Some successful people naturally develop good financial habits from the time they start handling money.
Those habits may have brought them a level of achievement in their lives.
Good financial habits such as paying down credit, or putting money away for emergencies or future investments.
But most people aren’t quite as good at managing their money.
You don’t have to become a financial guru to be successful, but there are three bad financial habits that nearly everyone does.
If you have these 3 bad habits, they are very likely to prevent you from achieving the success that you desire.
1. Spending Money on Convenience
One of the worst bad habits that people have, especially in the United States, is wasting money on convenience.
Store owners know this too and they take advantage of it.
For example, while you might be able to go to a big box department store and buy motor oil for $2.50, you’ll be paying $5 or $6 if you get it at a convenience store.
Knowing that you are paying a great deal more money for not much more convenience will allow you to stop yourself when you are considering it.
Save money on your purchases and put that money to good use in savings instead.
2. Not Keeping Good Records
Another financial habit that will make it difficult for you to be successful is not keeping good records.
Keeping records of your income and expenses is important because then you know what you are earning and spending in relation with each other and can see ways that you might be able to save money.
Saving money is vital to future financial success because it is then available in the case of an emergency.
Money in the bank will help you avoid credit card debt that could block your path to wealth.
Saved money could become your startup funds when the next great idea comes along.
3. Failing to Create or Stick to a Budget
Another thing that people fail to do is fail create a budget.
Or, even if they have a budget, they often do not stick to it.
This means that they are less likely to save money.
They are also not learn the valuable skill of budgeting that is required to start a business and run the business finances.
Creating and adhering to a budget is directly related to success in business, and many of the top entrepreneurs in the world say it is one of the most important skills to have.
This article briefly covers some of the 7 key characteristics and behaviours found in the world’s most successful entrepreneurs.
Read more about the other shared behaviours of the rich and successful in our eBook. It’s called “7 Steps to Entrepreneurial Success”.