Things You Should Avoid If You Want To Be Rich

Being rich is surely not an easy task because of the distractions that life can throw at you and if you can’t overcome those, your dream of becoming rich may be out of hand. There’s always a time in our life that we are asked to overcome certain challenges and sometimes these changes how we look on and do things.

That is also true, when it comes to accomplishing are dream of being wealthy. To give you some ideas of what I’m talking about. Here are some of the things you must avoid in order for you to be rich and successful in life:

5 Things To Avoid If you Want To Be Rich
  1. Impulse purchases
    Wasting money on things you don’t really need is the first thing you should avoid if you want to be rich. Make a list before you go shopping. If possible, know the prices of the things you’re going to buy and only bring that amount with you, though adding a little extra money in case of emergency wouldn’t hurt.
  2. Not having a budget
    Having your own budget plan is vital if you dream of becoming wealthy someday. You must learn early how to handle your finances while they’re not so big yet, so that when you achieve your goal, you’ll be capable to handle your money properly.
    It’s also good to know where your money is going to and how much are you wasting every month. If you think you’re wasting too much, try to adjust your budget and make the necessary changes.
  3. Expensive hobbies
    This one is pretty obvious, right? (If not, just refer to the word “expensive”). There are other hobbies that you could enjoy besides playing golf, collecting luxury items or any other form of spending big just for the purpose of having fun.
    I advice that you try to find a hobby that could also help you earn some extra money, so that you’ll be able to add another source of income. If you’re interested on earning some extra bucks every month, you could try blogging or do web designing.
  4. Smoking
    Health is wealth. If you’re a smoker, just quit it. You don’t want to jeopardize your health and spend thousands of dollars in the future because you’re lungs or heart is damaged because of smoking. Another good thing that could happen if you quit smoking is that you’ll be able to save more because you have reduce your expenses.
  5. Gamblingthings to avoid if you want to be rich
    Gambling every once in a while is okay but gambling several times a month is bad. You don’t want to get addicted to it because if you do, you will surely lose some or even most of your hard-earned money.
    I, personally, like to play poker but I only play it occasionally and when bets are not that high compare to casinos. It’s a good way to spend my extra time with my friends and improve my decision-making skills while I’m at it.

What do you think? Are there any other things that you would recommend that a person must avoid if he or she wants to be rich?

Other great articles that are somewhat related to this topic:

9 Ways You Can Make Money From Blogging – Modest Money

Super Cheap Hobbies For People On A Budget – Monster Piggy Bank

Turning Your Blog From A Hobby To A Stream Of Income – Reach Financial Independence

Infographic: Living With Less – Frugal Portland

Photo Courtesy of maorix
About the Author

Hello! My name is Mark and I'm the one responsible for this website. I'm just a person with enough knowledge about finance-related stuffs. You can know more about me by liking my Facebook Page, following me on Twitter or by adding me in one of your circles on Google+.

Comments

  1. I think these are great tips. I do have an expensive hobby, fixing cars, but I have a budget for it. I don’t think it will keep me from being rich, but it does cost money.

  2. These are all pretty bad for your wealth. Smoking and gambling for sure. Why not just give your money away …

  3. I’m guilty of.gambling. I like slot machines n playing the lottery but I never spend over $100. I definitely think these are all important to consider.

  4. Iā€™m into vices such as gambling and smoking. In smoking, it is not good for the health and we need to take good care of our body if we want to enjoy our life to the fullest. How can we enjoy if we are going to be sick? While in gambling, we are just throwing away the money literally because there is no assurance of return. These vices consume our budget and preferably placed in the right basket.

  5. Most of us don’t gamble or smoke, but there are clearly ways we can hinder our financial stability. I won’t expect to become rich anytime soon, but being responsible when it comes to money at least helps not being too poor šŸ˜€

  6. Thank you for the mention! I mainly avoid living over my income, and better if that means living on much less than I bring. I have a few expensive hobbies like traveling but not tons of hobbies or money drains so thats ok.

  7. All good points Mark. My wife used to smoke and she spent an absolute fortune on it until I persuaded her to give up

  8. I do have a healthy lifestyle, I don’t smoke and even into gambling. But sometimes I just have a problem with my impulsive buying behavior.

  9. Acquiring the discipline is the hardest to be able to avoid the things mentioned in this post yet these are the same pieces of advice shared by those who made it big and successful. Things to avoid #1, Impulse Purchases, reminded of what Warren Buffet said that if you buy things you don’t need, soon you will sell things you need. I might need to do an inventory of my recent purchases and see if I am on my way to becoming rich.

  10. Great post. I’m trying to get W to stop smoking. It’s been hard!

  11. Great tips here, Mark. I also see people spending a ton of money on alcohol. People walk out of the liquor store half of the grocer with cases of drink in hand. I’m not opposed to alcohol, per se, but when it’s eating up hundreds in your budget each month, it might be time to reevaluate what’s important spending-wise.

  12. Impulse buys are a killer. You think this one item won’t ruin your budget, but at the time, you’ve forgotten about the other five “one items” you already bought this month. The sooner you can learn to curb impulse buys, the better.

  13. Great list!! Smoking and gambling are big ones! I know they are addictions but definitely worthwhile to try to break for the financial benefits alone.

  14. Hi Mark,
    This is a good post. I believe having goals that you are working towards and being extremely disciplined in knowing the things you need to do/don’t do is the key to becoming financially successful and weekly shopping sprees are definitely not a part of the equation!

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