5 Things you Should Not Spend Your Money on if You Want to be Wealthy

It has been discovered that an average human can do without food for 14 days. Why food is important, the theory also proves that humans can adapt to anything. For a very long time, sellers have made it seem that certain optional commodities are mandatory. And many are falling for these lies.

Building wealth arises from how much money you earn in a particular given period. That’s partially true. It also has to do with how you spend it. If you grow your income by 30%, there is a chance that your expenditure might grow by 30% or even more.

In this article, you will be learning how to save more money by not spending more money on things that do not matter. In the long run, you will save more money and eventually build wealth.

Here are a few things you should not waste your money on:

1. Lottery tickets, Gambling and Betting Sites

An average individual spends at least 200 Naira daily on betting sites. Some spend as much as 50,000 Naira daily, mostly a higher percentage of their earnings on these platforms. It was estimated that an average sport betting platforms make over 700 billion Naira annually. 

You have over 200 million to one odd of winning a game on these platforms. This means that you are more likely to be struck by lightning twice at the same spot before you can win. That’s crazy!

If you can spend over 250 thousand Naira gambling in a year, you should be able to save up to 500 thousand Naira to start a profitable business or invest in something profitable.

2. Trending Clothing, Shoes, Cars and Other Stuff

Dressing to kill is important so is staying afloat during a financial crisis. Because you recently made over 500 thousand naira doesn’t mean that you have to spend 80% of it on kinds of stuff. You don’t need a new car, you need a dependable means of transportation.

If a new cloth, shoe or new car can’t help you in sale increase, there is no point wasting your money on them. If you don’t have assets that can cater for the new stuff you intend to buy, please run away from them.

3. Fancy Foods, Junk foods, Alcohol and Others

Food is very important, and so is fasting. It has been proven that the best way to cleanse the system is by fasting for some days feeding on water, fruits or purely meat.

Packaged flour and refined sugar are the most addictive foods in the world today. You can find them in almost every fast food we consume. They are really “hard” on the body system. Look around, they are readily available for consumers and packaged to drain their pockets. And they are very hard to escape. Be smart and reduce your intake of these foods to the barest minimum.

4. Subscriptions, Cables and Streaming Services

Entertainment keeps the mind at rest. You will lose out on a lot if you choose not to follow the trend on social media. When connected to these services, your return should be what you will gain. Any form of entertainment that cannot create ideas or put food on your table is baseless.

It is bad to say that you are losing out on a lot when you choose not to subscribe to a cable subscription for the month.

5. Get Rich Quick Schemes and Courses

There is a difference between a king and a thousand servants. Before complying with instructions, your senses will first weigh the authority. Consider the financial standing of the fella offering you get quick rich scheme before opting.

In most financial websites online and some social platforms (YouTube, Twitter and Facebook etc.) you have these guys offering courses and schemes that will make you rich overnight. It is crystal clear that 90% of these guys are building wealth off the sales of their courses and not from the scheme.

In conclusion

This article is to help you look at areas that you don’t need and find a way to get rid of them. You can do more when you earn more and save more.