poor.
***Please note that this site uses affiliate links if you would like to read the legal stuff you can find it here
What Does It Mean To Be Poor?
It’s easy to associate being poor with having no money but the truth is that it is a whole realm more than that.
Being poor can be a mindset matter too. I like to call it a poverty mindset.
If your thinking and doing ring poor then you will be poor.
This is a really difficult article to write because I can not say that I am completely free of these things myself.
The way I see it is that if you recognise your flaw and you are willing to do something about it then you are on the right path.
Many people that are poor unfortunately don’t care about this. I’m not talking about people who were perhaps born into poverty and are trying to find a way out.
Poor people don’t really want a way out that involves hard work or doing anything other than what they are already used too. They like things handed to them.
11 Habits Of Poor People That Keep Them Poor
1. They Procrastinate
When people procrastinate they do a lot of damage to themselves.
I know we can all procrastinate sometimes but there are definite levels to procrastination.
I might procrastinate when it comes to doing the washing up but I know I can’t afford to procrastinate when it comes to my business.
There’s a saying. If it’s going to be it’s up to me.
Never has a truer word been spoken. The buck has to stop somewhere and some point you have to take responsibility for that.
If there is something in your life that you are not happy with then YOU need to be the one to change it. You can’t expect someone to come along and do the work for you.
If you want to become a property tycoon, no matter how many books you read on the subject nothing will change until you make it change.
You have to do the work and there is no getting around that.
To turn your dream into a reality it needs a reaction and procrastination is not one of them.
2. Pile Up Debt
Poor people are known for debt.
I’m not talking about the good kind of debt where it makes sense to have it, like fo a mortgage. I’m talking about pointless debt.
Using a credit card to buy a bigger TV or going on holiday even though you haven’t paid your mortgage yet.
Its silly decisions like these that land people into debt. Yes, there is always the exception to the rule but that is not what I am talking about here.
Pointless debt is what I am referring to. Making bad financial decisions just because you don’t want to save up for something before buying it.
Not dealing with debt because you think its easier to bury your head in the sand is not a good idea/
Those are bad decisions.
You must pay off debts or at least have a plan too. You can find out how to pay off debts fast here.
3. No Cash Fluidity
Habits of poor people will stop them from having savings of any type including a rainy day fund.
Dave Ramsey talks a lot about having an emergency fund and he does so because that is the only thing that can prevent us from going further into debt.
Unfortunately, most poor people think that they can’t afford to save.
You can’t afford not to save.
You need to have some cash fluidity if an emergency situation was to come up. You shouldn’t have to borrow in order to cover yourself financially.
When you save money it doesn’t have to be tons of it at a time you can always start small and then work your way up. £5 one week then £10 the next is fine until you feel you can do more.
4. Have Negative Mindsets
Isn’t it frustrating when you see a person with such huge potential but they are full of excuses as to why they can’t do something or why it is not the right time for them to start now?
Saying something is not the right time is simply an excuse. What if the right time never comes?
They have a negative mindset and can only see that bad things will happen if they take a step of faith.
Until a person can get rid of a negative mindset they are pretty much stuck in limbo.
I love the term do it scared because sometimes that is the only way you can go forward. Do it even though you are scared, change your mindset and move forward.
5. Bad Spending Habits
This is the trap that a lot of us can fall into.
We don’t know how to say no to ourselves. We see something we like and we buy it even though it does no real good for us and will probably cause us financial strain.
Wealthy people do not think this way. They have a budget and know what they want to spend on.
They don’t spend frivolously.
Related post: Are you an overspender?
6. Lottery Losers
I use the term lottery losers because the majority of people that play the lottery do not win.
Your money would have been much better used by saving it up and using it for something better.
When someone wins the lottery after you have played and lost they are essentially winning your money.
Playing the lottery or gambling is not a good strategy when you are poor.
Rich people already know this.
7. Have Bad Eating Habits
It’s a known fact that what you put on the inside will show on the outside.
If your daily eating habits consist of consuming huge amounts of junk food that is not going to be good for you.
Eating a lot of junk food can have a hugely detrimental effect on your health.
Wealthy people respect their health and although they may eat the occasional junk food they see it as a one-off rather than a part of their diet.
8. They Have No Set Goals
Without goals how can you expect to arrive at a destination?
Rich people have goals. Be that a goal that is 5 years away or in 6 month time.
Setting goals is a huge factor when it comes to success.
According to this article, only 3% of people have goals for their lives be that financial or personal. That’s a very low number.
You should always have your goals written down so you can refer back to them periodically to see if you are on track to achieving them.
9. Stopped Educating Themselves
I can’t stress enough the importance of education. Not just an education from school which is important also.
You need to continuously educate yourself in life matters too.
If you want to start a small business then you need to make it your mission to read and learn as much about starting a business as you can.
Wealthy people keep their minds occupied with important things and not just the TV guide.
The only way you will ever see your potential is when you use your mind for things other than tv.
Set yourself the mission of learning something new.
Learn to play the guitar, you can use that skill to teach others and make money from it as a side hustle.
Continuous education is important to keep your mind healthy and active.
10. Stay In Their Comfort Zone
One of the biggest hinders of people is staying in their comfort zone.
You can achieve nothing from there.
Rich people break boundaries by breaking moulds and doing things that are outside of their comfortability.
Poor people will always find excuses to stay where it suits them and not try anything new.
Coming out of your comfort zone is the key to success.
11. Only Have 1 Source Of Income
Diversification of income is not an option today.
When markets can crash overnight it’s important to have more than one stream on income.
Wealthy people are always prepared for situations where one stream of income could dry up.
They have multiple places that their income comes from so in the event that anything was to happen it would not cause them financial ruin.
Poor people do not do this.
If most people were to lose their jobs tomorrow they would be in financial strains and on the verge of bankruptcy.
Final Thoughts On The Habits Of Poor People
Habits can be hard to break but it is possible if you put yourself in the right position.
It’s important to surround yourself with people that will push you along and not hinder your progress.
Have you noticed that rich people stick together? It’s not a coincidence.
They only build relationships with like-minded people for a very good reason.
It’s not too late for you to start afresh and break the habits of poor people.