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Sean Covey rightly said, “Depending on what they are, our habits will either make us or break us. We become what we repeatedly do.” Successful people have habits that distinguish them from unsuccessful ones. So also, wealthy people have habits that distinguish them from the poor ones. Below are 5 habits that have kept men poor over the years.

open empty wallet and holding coins looking for money having problem bankrupt broke after credit card payday.

1. Negative thinking: Change, they say, begins from the mind. The line of thoughts a man has on money determines how much money he/she would have. Someone who thinks every wealthy person did something shady to get his/her wealth cannot be rich. Someone who thinks wealth is for some set of people cannot be rich. Take some time today to identify your thought system about money and if unhealthy, start a reorientation process.

2. Not having a financial plan/tracking one’s expenses: Studies have shown that you are 42% more likely to accomplish a goal written on paper than that in the head. Writing down financial goals and tracking expenses is therefore expedient. It helps to know what money is being spent on and to measure the fulfillment or otherwise of one’s financial goals.

3. Keeping up with the Joneses: in this social media age, lots of people put themselves under undue pressure to keep up appearances, forgetting that people often project only what they want the world to see. Many go outside their means to keep up with new trends and are therefore perpetually in debt.

Man hand open an empty wallet with copy space

4. Emotional/Impulsive spending: How many times have you felt obliged to buy a fabric you didn’t need just to please a friend? How many times have you gone out of your budget to buy a shoe you saw on your way home? Emotional spending and Impulsive spending respectively are a sure way to remain broke.

5. Pretending you are not in debt: Some persons know how to avoid reality more than others. While this may be a positive coping factor for the mental health of many, it is not helpful in the long run as the interest rate keeps piling. Instead of pretending you don’t have debts, compile them and meet with a financial advisor. They would help you map out a debt repayment strategy.

For more information, contact the Secure Capital team.