There are a lot of habits that we should avoid and a lot that we should do. For example, some people have habit of shopping which might turn out costing them a fortune. This kind of habit should be avoided.
7 Habits To Stop
Nate O’Brien, one of the Youtubers I have subscribed, recently released a video telling people 7 expensive money habits they need to stop.
In the video, Nate has mentioned the following 7 expensive habits:
1. Travel in off seasons, so the flight tickets will be cheaper
2. Buying home too soon – that involves a lot of expenses
3. Food delivery – too convenient, making you buy more
4. Trusting other people too much with money – most of them are not experts
5. Double whammy – unhealthy habit should be avoided
6. Pay day loan with high interests
7. Habit of making excuses – always blame others
Due to the difference between western and eastern culture, I find some of the habits mentioned might not be done by normal eastern people. However, this video does give me some insight of how to become a better man.
For example, I am shocked that there are some people who don’t compare flight tickets’ prices before they purchase. In Asia, people compare A LOT of flights tickets prices and always pick the CHEAPEST one.
I guess the difference attitude towards the money results in such difference – eastern people tend to save money (unless they are rich) while western people tend to spend money and enjoy the moment.
For the 2nd point, we eastern people cannot afford to buy home too early because the real estate prices are so high, but some of the people who can afford to make the down payment will see this as investment, so even though there are some more expenses when purchase real estate, they are still willing to pay.
For the 3rd point, we recently use more food delivery because of the Coronavirus, but normally people like to go to buy takeaway to save some time after work.
For the 4th point, it’s true that some people trust those claimed to be experts on investment, which I think we should think twice before taking any actions.
For the 5th point, Nate is right too. We should never take the habits that is harmful to ourselves, eg, doing drugs, drinking a lot of alcohol, etc. This is the same for eastern and western countries.
For the 6th point, although there is no such “pay day loan” in Hong Kong, some of the people are willing to loan some money because they don’t save money AT ALL. Like the 5th point, we should really think twice before applying for a loan that we might not be able to pay back.
For the 7th point, I personally like this point very much. We always tend to blame others even thought it’s our own choices. We need to learn how to take the responsibilities so that we will never do anything so recklessly.
5 Habits To Continue
As Nate has shared 7 expensive money habits people need to stop, I now want to share 5 cheap money habits that we need to continue.
The 1st one is buying books. This includes real books, e-books or audio books. Buying a book is not so expensive, most of them are less than USD 20. However, the knowledge and skills you gain from the books are way more than this USD 20. Those knowledge might help us earn our first USD 1 million. I can’t think of a reason not to read and learn.
The 2nd one is listening to Youtube videos / podcasts. I am not talking about those for entertainment but those about learning and experience sharing. This one is completely free, or if you want to say, only take up some time cost. However, the time we spend on those informative videos or podcasts might widen our horizon.
The 3rd one is writing. We are only human being who have normal memories, so we cannot memorize every we learn from books or videos. The only way we can do to facilitate our learning is to write down what we have learnt. Just like this blog, I always write down the knowledge and the way of thinking I learnt from others into blog posts. This helps me memorize the knowledge.
The 4th one is creating mastermind group or discussion group. Sometimes we can learn from others through discussion and sharing. Some of our friends might be entrepreneurs who can share their experience on running businesses to us. Some of them might be the senior management of large corporations and can share the wisdom of surviving in large companies’ culture.
The last one is having a mindset of seeking for alternatives. Whatever we want to do, we should always spend some time and see if there are cheaper and more efficient alternatives. For example, instead of eating at restaurants, can we buy some food and cook ourselves? That can make ourselves more independent and save more money. By always having this mindset we will not make wrong decision without send thought.
Hope this article can give you some insight!
If you want to know more about what I have learnt from other successful people, you can click the below link. This could the one of the life-changing articles for you: