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Feeling like youre stuck in place?
Many Americans struggle to build wealth and break the paycheck-to-paycheck cycle.
Money expert Jaspreet Singh recently posted avideodescribing seven habits that keep middle-class Americans stuck in the rat race.
Read on for an overview of these seven habits along withtips on how to break them.
So, what can you do?
If you cant grow your income right now, look for ways to cut costs.
Thats the difference between working to survive and working to thrive.
Staying Comfortable
Your current job might keep you comfortable.
There is nothing wrong with a job that offers good benefits.
Singhs point is that you shouldnt let those benefits hold you back.
The average American owes around $104,215 in debt, according to Experian.
In other words, prioritize your bank balance over your credit score.
That doesnt mean you better go out and buy investment properties or start your own business today.
You may be living beyond your means even if you dont realize it.
Singh uses the example of a $5,000 sofa.
However, that leaves no money for your future.
Not Learning From Your Mistakes
Its normal to make mistakes as you grow your wealth.
What matters most is that you learn from those mistakes.
Those feelings of resentment will only hold you back.
