Do you think this is the attitude millionaires have? They hope for the best.
Of course not. They took action and made themselves richer than they ever imagined.
A buddy of mine has been involved in a unique business for the last 2 years. Hardly anyone knows this even exists.
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Will you be a millionaire one day? Most people will never come close. My whole life I’ve worked for millionaires only to discover I was tired of making someone else rich while I scrimped by.
It wasn’t until I took a long look at the reasons why most people never attain true wealth that I discovered the secret to becoming rich and successful. When you understand the reasons that are holding you back from being wealthy then you can do something about it!
1. Waiting to Start
I bet if I asked you why you haven’t started to build wealth and get rich yet your response would be to cross your arms over your chest defensively and say something like, “Well I’m just waiting for the perfect opportunity to come along.” Or “I don’t have enough money right now.”
No matter what you would say it would be an excuse. Excuses are how you justify to yourself not doing the things you need to do to get rich. There will always be something to hold you back if you let it.
To combat this you first need to recognize the barriers you are putting up. Each day you do not work on building wealth write down your excuse. After a week or so you will see that several of the excuses are repeated. The more you look at this list the quicker you’ll realize that these excuses don’t hold water. Instead use them as reasons to get started.
2. Multiple Streams of Income
Do you know the phrase that every financial planner lives by? “Don’t Put All Your Eggs in One Basket.” It’s a solid investing principle. You don’t want to put all your money into just one investment; it’s too big of a financial risk. You could lose all your money.
The same principle applies to making money. Don’t depend on just one stream of income. What happens if you lose your job? Or can’t do that job anymore? You won’t have any money coming in then. That’s a lot of risk.
When you have multiple streams of income you lessen your overall risk. If one income stream dries up you’ll have another that you can depend on.
You might be thinking to yourself that this is too hard to do. It’s not. You can even do this within the industry you currently work in. Add a stream of income as a consultant for what you already do. You have skills and people are willing to pay you for them.
You can start slowly and work at building up the amount of money each income stream provides until each one covers the amount of money you spend each year.
3. Risk Aversion
A key difference between millionaires and the working class is the way they view money. Natural money makers focus on finding opportunities, while the working class views the same situation as a risk.
If you always look at situations as obstacles and risks you’ll never get rich. You must change your way of thinking. Become a glass is half full kind of person. Think like a millionaire and you’ll become one.
4. Bad Habits
We all have bad habits; some are just more expensive than others. Whether it’s smoking, drinking, drugs or gambling the habit is keeping you from becoming rich. The financial consequences go far beyond the everyday costs of the habit. Smokers lose money on the resale value on their cars and homes. Drug users pay more in dental work and teeth cleaning products. Alcoholics are more accident prone and incur more medical debt. Not to mention the time you spend on these habits takes away from the time you could be spending becoming wealthy.
5. Keeping Up with the Joneses
There will always be someone who has more than you; even if you are a multi-millionaire. Having the latest gadgets, cars, computers, and services will not make you rich. When you compete against the proverbial Jones Family, you are competing against material possessions and you will lose.
You must stop caring about what your neighbors, friends and family think and concentrate your efforts on building wealth and personal happiness. Don’t spend your next Sunday looking through the 10 page full color advertisements for gadgets and other material things. That will only bring temptation. Instead spend it working on a new project or researching new streams of income.
6. Tracking Expenses
If a reporter came up to you on the street and stuck a microphone in your face could you answer quickly how much you spend a year? Could you tell someone off the top of your head how you’ve spent your last $50?
Something as simple as tracking your expenses can do wonders for your finances. When you pay more attention to what and where you spend your money you become more discriminating with it.
Wealthy people look for good deals and are conscious of how much they are spending too. So should you.
7. Hang With The Right People
We tend to hang out with like-minded people. If those people think carrying credit card debt is ok you might think so too. It’s that kind of thinking that will keep you from becoming wealthy.
When you hang out with people who have a healthy mindset towards money you tend to think and act the same way. Start gravitating towards friends that care about money and are good at managing and growing their money and emulate them. Just be careful you don’t get tempted by reason number 5.
Unless you win the lottery you don’t get rich overnight. It takes time to build wealth. The long road to getting rich is often cheaper and more satisfying. Those that take shortcuts trying to make a quick buck here and there often pay more and are disappointed more often.
Set yourself mini goals along the way to attaining wealth. This way you will feel more accomplished and it will be easier to stay on track.
9. No Financial Goals
When I say the words rich or wealth what comes to mind? It’s a different image for everybody. Some people see sending their kids to college while others see wealth as fancy cars and big houses.
Set specific financial goals you want to achieve. It’s not enough to say “I want to be a millionaire.” You need to set specific and measurable goals to achieve. How else will you attain your goal if you don’t know what you want? Set a goal of a specific amount of money you want in the bank, or a luxury item like a second home you’ve always dreamed of owning, or the ability to work from home.
Whatever your goal is write it down and keep it handy. Refer back to it often to remind yourself what you are working towards.
10. Working for Somebody Else.
Most people mistakenly believe if you work hard your employer will reward and take care of you. That might have been true when our parents and grandparents were in the workforce but not today. No job is a guarantee and you’ll never be paid what you’re really worth.
The life of an employee is spent making someone else rich. Wealthy people are the only ones who make money through the efforts of others. They use employees to build their businesses. Successful business owners see their incomes rise much faster than employees and have the added bonus of selling their business when they want to retire.
The only true path to wealth is to work for yourself. No one else is going to make you wealthy.
Now that you know what’s holding you back you can remove the obstacles along the path to wealth. Turn these obstacles into opportunities and get started on the road to riches. Good luck!
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Keeping Money in Your Pocket,