The SE7EN Habits That Keep You Broke: Are You Guilty?

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Hey There,

Wealth isn’t just about income; it’s about habits. Small, daily choices compound over time—either stacking the odds in your favor or working against you. Most people don’t even realize the behaviors keeping them stuck financially.

Here are Se7en habits to avoid and the shifts you need to make:

🔹 1. Buying Liabilities Instead of Investing in Assets

Imagine standing in a dealership with keys for a shiny new car. The excitement is real, but the moment you drive that car off the lot, its value plummets. Compare that to investing in stocks, real estate, or personal development. These investments grow and pay you back over time.
Quick Stat: Singaporeans are spending too much on depreciating assets. Reconsider— start focusing on what appreciates, not depreciates.

🔹 2. Thinking Short-Term Instead of Long-Term

Are you chasing quick wins or building lasting wealth? The allure of instant gratification—be it a get-rich-quick scheme or splurging on trendy items—can derail your financial goals. Wealth-building is a marathon, not a sprint. Consistent, long-term investing builds the foundation for financial freedom.
Fact: Long-term investors typically earn an average of 7% annually, while day traders often lose money. Remember, patience pays.

🔹 3. Wasting Hours Scrolling Instead of Learning

Picture this: hours spent scrolling TikTok, Instagram, or binge-watching the latest series. Fun? Sure. Productive? Not so much. Now imagine if just half of that time went into learning about personal finance, investing, or honing a new skill. Your future self would thank you.

🔹 4. Relying on One Income Stream

Think of your income like a stool. If it has just one leg, it’s wobbly. Add more legs, and it’s stable. Relying on a single income stream is risky in an unpredictable world. You create financial resilience by diversifying through investments, side hustles, or passive income.
Thought Starter: What’s one skill or hobby you could monetize this year?

🔹 5. Avoiding Risks

Risk often gets a bad rap, but avoiding it can mean missed opportunities. Calculated risks— like investing in stocks, starting a business, or upskilling — are essential for growth. Fear is natural, but don’t let it paralyze you.

🔹 6. Saving After Spending

Traditional thinking says, “Spend first, save what’s left.” But too often, there’s nothing left! Flip the script: automate your savings before you even see your paycheck. This simple habit can transform your financial life.

🔹 7. Letting Fear of Failure Hold You Back

Every success story begins with a leap of faith. Fear of failure is the biggest dream killer, yet failure is often the best teacher. The key? Start. Take that first step, however small. You’ll learn, adapt, and grow along the way.

Wrapping Up

You’re one step closer to financial freedom by recognizing and addressing these habits. Eliminating these habits might feel overwhelming, but the key is to start with one and build momentum. By replacing bad habits with good ones, you’ll be amazed at how quickly things change.

Until next time

@smcafe124