The 3 Habits That Keep People Poor And The 2 That Can Make You Rich

If you haven't noticed there is a major difference between the rich and the poor. This blog is designed to assist anyone who would like to raise thier financial IQ and understanding of some of the practices that the rich utilize that the poor and middle class over look.

.... Wait I'm not poor!!!! That's right, you may not be, however the ideas and tools of this site help to increase your financial IQ even if you are "rich."

.....Ah I don't want to be rich!!!! If this is you that's okay! The following principals are a series of tips a techniques that are sound financial principals and life skills that anyone can use to protect thier family financialy.

.....No no no, I get it you want my money you would like to sell me some thing that you will make your millions, but I will stay poor!!! I hope this is not you! I intend to provide value for you that you can take immediatly and implement to improve your financial situation. 

...... Are you rich? That's a great question.. and truthfully at the date of this post the answer is not yet... I am on the same journey as you. I am right there with you!


...... What makes you qualified to teach people to raise their financial IQ..... Another great question.... I have 3 great mentors in my life that have given me the information/ tools and understanding to reach financial security. One of my mentors is an employee. He has over 1 million dollars in the bank.  The second, is a business owner that has built multiple companies and bought lots of realestate. The third mentor is mostly an investor in realestate. 

I will be sharing the information they passed along to me with you.  Raising people's financial IQ is a passion of mine. I enjoy the financial aspect of life. Believe me it's not that I love money, I love my wife; it's that if I can help even one person bust through the wall of poverty and become wealthy (along with me) I feel that all the content that I shared along the way will be a legacy. I can leave behind a road map. This roadmap is weekly step by step guide to understanding wealth building. If you would like weekly, somethimes daily, wealth building tips make sure to give your email address at the top right of the page and then go into your email and confirm your subscription!

Now I'll bet you would like to know the foundation of budgeting and getting an handle on those 3 things that keep people poor and 2 things that can make you rich!

Thee habits that keep people poor:

1. How much money are you spending on each meal you eat? Poor Habit 1. Spending too much money on food. I know this sounds simple however I america we have this tendency to overspend on food! Let me assist you with one tip that added $3,000 a year to my budget. Try to drive the average dollar you spend on your meals down! This can be done in very simple ways let me provie you my 7 step simple plan I drove my average meal down.

• Keep track of the cost of each meal
• Recduce the number of times you go out to eat for breakfast, lunch, and dinner
• Stop shopping at the major supper marktes I personall reccomend Aldi
• Keep your grocery bill every to weeks to 3% or under of your budget
• Keep track of what you are eating to ensure nutrition
• Take your lunch to work every day (invest in a cooler or thermos if need be)
• If you do go out to eat use it as a reward for hitting financial goals or as a celebration for a loved one.

2. How often do you write down and measure your financial goals? Poor Habit 2. Not measuring your financial progress. Peter Drucker one of the world's best management consultants said if you can't track it you can't manage it, and I say if you don't manage your financial responsibilities you are going to be poor. There are a lot of financial tracking systems one I recommend to start with is www.mint.com but you don't have to good old pen and paper works just fine. I also recommend using and understanding on-line banking.

If you don't have a bank with the capabilities in this day and age I recommend switching to a bank that does. Lastly, about tracking, I believe it is important to have goal tracking system visible at a moments glance. Using visuals when hitting financial goals is very important. However, you track your financial goals make sure that if you have a partner you have joint goals.

3. What is your most important bill? Poor Habit 3. Paying for your housing "when you get your paycheck!" This is one of the most missed habit in succeeding that is paying your bills when or before they are due. I know what you are thinking right now, "I live paycheck to paycheck right?" Not as of now your are going to start cutting your food budget and setting financial goals you will find between $10-$200 I recommend using that extra to save $1,000 first as an emergency fund and then learning to save the money in an account until bill time to get your self out of the hole.  If you don't get paid for two weeks that's fine you don't have to spend the money think to your next set of bills. having the thought one paycheck for housing and one paycheck for me is a poor thought process!

Now with out further ado....Two habits that can make your rich:

How often do you give money to people who say "they need the money?" Rich Habit 1). Giving 10 % of their money to charity. This is a great when practiced properly.  If you are like me and come from a family that never had much money, then now that you are starting to build some progress you are likely to have someone in your family,or friend, come asking you for money.

This is a great time to say to that person, "I would love to help you however we have a financial plan and we are giving our money to X charity that helps people in your situation. I'm sorry we just don't have the resources to help you that organization depends on donations to : {then state their mission}."  You have to be able to turn people who need help to the charitable resources avaiable to them... For a complete list contact me at northcountyapartments@gmail.com

What do you do with $1.00 Rich Habit 2). 10% to savings 10% to investing & 10% to charity. This is a great budgeting tool to instill in your family, value to even teach your children, What to do with $1.00. the answer is try to put .10 in savings .10 to investing and .10 to charity and live off the rest. Maybe, you are saying right now that living off 70% of my income is impossible. That maybe true you may need to make some changes for that to be possible, however  could you save .01 or .02 or .03 in each of the categories? most people tell me of course they can save $0.01 for every dollar they make.  Well it is not the amount that is important it is the habit of putting the money in the right account each paycheck. By doing this habit you are living exactly like my mentors have disciplined me!