Wasting money is one of the main reasons why some people remain poor up to date. The way they live their lifestyle is too expensive they spend money on unnecessary things. If the money some people are spending on things that are not necessary had been invested or used to start a business, they would not be where they are today.
The truth is, even rich people buy expensive items, but not things that are unnecessary. In fact, if someone wants to start using expensive things, it should be at a time when they have already built their wealth well, not while they are still in the process of building it.
Honestly, rich people always find ways to ensure their money continues to grow. That is why they always look for different sources of income and stop focusing on material things like some poor people do. Rich people are not overly focused on material things. Instead, they prioritize their investments and businesses, which is a significant difference from the mindset of many poor people.
Wasting money turns out to be a psychological thing. I wasn't really interested in the "why" part of it, but I have seen too many people around me who wasted money on very useless shitty things, like for example the most common one has been phones, mobile phones are VERY expensive in most parts of the world, I understand some American may buy the latest iphone without much issue, or a Swiss, or a German, but remember that majority of the world live in poverty compared to those wages, if you are making 3k a month, you are in 1% richest people in the world, most of us make 1k or less, so when a phone is 1.5k or even 2k with taxes, that means we can't afford it easily, when our wages are like 500 dollars at most, why would I pay 3-4 months salary into a phone.
But I was curious, because I saw everyone having the very latest ones, and the ones who were a bit poorer, got the previous one instead, when I know they are in big debt.