{"id":263,"date":"2018-12-19T06:13:50","date_gmt":"2018-12-19T06:13:50","guid":{"rendered":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/?p=263"},"modified":"2018-12-19T08:57:56","modified_gmt":"2018-12-19T08:57:56","slug":"personal-finance-after-50-spending-habits-that-makes-keeps-you-poor","status":"publish","type":"post","link":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/uncategorized\/personal-finance-after-50-spending-habits-that-makes-keeps-you-poor\/","title":{"rendered":"Personal Finance After 50 – Spending Habits That Makes\/ Keeps You Poor"},"content":{"rendered":"

    It has been observed by the experts, based on various studies that many ,may be most of the activities which we normally perform daily don\u2019t add any value to our lives\/ careers. Some experts have even claimed that 90 percent of our activities are Non- Value adding activities. This claim may appear to be laughable to most individuals, BUT, if we write down all the activities which we perform on a normal day, we would observe that most of them do not improve or add any value to our life. The same is true about our money spending habits. If we jot-down our daily expenses, the fact will be revealing. And if we add all such non value adding expenses over a month or a year, it may run into hundreds of dollars. This is true not about the actual impoverished people living on the street, or barely- able-to-put-food-on-the-table people, but a lot of people with middle level income group, who also waste a lot of money.<\/span><\/p>\n

Where Your Money Goes<\/strong><\/span> : –<\/span><\/p>\n

At any income level, people who have small incomes, people who have six- figure or seven figure incomes, fall into one of the following Three categories<\/span><\/p>\n

  — People who spend more than what they earn ( accumulating debt)<\/span><\/p>\n

  — People who spend all what they earn (saving nothing)<\/span><\/p>\n

  — People who save 2,5,10 or even 20 percent(or more)<\/span><\/p>\n

 The spending habits don\u2019t depend on the educational level of the individual. If one has a better education, he would be better with money – this is really not true. Lots of people, who are wasting money- may be on expensive mobiles, branded clothes or shoes, newest iphones or other expensive habits have a college degree , some even have a Master\u2019s. While some of these people do spend money in Wise ways, whereas others spend in ways that seem Unwise. Wise means \u201cin a way that will increase your wealth\u201d and Unwise means \u201c in ways that will decrease wealth or that can be dangerous\u201d<\/strong>. Some of the things people waste their money on,are like:-<\/span><\/p>\n