4 Pitfalls Rich People Should Avoid If They Become Poor
Written by
Gina Hagler
Edited by
Jana Lynch
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When people find themselves moving from lower or middle class to wealthy, it’s normal for them to change some habits as a result of their increased income. And when wealthy people find themselves with a loss of income, making them comparatively poor, their behaviors change then, too.
Here are some habits to avoid if you find yourself in a lower income bracket, either temporarily or more long-term.
Losing Ambition and Drive With Investing
If you’ve set high goals for yourself, you may notice some of those ambitions shutting down. When you have more money, you may be more interested in invested and charitable giving, even globally. When you find yourself with less money, your focus becomes more on day-to-day budgeting, personal finance and planning for retirement.
Saving, rather than investing, becomes the goal. Stay on that course until your financial situation improves.
Poorly Structured Eating and Health Habits
Becoming rich often requires planning and strategy, and wealthy people are used to setting strict schedules and maintaining a focused path toward achieving their goals. This includes fitness and overall health, including healthy eating. In fact, research has shown that the rich often focus on healthier, organic foods since they have the funds available to buy them.
When you have a lower income, you might be tempted to purchase lower quality or junk food since the price for those is often more affordable. Try to focus on being as healthy as possible on your more limited budget, and find cheaper alternatives to healthy meals and other activities that keep you healthy.
Negative Life Outlook
If you’re learning to function with less money, learning and reading for personal growth may become less of a priority. You may find yourself with a less positive outlook on life or your current situation, and you might even find yourself gravitating towards toxic relationships or a negative mindset.
Less money doesn’t mean your self-worth is lower, so try to surround yourself with supportive people and find something positive in every day–even if it seems small.
Inadequate Rest and Poor Productivity
When you’re constantly worried about money, getting enough sleep and exercise becomes less of a priority (or harder to achieve), and you may find yourself losing out on the myriad of physical and mental boosts from a good night’s rest. You may even find your productivity decreasing along with your ability to focus.
To prevent or minimize this, consider reframing what a productive day looks like. Try working in small or shorter workouts. Even a quick walk around the block may boost your mental health and keep you physically active, helping you sleep better at night.
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