I’m a financial advisor and if you do these three things with your money you’ll be poor forever

A financial expert has revealed how to manage your money – and the three things you should stop doing unless you want to be poor forever.

Financial Advisor Dr. Brad Klontz recently shared the common mistakes “almost everyone” makes when planning their future

Dr. Klontz also warned against abusing credit cards, as the interest tends to pile up and test you even further.

“You have to budget every month and never spend more than you earn,” he said.

Dr. Brad Klontz is a financial psychologist and professional advisor

1. Credit card abuse

While some can benefit from using credit cards properly, many often make the mistake of spending more than they can earn.

“Don’t use your credit cards unless you can pay the full bill each month,” Dr. Klontz said.

‘Credit card interest can be as high as 36 percent, which is just extra money you hand over to the bank.

‘Those cards cannot be trusted. If you continue to have problems with credit cards, you should seriously consider cutting them up and never using them again.”

2. Spend more than you earn

Dr. Klontz shared that if you can’t afford to save and invest at least 10 percent of your income for your future, you need to make major lifestyle changes.

“Maybe you should get a smaller house or sell your car and take the bus,” he said. “Or maybe you need to save money on haircuts and shaves, or find another source of income.”

He added: “You must make investing for your future your top financial priority today.”

3. Investing the wrong way

“Investing the wrong way hurts so many hardworking people who just want to build a better life for themselves and their families,” Dr. Klontz said.

‘Rich people invest very differently than most people. Poor people stay poor by trying to buy their way to quick wealth.”

He recommended looking at long-term plans that offer higher returns at lower risk.

Many thanked him for his advice.

“I’ve never had a credit card in my life,” said one.

‘Good advice, thanks for that information!’ another added. ‘Live below your means! Just because you can afford a $500,000 house doesn’t mean you need one. Buy a fixer-upper and pay it off early.”

But others claimed he was ‘out of touch’.

‘You need to update your advice. 80 percent of people live paycheck to paycheck,” one woman wrote.

‘Sell your car and take the bus? Come on, what reality are you living in? Some areas have no public transport,” said another.

“It’s called inflation and skyrocketing house prices,” one woman said.