You won't get rich if you keep doing this

Financial literacy is proving to be key to achieving stability and avoiding the vicious cycle of poverty. However, quite a few people exhibit destructive behaviors that lead to bad money habits that can exacerbate financial difficulties, newtraderu.com reports.

Successful financier Steve Burns has identified seven daily habits that are directly associated with bad financial habits that can lead to poverty.

1. Poor sleep: Insufficient sleep is associated with obesity and weight gain, which can lead to medical problems and increased treatment costs, draining financial resources.

2. Unhealthy diet: frequent spending on fast food can negatively affect health and lead to illness, increasing healthcare costs and keeping people in a vicious cycle of poverty.

3. Addiction to tobacco and psychoactive substances: buying cigarettes or other addictive substances is an expensive habit. It can lead to cancer and other health problems that require expensive treatment and reduce potential income, keeping people in poverty.

4. Economic dependence on government assistance: Such dependence can be a barrier to skill development and income generation.

5. Lack of financial literacy: Inability to manage finances can lead to poor financial decisions that keep people in poverty.

6. Health habits: Chronic health problems can lead to absenteeism from work, medical expenses, and a vicious cycle of poverty.

7. Lack of access to banking services: Banks are crucial for promoting financial inclusion and encouraging savings among low-income people.

These habits have a significant impact on financial stability and can perpetuate poverty if not managed in time.

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