Ankur Warikoo highlights five money habits that can keep you poor, from improper budgeting and high-interest debt to lifestyle inflation and delayed investing. Learn how to fix them this Diwali to strengthen savings and build long-term wealth.
Photo credit: Livemint
Building wealth is not just about earning a higher salary. It is also about having a clear understanding of different asset classes, such as stocks, bonds, and gold, among others, along with how an individual should manage their funds, control expenses, and plan for the future, which can also help determine an individual’s financial well-being.
Diwali can be an opportune time to adopt healthy personal finance habits, bolster your investments, and avoid habits that can hinder wealth creation. The aim should be to eliminate poor habits such as poor budgeting, high-interest debt, inadequate emergency savings, along with a host of other similar habits, to become financially efficient.
Do note that even individuals with a steady flow of income may struggle to build meaningful savings if they repeatedly make poor financial decisions and manage their hard-earned money based on emotion.
Prominent entrepreneur and personal finance educator Ankur Warikoo recently discussed 5 key money habits that keep people from achieving their financial goals in a Facebook video and, in turn, keep them poor.
Practising these habits this Diwali can help individuals strengthen their financial health, make more informed money decisions and build a stronger foundation for long-term financial security.
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