7 habits that keep people poor and how to break away from them

Poverty is not always just about how much money you make. Sometimes, it’s about how you think, spend, and live.

Many people stay poor not because they want to, but because of habits they may not even realise are holding them back.

But well, there's good news! Every habit can be changed if you're ready to do the required work. But first, you need to know these habits, don't you?

Here are seven common habits that always keep people stuck in poverty - and how to break free.

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1. Living Beyond Your Means

This one's very popular. Many people are stuck at their financial level because they're constantly spending more than they're earning. While this may seem cool, it depletes savings and puts you in unnecessary debt.

This is why you must create a budget if you want to break free and track every kobo. Understand your income and stick to essentials first. If you can't afford it now, it can wait.

2. Lack of Savings

Whether you're a salary earner or a businessperson, you must save. Your savings are your emergency fund and a ticket for planning your future. Breaking away from this habit is not as difficult as you think. You just need to start. Even saving N500 a week adds up.

These days, there are even mobile banking apps with savings features that help you save. Otherwise, you can sign up for a trusted cooperative society (ajo or esusu).

3. Depending on One Source of Income

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Here's one truth you can't run away from: relying on one source of income will make you perpetually poor. You have to explore other sources of income if you want to move levels in the foreseeable future.

So start a side hustle, invest in small businesses, or learn digital skills. Multiple streams of income provide a safety net.

4. Lack of Financial Education

We all need financial education. It's the first step to understanding how money works - interest, budgeting, investing, etc. Without this understanding, you'll be stuck.

Read books, listen to podcasts, and follow financial educators on social media. The knowledge you'll gain from these sources will power your move to financial freedom.

5. Procrastination

You've always heard it: procrastination is the killer of destiny. You won't hear any truer financial advice. Start now. Take small steps. Open the savings account, register the business name, and take the free online course today, not tomorrow.

6. Keeping Up Appearances

We're in the age of social media, and many people keep up appearances just to impress strangers. Imagine spending all your money on clothes, phones, parties, and a lavish lifestyle, while struggling behind closed doors.

That's a surefire way to disaster. We always recommend focusing on building, not impressing. Real wealth is quiet; financial freedom is louder than any designer bag.

7. Negative Mindset Around Money

I've seen many people develop negative mindsets, like believing wealth is only for “lucky” people or that all rich people are corrupt. That's a terrible way to look at wealth, and it'll stop you from pursuing it yourself. It's time to shift your mindset.

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Look at money as a tool. Believe you can earn, grow, and manage it wisely. Your mindset will drive your actions.