The Danger of Assuming You Can Out-Earn Your Bad Spending Habits

We all have spending habits, good or bad that significantly impact our financial future. Many of us find ourselves on the hedonic treadmill, chasing one “best thing” after another. 

Unfortunately, this results in many consumers adopting the mindset that they can out-earn their bad spending habits.

We’re finding that if you want to reach a significant level of wealth, you need to control how you spend and form healthy financial habits that prompt your life’s growth.

No matter how wealthy you are, your money will always fall victim to your bad spending habits if you don’t address them.

Spending Habits that Lead to a Loss of Wealth

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Most credit card users cannot pay off their balance in full at the end of the month and rack up even more debt due to interest rates.

Using credit cards irresponsibly

Purchasing on a whim is destructive to your future financial goals and erodes your bank account no matter how much money you have.

Impulse buys and/or “retail therapy”

Always spending on what you want leaves little to spend on what you actually need to thrive in your life. Wealth only makes this worse if you’re not a responsible spender.

Spending too much money on wants vs. needs

Just because you have the money to spend on luxury brands and designer labels doesn’t mean you can actually afford the purchase. 

Spending on luxury brands, designer labels, and other brand names just because

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