Many people dream of financial success, but their everyday habits are the biggest obstacles standing in their way.
While some blame bad luck or the economy, the truth is that certain money habits will guarantee you stay broke—no matter how much you earn.
Living beyond your means
The biggest mistake keeping people in financial struggles is spending more than they earn. Instead of prioritizing savings and investments, many choose to finance a flashy lifestyle with expensive clothes, unnecessary loans, and weekend outings.
“You can’t keep buying the latest iPhone while your bank account is crying for help. Wealth isn’t about looking rich—it’s about having financial security,” financial experts warn.
Ignoring savings and investments
Many people see saving as an option rather than a necessity. Living paycheck to paycheck without setting aside money for the future is a sure way to stay poor. Worse still, some believe investing is only for the rich, yet the secret to wealth is starting small and being consistent. “
“If you can spend Ksh 500 on coffee daily but can’t invest the same amount in a business idea, you’re choosing poverty,” experts caution.
Borrowing for lifestyle, not assets
Loans are not evil, but how you use them matters. Many people take loans to fund vacations, buy expensive gadgets, or impress others. The result? A never-ending cycle of debt.
“If you must borrow, let it be for something that will make you money like a business or a rental property,” financial coaches advise.
Depending on one source of income
In today’s economy, relying on a single paycheck is financial suicide. “Your job can be taken away anytime. If you don’t have a side hustle or investments, you’re one step away from disaster,” says a business strategist.
Multiple streams of income, such as freelancing, real estate, or online businesses, provide financial security.
Falling for get-rich-quick schemes
Many people stay broke because they chase shortcuts. Pyramid schemes, fake online trading platforms, and betting are all traps that promise quick wealth but often lead to loss.
“If making money was that easy, everyone would be rich. Real wealth takes time, effort, and discipline,” experts warn.
The bottom line
Poverty isn’t just about how much you earn—it’s about how you manage your money. Changing these habits can be the difference between a life of struggle and financial freedom. The question is, are you willing to make the change?
