Wanna know the reason why you still stuck in society as a Middle class person. Here we will cover all the reasons keeping you poor.
1
Social comparison leads to overspending. Whenever you compare your lifestyle with rich person you will always overspend.
2
Have you noticed that as your income increases the expenses also increases exponentially. It is proven that middle class people tend to invest in liability.
3
Middle class people want instant gratification by buying things which they don't need. You need to patient and wait for right time to buy assets, this determines success.
4
Lack of Financial literacy leads to bad financial purchases and decisions. You must learn about personal finance or hire someone who can handle it.
5
Many people are overconfident towards their financial decisions. Your financial knowledge can be incomplete. Consulting to CA and Financial institutions is good.
6
Avoiding taking any financial decisions can be very harmful for your future. Investing in different assets is very important part of any financial journey.
7
Every rich person has taken certain amount of risk in their life. Avoiding risky decisions and playing it too safe keeps you in middle class segment.