9 MIDDLE-CLASS HABITS THAT KEEP YOU BROKE, SAYS FINANCIAL EXPERT

Codie Sanchez, founder of ContrarianThinking, suggests that many of us fail to build wealth due to certain bad habits we've developed. These habits, although common in the middle class, can be changed to improve our financial situation.

One of the most damaging habits is saying "yes" too often. Sanchez emphasizes the importance of treating most nights like "school nights," focusing on personal development instead of going out. This approach not only helps save money but also allows time for activities that truly matter for personal and professional growth.

Another habit that keeps many in financial distress is the excessive worry about pleasing others. Sanchez highlights that in the business world, being respected is more important than being liked. Adopting an assertive stance and maintaining high standards can be key to financial success, as it allows for decisions that benefit in the long run.

Time management is another crucial aspect. Sanchez points out that not protecting our time can be a costly mistake. With the daily distractions, it's essential to be "easy to find and hard to contact." Implementing time management techniques, like the Pomodoro Technique, can help maximize productivity and ultimately improve financial standing.

 

Trying to do everything by oneself is another common mistake. Sanchez argues that to succeed, it's crucial to surround yourself with a team that supports and motivates. This approach not only eases the workload but also fosters a collaborative environment that can lead to greater financial achievements.

Confusing revenue with profit is a mistake many make. Sanchez explains that while a business may generate significant revenue, profit margins are what truly matter. Understanding this difference is crucial for setting realistic expectations and making informed financial decisions.

Mental health also plays a significant role in financial success. Sanchez suggests that detoxing the brain from criticism and negative feedback is essential to maintain motivation and mental clarity. Activities like meditation and exercise can be effective tools to achieve this.

Finally, Sanchez highlights the importance of waking up early. Starting the day before the rest of the world can provide a significant advantage, allowing time for important tasks before daily distractions begin. This habit, along with the others mentioned, can be key to breaking free from financial distress and starting to build wealth.

2025-02-27T23:35:04Z