Will your habits make you rich?

According to a recent survey, 55% of people reported that their financial situation is poor or not good and 53% felt that their financial situation will be worse in 2025.

Whether you are struggling to save more to pay for your expenses, deal with debt, your spending or borrowing decisions are preventing you from becoming rich.

Beware of:

Wealth-Destroying Mistakes People Make Unknowingly Every Day

Habits That Make You Bankrupt Payday loans target desperate people living in low-income areas. Using these loans can trap you in a cycle of bankruptcy as they have very high interest rates that can be over 100% and have short repayment periods.

"Any person's chance of winning the lottery is 1 in 300 million and this exploits people's hope." So don't buy lottery tickets.

A rent-to-own arrangement, which is common for people who need to make big purchases like home appliances or furniture, can cause financial damage. The fees involved make it much more expensive than buying until you have the cash.

Signs you're getting rich quietly

Financing new cars is another habit that prevents you from getting rich, with Experian reporting the average new car loan balance in the last quarter of 2024 was $41,572. So the depreciation and interest make it unwise to buy and finance these cars.

Being attracted to "buy now, pay later" plans can force you to make unattainable or unnecessary purchases.

"When you spend your money and buy something outright, you think about that purchase differently, whereas if you buy it in parts, you don't feel as bad about it." Aim to live within your means rather than spend below it. This means budgeting your money so that after all your expenses, there is some money left over for savings and investment goals.

Buying a good used car like a Toyota or Honda can help you live like a millionaire. You will pay much less than if you bought a new car, especially if you use cash to avoid expensive financing traps.

Spend 15% of your income investing in your future.

And when you have money, feed the hungry to increase your happiness.