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These 4 habits will always keep you away from riches!

In my whole time during the coaching of Certified Financial Planning (CFP), a course which is solely based on personal finance, I have noticed several habits in people around me including myself which keep us away from accumulating wealth.

Before we start I want you to know that these are purely an observation, a habit which has built over a certain period of time. Or maybe we have adapted these from our surroundings, from people around us.

So let's see and also think proactively about each one of them.

These are the 4 major habits of people which not only keep the riches away from them but also deteriorate their current financial conditions.

1. Not understanding the difference between needs & wants

The very first reason that stopping you from accumulating wealth is that you don't really understand what to buy & what not to. You probably end up buying really expensive stuff that didn't even require in the first place.

It is advisable to understand the difference between your NEEDS and WANTS.

Let's say, for example, the smartphone is a need but having an expensive one which costs you ₹60,000 or something is a WANT unless it's really your requirement. In spite of having an alternative which is available less than half of the price of ₹60000, we buy it.

Ask yourself a question before buying anything, do I really need it? Or I'm just buying it because everyone's talking about it or just because having it makes you feel likable around the people.

If you are confused between your needs & wants and unable to differentiate them,

Click here to read our dedicated article on this topic.

2. Not investing in yourself & not getting financially literate

The one thing which is common in all the self-made rich people around the world is that they keep learning new stuff, they keep reading books, they keep investing in themselves & they keep improving their own self.

No matter in which field you are, it's the survival of the fittest. You have to keep learning new things about your sector. Whatever is your game you better be the best or at least above the average

Acquire & develop new skills that will help you build your future. Get specialized knowledge which will help you earn in future. Educate yourself and have financial literacy.

The best advice I can provide here is to start reading books based on personal finance. You can start with rich dad poor dad which is almost all you need.

You work hard to earn money so you better spend some time educating yourself on managing your hard-earned money. Educate yourself on personal finance & investing.

3. Not starting off early

You know they say time is money! Well, this is absolutely correct when we talk about investing.

Investing even a little bit of your income is a way to start off your long journey. Take baby steps towards accumulating wealth. Starting up with investments in your early 20s will put you way ahead in life with your finances as compared to a person who does the same in his/her late 20s or early 30s. Even in your 30s, you are far away from your retirement age.

There's saying that it's never too late. So forget about the time that has passed, begin now. Don't let the present pass off too, do it as early as possible.

4. Believing in a myth that increased income will solve your problem.

You might think that to become a wealthy person you need a high income but let me tell you that it's not true. The person who earns a high income might be paying home loan EMI, car loan EMI, credit card bills. Remember the person who looks rich doesn't always really a rich person.

Higher-income leads to higher expenses too. Your lifestyle inflation might increase to an unsustainable rate.

Riches are the side effect of financial literacy, financial literacy is not the effect of riches.


You might not be in a position to start your investment journey, your finances may be messed up right now but it's just a situation that can be tackled. If you are in a debt & you have no idea what to do with it by yourself, you better consult with the financial planner or advisor. Slowly & gradually you will be pulled out of this situation.

With that, I'm signing off for now. Till then


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