Do You Have Bad Spending Habit? Let The Rich Show You The Way.

Matty-Sways

Tom Corley is a researcher behind a study that documents the spending habits of the rich.

The rich habits study is really a five-year study of 233 millionaires and 128 poor people.

Emotional and Spontaneous purchases are poor habits (something the rich avoid). These unintended purchase can often add up and tax a smaller budget. The rich also do a much better job of living below their means. Getting into debt and creating additional spending through interest can often lead you down a bad path. The rich tend to live on cash more and not cost themselves extra dollars on everyday and large purchases.

Its important to create a financial plan for yourself based on your unique age, income, lifestyle, and interests. It should include putting money into saving from every paycheck and should be tailored to grow your wealth over time with planning for big purchases like real estate.

Financial education and good decision making regarding the best use of your money (especially when you don't have much) can be difference between an easier life or one with a anxiety ridden existence constantly worried about who you may owe.

Comments

Economics, Finance and Investing

FEATURED
COMMUNITY