What are some common financial mistakes poor people make?

Broadly and statistically speaking they:

Don’t save
Don’t invest
Buy luxuries (meaning non-essential goods)
Get into debt with credit cards or loans

Point 1 and 2 is why poor people stay poor and rich people become richer. There’s nothing else and no other reason or way. To get more money, you need to save a certain percentage and invest it in a certain vehicle.

Point 2 and 3 is why poor people get poorer or why some rich people become poor. There’s no surer way to lose money than waste it away instead of putting it to work (make your money work for you) or get into debt which mean you’ll make compounding and time work against you.

Source : Justin d'Anethan

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