💰8 Money Traps Keeping You Broke

read time 2 minutes

Hi there,

Let’s be real for a second: most people aren’t broke because they don’t make money. They’re broke because of the way they spend it.

Here are the 8 sneaky money traps that keep you poor (and how to escape them):

Luxury cars: That shiny new ride feels good until you realize it’s draining your bank account. Cars lose value fast; don’t let them kill your financial goals. Use the 20/4/10 rule to pick the right car for you.

Alcohol: Constantly spending on booze adds up, and it eats away at your health, too. I completely quit drinking two years ago, and this has helped me significantly improve my financial, mental, and physical health. 

Pets: I know this one stings, but pets are a luxury. If you’re struggling with bills and can’t even afford vet care, adding a furry friend to the mix won’t help.

Designer clothes: Billionaires aren’t walking around in giant Gucci logos. Flashy brands make you look rich, but keep you broke. Skip the designer clothes and invest in simple, high-quality garments that are comfortable and will last you a long time.

Gambling: The house always wins. Trust me, gambling is not your shortcut to wealth. Investing in the S&P500, though? This is your quickest path to becoming a millionaire.

Daily coffee: That $6 latte habit? It’s costing you thousands over time. Invest in a good coffee machine instead -  it’ll pay for itself in weeks.

Smoking & vaping: This one’s a double hit - expensive and terrible for your health. Cut it out, and your wallet (and lungs) will thank you.

Eating out every day: I still eat out sometimes, even as a millionaire. But daily takeout is a budget-killer. Cooking at home saves you serious cash, and meal prep makes life so much easier.

And finally, the most controversial one, 

Kids: If you can’t give them a comfortable, stable life, then don’t rush into parenthood. Children deserve more than financial stress.

Want to stop being broke? Start by cutting these 8 traps.

Take it one step further by following my step-by-step money plan designed to get you out of debt and into a wealthier life. Customize yours by answering a few questions here.

Using my affiliate link helps support my team and I to create new content for you every week. Thank you! 

- Milan and Team

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