Ever wondered why some people get rich, while others stay poor? Some say it’s Luck. And some believe the rich are dishonest people who become rich by cheating other people. Although the above reasons may be true, the main reason why someone gets rich and the other stays poor lies in their Money habits.
This month, we are going to introduce you to the first of the many money habits that the Rich practice so that you too can grow up to become Rich!
One of the main differences between the rich and the poor lies in their spending habits. Before the Rich start spending any of their income, they set aside at least 10% of it for savings and THEN spend the remaining. Doing this requires a lot of discipline. That’s why they are Rich!
The Poor, on the other hand SPEND first, and THEN SAVE what’s remaining of their income. What do you think is the problem with this habit? Right! After spending their money, most of the time, there’s NOTHING LEFT to save at the end of the month!
So kids, if you want to become Rich, SAVE first, and then SPEND the remaining of your pocket money. Don’t SPEND first and SAVE later, or else you would end up being Poor for the rest of your life!
In next month’s issue: Rich Money Habit #2: The Rich buy Assets, the Poor buy Liabilities.
Other Related Articles:
- Never Too Early to Get Started on Financial Education
- 20 Ways Your Child’s Imagination Can Save You Money
- Credit tips
- Rich Money Habits - #3
- Make Financial Literacy an A-Level Subject
Other Updates in Library
- Rich Money Habit #12: Orrie the Ostrich
- Rich Money Habit #11: Philly the Peacock
- Rich Money Habit #10: Your Belief Systems Will Determine Whether You Become Rich, or Remain Poor
- Rich Money Habit #9: If You Want Different Results, You Would Have To Do Things Differently
- Rich Money Habit #8: The Rich work at building Wealth, the Poor merely try to survive
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