Slickdeals, an online couponing site, commissioned a survey of 2,000 American adults in an effort to better understand impulse purchases.
One startling find was that the average American engages in three impulse purchases a week.
This impulse spending habit costs the consumer about $450 per month, $5,400 per year and $324,000 over their lifetime.
Now, let’s flip the switch on this.
What if you were an average 25-year-old who didn’t have this Impulse Spending Poor Habit and, instead, invested that $5,400 every year in something that grew at a rate of 6% a year?
After sixty years, that 25-year-old would have $3,057,026.
Eliminating one Poor Habit, Impulse Spending, and adding one Rich Habit, Saving $5,400 a year, would make the average person a multi-millionaire over the course of their lifetime.
Habits are the reason you are rich or poor.
Habits are the reason you are lean or overweight.
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Habits are the reason you are knowledgeable or ignorant.
Habits are the reason you are skilled or unskilled.
Habits are the reason you are healthy or unhealthy.
Habits are the reason you have an abundance of friends or very few friends.
Habits are the reason you live in a home by the beach or a shanty in the inner city.
They determine the quality of your life.