3 Habits That Will Make You Poor

[Mika]

You might have been born poor but you have the capacity to die rich. Sadly, a lot of people are doing things that are making them poorer.

Saving Money in Banks: When you save money in banks, the value of your money will go down due to inflation. You also get a meager return which otherwise would have given a better return when you have invested.

Buying Liabilities: If you buy a house to live in, you are buying liabilities, if you are buying cars, you are buying liabilities. You will have to spend money to maintain your house or car. However, if you buy a house that you can rent out or buy a car that you can rent out to uber, you are buying assets.

Working for Earned Income: Do you know job holders are the highest taxpayers, they pay a lot of taxes on their payroll? Instead of working or earned income, try working for capital gains or passive income, which have lower tax rates.

 

[sincerem]

Your points are well stated, but not every of the steps you outlined can make one poor thou, that's just a point of mine. In terms of saving money in the bank, it isn't a bad idea, some banks especially the micro finance banks (digital banks) offer reasonable APY, you can even earn around 21% per annum in some of them. And you should remember that, you aren't saving all your funds in the bank, you save some and invest some. I love investing funds especially with crypto, ever since I knew about crypto, it has helped increase my earnings. I earn passively too through crypto, due to referral rewards. I don't earn much as I could earn, but it is better than when I started earning online in the past two years. So, if you study about crypto and other digital assets, you'll earn reasonable income from it, them use your end funds to invest in offline businesses over time.