We love to read the exciting stories of rich people who became rich by writing a bestseller, founding a successful company or making successful deals. However, in reality, most successful people achieve success with completely different, more routine methods.
In most cases, they primarily develop effective strategies for earning and spending money that allow you to save and put money into successful assets.
In addition, successful people clearly monitor their budget. Below are those expenses that truly successful people never make.
If you really want to become rich, then do not buy lottery tickets.
Your chances are almost zero, and most likely you will just spend a lot of money on playing the lottery.
Of course, the cost of one ticket may seem quite small and quite affordable for you.
But if you calculate your spending on the lottery for a month, or even for a year, then a very decent amount will come out, which you could spend on something more profitable or invest at interest.
If you pay bank fees that could be avoided, then you are actually throwing money away.
Different banks have their own rules, so if you do not want to spend extra money, we recommend that you look at different accounts not only in your bank, but also in other banks.
If you spend your time studying proposals, you can ultimately save on payments to the bank.
Truly successful people learn a lot of information before investing their money in a bank.
They choose the most profitable account for themselves in order to avoid unnecessary expenses.
Credit Card Interest
Credit cards are very convenient. You may feel a little guilty, because on the subconscious you understand that a credit card is always debt, and not just debts, but debts with interest.
Nevertheless, this does not stop, because a credit card is so convenient!
Nevertheless, experts believe that interest on loans can "eat" a sufficiently large share of your budget, and this money could be saved and spent on something more useful.
Therefore, it is so important to achieve repayment of credit card debt, and then stop using it, no matter how much we would like. That is what successful people do.
Increased interest rates
We pay interest rates on loans, while few people know that you can reduce the interest rate.
To do this, you need to request your credit rating, and if it turns out to be good, this will allow you to request a reduction in the loan rate from the bank.
This again will require time-consuming, but for the budget, such costs can be very useful.
Successful people always keep track of their loan repayment schedule and try to never overdue.
Any delay leads to fines, which leads to additional costs.
That is why experts advise not to wait until the last day for making a monthly loan payment, but to do everything in advance.
This will allow not to bring the situation to fines.
In addition, there are many technical tools that allow you to not skip payments.
Probably, each of us has the experience of impulsive shopping, when we come to the shopping center, we see some thing and buy it.
And then, already at home, we begin to understand that we spent a lot of money on what we absolutely do not need.
Successful people try to avoid such expenses. To do this, they go to stores with a clear list of goods that need to be purchased.
In addition, if they go for a specific thing, they strictly limit for themselves the amount that they are willing to spend on this purchase.
You can use a system in which only a limited amount of money is taken with you to the store, beyond which you simply will not have the opportunity to spend.
Thus, you can avoid not only impulsive purchases, but also purchases of necessary things at unnecessarily high prices.
Low Interest Savings Accounts
Do you like to deposit money into savings accounts because it is reliable? But didn’t you think that while you are saving money, a significant part of this amount is “eaten up” by inflation?
Perhaps you would like the money to bring more income.
It is worth reviewing your financial policies. Ordinary savings accounts will not bring you much income.
If you want to earn money, then you should consider opportunities outside of banks.
You might want to buy stocks or play the stock market. Perhaps invest your savings in an investment fund.
In any case, you will again need a lot of time to explore all the possibilities and choose the one that suits you personally.
You can see many luxury brands on the red carpet in Cannes. But in everyday life, wealthy people do not choose luxury brands, but rather wear fairly simple clothes.
Of course, they have money to buy elite things, but they prefer to spend them on other, more useful and necessary things.
Of course, they do not buy things on the market, however, they primarily choose convenience and quality, rather than an elite inscription, which increases the price of a product ten times.
Therefore, if you decide to become rich, do not chase brands.
Too expensive gifts for children
Nobody argues with the fact that we want to give children all the best. But sometimes in the weather for the best we drive ourselves into a debt hole.
First of all, we are talking about shopping for children, and this is not only shopping for things, but also shopping for entertainment, education or expensive camps or circles.
Often we are driven by the desire to be no worse than neighbors or acquaintances. However, do not chase it.
Often the biggest thing that we can give to our children is the ability to manage money wisely.