Reply to What money habits keep you poor?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I read this list somewhere. Add yours.

What money habits keep you poor?

1. Lack of spending discipline.
2. Lack of earning power
3. Lack of work discipline.
4. Lack of financial literacy.
5. You are not paying yourself first.
6. Impulsive buying.
7. Broke people are influencing you. 
8. Selling your time for money is your only income. [/quote]

1 and 6 are the same. Yes, unable to control your spending would be no. 1. it's not how much you make, it's how you spend your money. [/quote]

No, sometimes it’s about what you make. There’s a limit to how much you can reduce fixed costs. If you are a single parent in the dc area making less than 50k you are going to stay poor no matter how financially disciplined you are.[/quote]

+1 [b]for how much you make being more important than monitoring spending. [/b]Sure, there are some people that have no self control and don't save anything, but those are outliers. For most families making more money will move the dial in terms of lifestyle vs pinching pennies. [/quote]

poor people like to think that. it's  your spending and poor life choices[/quote]

Lol.  Poor people like to think that bc it’s true. Hard to save 50k a year on a 45k salary.[/quote]

You have to start somewhere, and most of us started off with a low salary. My first salary was $41k. My DH was in law school. We made it a goal to only borrow his tuition and not a penny more and I paid all of our living expenses on my $41k. Our other friends in law school lived large and they have the student loan debt to prove it. Then again after he graduated, we lived small to aggressively pay off the loans rather than buy a fancy place and new cars. They are still living larger than we are 20 years later, but will work til they die (according to them) and my DH can walk away whenenever he likes. [/quote]

Omg people who are poor and making $41K aren’t married to young lawyers FFS. Clueless twat.[/quote]

Really?!?!  At that point they were only bringing in $41K.  She is smartly pointing out that they lived on what they made, sans the loans for Law school tuition, unlike most of those in law school.  Then they continued to live frugally until they paid off the law school loans.  So yes, their income increased and they knew it would.  But they did exactly what any person making $X K should do---live within their means.  And if you have loans, work to pay them off first before "living large"

So unlike their friends who knew their incomes would increase in 3-4 years and choose to live it up and take extra loans and live above their means, they chose to do it in a financially smart way.  They didn't Pre-advance their lifestyle while still in law school. [/quote]

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