Success is not built in one day and not every multimillionaire has come to be rich by just sitting around and only dreaming big with no action. We all know the saying it is easier said than done, let’s stop at saying, and let’s dive into action. The possibilities of your dying poor are high if you are not able to see any of the mentioned signs in this article.
Here is a list of signs that show someone is likely to die poor, and in case any of these signs apply to you, it’s high time you start considering making some life changes.
Your monthly expenses overrate your savings
Most people think that hitting rock bottom financially is a matter of luck but sometimes it is a matter of hard work. Just like success is made habit poverty too can be a habit if you allow it to. Like Kofi Annan quoted “Extreme poverty anywhere is a threat to human security everywhere.” This simply means you must stay as far away from poverty as possible.
Do you feel like your expenses are being taken care of and nothing seems left behind? Then it’s time you start making changes to that kind of lifestyle because it is an indication that you may die poor. Many of us start financially well until you crash into a pit of a brokenness not because of wanting but sometimes it is our expensive lifestyles. You need to get me right on this one, having a fancy lifestyle is not bad. It is only bad when your lifestyle is overridden by your saving habit that may leave you broke in the end. Therefore, you need to start saving more and spending less to avoid poverty.
Saving money doesn’t need you to have pulled some dramatic moves, you just have to save a few coins each month. No matter how much money you earn at every end of the month saving should be your priority.
You have no investments
Having no investments is one of the first signs that you are likely to die poor. Keeping your money in the bank doesn’t mean that it is going to grow it only goes down in value. Therefore, you should stop at just keeping your money in the bank and aim at growing it. Your money will only grow through investing it somewhere in a business or a project depending on what is favourable for you. Because you want your money to grow don’t go-ahead to invest it anywhere you should smartly invest your money. Don’t allow yourself to die poor start your investment plan right away.
You have no life insurance coverage
Life insurance is important in one’s life because you don’t want to leave your family in a tight financial spot, they will not be able to get out from very soon. Most of you are breadwinners in your families; hence your family member depends on you for literally everything. If you pass on and you didn’t insure your family then they are at a high risk of going down the poverty road. Putting your family under insurance can help them depend on your insured income when you pass on until they can get on their feet.
You have no assets to sell during an emergency
You never know when an emergency will occur to you but once it strikes you are often forced to sell off your assets. It doesn’t matter whether it’s your car, your home, land, or even furniture you aim is to do away with the emergency that has fallen before you. But if you have no assets to sell once an emergency strikes then you are in big trouble. Therefore, this should be an eye-opener for you because it’s not every time that you will have money, your assets can be of help at your time of need.
You have no emergency fund
Life is full of unexpected events however much one decides to prepare for them we are just not ready enough. Many times, the worst things will always happen when you least expect them to and you therefore must understand that this is how this life works. So, ensure that you have an emergency fund because you don’t want to be in the worst position when an emergency comes your way. With this fund, you will be able to cater to the unexpected occurrence in this day to day life without having to borrow or use your salary to take care of the emergency.
Looking forward to inheriting family property
If your parents or any of your relatives leave you with a large inheritance when they die, that is fantastic news to hear. However, if that is the financial plan you have for yourself then we are sorry but you are likely to get disappointed. First and foremost, they will probably not want their wealth to fall into the wrong hands; hence, they may not be satisfied with leaving their hard-earned money with someone who will not take care of it the way they wanted it to be taken care of. And because you are one of those that are looking forward to this inheritance it might not all go well for you. Secondly, they may opt to use their money for something else not leaving with you a single shilling it is therefore important for you to work hard for your own money and not leave on the assumption that you will inherit your parent’s or relatives’ wealth.
In conclusion, Keeping the above signs in mind, when you see yourself heading in such a direction then these are red flags for you and an indication that you are going down the poverty tunnel. If you can see these things around you then start acting fast. Life will take the tone of events most especially when it comes to the financial bit of it and you must be financially prepared in whatever possible way. With this information at your fingertips don’t sit back relax and accept to die poor, get up on your feet, and let’s start making money.