5 Ways Greed Is Making You Poor
1. Always Wanting More.
More clothes. More shoes. More holidays. Even though most people know better, we still live under the media spell that encourages us that more stuff will give us more happiness. If you allow yourself to be lulled into the message for even a moment you could potentially find yourself crippled with large debts, bills and loan payments. One way to avoid this is to make sure you always get the lowest price on the things you buy by signing up to my newsletter where I give you weekly money saving tips, hacks and the biggest discounts and special offers. Failing that you might get into the situation eloquently described by Fight Clubs’ Tyler Durden who says “the things you own end up owning you.” Be weary of always wanting more stuff and if you have to have it, make sure you’re paying the least amount of money for it.
2. Committing a Crime.
Being greedy can make you do some bad things like breaking the law. Now I’m not talking about robbing a bank or scamming people online but I’m thinking more in terms of the type of thing that most people might consider to be harmless even though they know it is 100% illegal. For instance, not fully declaring your taxes, which is a criminal offence that could land you in prison.
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3. Living to Excess.
This follows on from the first point. Always wanting more doesn’t just cost you in terms of money but also costs you in terms of your relationships and health. Eating too much, drinking too much, partying too much, are all things that, if done to excess, will eventually destroy your health and cost a lot to recover from. Also, one illness e.g. obesity or alcoholism can quickly spiral downwards and lead to other health issues. Sadly poor health will often mean that you can not be as economically active as you could be (e.g. time off work) and this will in turn have a negative impact on your finances.
4. Not Being Generous.
There is a misguided stereotype that every rich person got that way by being greedy and poor people are more generous with the little resources they have. Not true according to financial expert Robert Kiyosaki in a recent hour long radio show and whatever your view on this might be, it is still worth listening to it (below) because it raises some very important and interesting points. The primary idea is that when you have generous spirit and give back, you will be rewarded in more ways than you can ever expect. Invest in people, help others and you will reap the rewards.
What is the easiest way to become a billionaire? Help a billion people.
However, if you spend all your time hoarding your possessions, stockpiling your money in bank accounts and waiting for it to grow by a few percentage points then this might keep you from breaking out of poverty.
5. Gambling Away Everything.
You know the feeling, you try some scratch cards or put everything on red and you win a little money – what do you do? Try to win even more of course! This might also apply to people who try to trade on the stock market with very little or no knowledge. Now you’re probably thinking “no way, I’d take the winnings and run”, that might be the case but statistics show that around 2% of people will get addicted to gambling. People who succumb to gambling as a way to get a shortcut to wealth, especially if it is all based on greed are on course for a giant mishap that will almost certainly end in poverty.
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I would love to hear your thoughts…
What has greed cost you? Do you agree with the points raised in this article? Do you know people who are poor because of their greed?
Please share your experiences and / or comments below.