Popular sentiment would say -”Are you crazy? Bad financial habits can never be good for you”. And, I agree. Bad financial habits can sink your future and lead to bankruptcy. But, a few bad financial habits can also do good for you. Surprised or shocked? Well, you don’t need to be either.
Contrary to the popular perception, bad financial habits can sometimes be good for you. Okay, I’m not saying that all bad financial habits are good since most of them just lead you towards debt. For instance, late credit card payments, spending money without keeping any tab, not looking at credit reports, etc. But, I can name at least 3 bad financial habits that are good for you and these are:
1. Enjoying lifestyle inflation: Lifestyle inflation means more expenses. But even then, it has a good side. When you’re accustomed to a good lifestyle - staying in a nice apartment, riding a good car, eating good foods, enjoying all the luxuries of life; you automatically want to cling to that anyhow. But for this, you need a good amount of money in your hand. This gives you the drive to earn more. This makes you hungry for more money. You’ll try to work harder and accelerate your income. This is good for your overall financial life.
2. Helping others: Do you get rebuked by your family members for putting others first? Well, this habit may put you into trouble many times. However, this habit may also help you in a few situations. For instance, someone may agree to be the co-signer for your loan since you helped him/her financially in the past. Someone might also agree to add you as the authorized user on his/her credit card and help you build credit history.
3. Taking out interest-free loans: These are bad since you’re taking out fresh loans. But, on the other hand, you won’t have to pay high-interest rates just like on payday loans. As long as you pay these loans within the interest-free period, you won’t be in any financial trouble.
So, these are a few bad financial habits that might be actually good for you. What is your opinion about these habits? Do you remember any other bad habit that is working well for your financial life? If yes, then do give your inputs.
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