Mon Feb 03 2025, by Tyler Gardner

3 Money Habits That Are Keeping You Poor

Here are the three money habits that are keeping you poor. I'm Tyler, a former financial advisor and portfolio manager, and I create financial content for free to help you manage your money more effectively.

1. Complaining About Taxes Instead of Understanding Them

If I hear one more ding-a-ling in the comments telling me to pay my fair share of taxes when all I'm doing is discussing tax-advantaged accounts, I’ll lose it. What I pay is, by definition, my fair share. Unfortunately, what you are paying is likely much more than your fair share because you haven't taken the time to learn the tax code.

2. Prioritizing Status Symbols Over True Wealth

You’re focusing on status symbols instead of real wealth. Forget about the fancy car, the fancy house, and the fancy clothes. If you are spending 100% of your paycheck, you’re 100% guaranteed to wind up broke. Instead, consider buying just one vest and putting everything else into a low-cost index fund—that’s how you build real wealth.

3. Paying Yourself Last

I know it’s cliché, but if you are currently living paycheck to paycheck, there is nothing more crucial than putting 5% to 10% of that paycheck into a retirement account or brokerage account and investing it. Start prioritizing your savings and investing for your future.

If any of this information is helpful, please like and follow, and I’ll keep trying to get you one step closer to where you need to be.

Source