Want to be rich? Stop doing these things if you want to be rich!
A core tenant of being Money Viking strong is not only what you do to build wealth, BUT what we avoid doing. Stop doing specific things and actions if you want to be rich. Here are 5 of the worst things people do with their money and finances that keeps them from building wealth. Stop doing these things
1. Avoid excessive spending
One of the key factors in accumulating wealth is to avoid unnecessary and impulsive spending. Make a budget and stick to it, distinguishing between needs and wants. Avoid accumulating debt through credit cards or loans, as high-interest payments can hinder your financial progress.top doing these things
2. Avoid poor financial habits
This is tied to number one, but includes a broader range of bad habits and neglect. Poor financial habits like procrastinating on saving, neglecting investments, or failing to plan for the future can hinder wealth accumulation. Develop good financial habits, such as saving a portion of your income regularly, investing wisely, and setting clear financial goals.
This goes firmly in the bucket of “stop doing these things if you want to be rich”!
3. Avoid excessive risk-taking
While taking calculated risks can lead to financial gains, excessive risk-taking without proper knowledge or research can be detrimental to your wealth. Avoid gambling, speculative investments, or get-rich-quick schemes. Instead, focus on long-term investments with a balanced risk-reward ratio.
During the meme stock crazy times many people took excessive risk into the hot new thing. Whether it be crypto or a meme stock, they would probably have bee better off with a good old fashioned index fund and a properly risk balanced portfolio. Check out my all weather portfolio here!
4. Avoid relying on a single income source
Relying solely on a single income source can limit your wealth potential. Create multiple streams of income, such as investments, side businesses, or freelance work. Diversifying your income sources helps to create stability and provides opportunities for wealth growth.
To truly grow wealth and become resilient we need several sources of income. Some of these take years to set up like privately owned real estate while others can be formed in a matter of an hour like buying quality dividend paying stocks. Check out our dividend stock portfolio!
5. Avoid ignoring education and self-improvement
Continuous learning and self-improvement are crucial for increasing your earning potential and building wealth. Avoid complacency and invest in your education and skills. Stay updated with industry trends, explore new opportunities, and enhance your knowledge to remain competitive in the job market or business world.
Remember, becoming rich is a complex process that involves discipline, perseverance, and strategic decision-making. It’s important to tailor these suggestions to your specific circumstances and develop a personalized approach to wealth-building. Do not neglect your financial education, we must stop doing these types of things if we want to be rich.
Please consider becoming a Money Viking member, check out our book and more for a wealth of knowledge specifically on making you stronger in many ways!
Here are a few of my biggest investing and money mistakes!
Here are Azul’s Rules which we love:
Remember, sometimes success is more about stop doing these things. This kind of mentality to avoid damage sets us up well for doing the right things to build wealth and health! top doing these things
If you want to thing about how to stop doing certain things to be rich, also consider if you suffer from an online shopping addiction. SEE RELATED: How to Stop an Online Shopping Addiction: top doing these things
We are being tricked
An Online Shopping Addiction? Many forms of technology are being used to do one simple thing, remove dollars from your pocket. Online shopping has exploded over the years, and became especially ubiquitous during the pandemic. Take from this guy who was an early investor in WebVan during the Dotcom crunch, unfortunately I was 25 years ahead of the curve. The point here is to stop online shopping addiction! top doing these things
Online Shopping Addiction and Gambling
Believe it, online shopping can become as addictive as gambling. And some people need to seek professional help and treatment or suffer psychological and financial trauma. Check out this article about why online shopping can become so impulsive and addictive.
Money Vikings Approach
Here at MV, we are interested in delivering a broad range of holistic tools to build wealth. And if we suffer from an online spending problem, chances are we are eating away at our opportunity to live a life of True Wealth. top doing these things
A few ways to stop doing these things
Set a Budget and Stick to It
I personally like to refresh a simple budget each year. And I use no more than a piece of paper and a pencil or I type it out into a word document. I do it this way because if it is not simple, most people will never take this first step. Sure, a person can advance to excel spreadsheets and other great tools, but it all starts with a simple list of recurring expenses starting with the largest one and going down the line. top doing these things
The first step to overcoming online spending addiction is to set a realistic budget for your online purchases. This will help you to understand how much you can afford to spend and avoid overspending. You can use online budgeting tools or apps to help you track your expenses and stay on track. top doing these things