The one financial habit almost every broke person in the United States has is overspending. That means buying things you don’t need, paying for nicer things you haven’t earned yet, and borrowing to buy things that disappear, like fancy dinners or trips that leave no lasting value.
Even a car loses value as soon as you drive it off the lot, so it’s not a good investment. Put more of your money into things that will be worth more over the long term.
Key points
- Overspending is the most common habit of people who stay broke.
- Avoid borrowing for things that leave no lasting value.
- Depreciating purchases like cars aren’t investments.
- Direct more money toward assets that grow over time.
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