Information alone will not get you to your dreams and life goals. It takes more than that. It takes transformation.
Achieving financial security is in everybody’s mind but the only problem with this is that only few of us do really achieve that and in this article we will go through 7 reasons that are preventing you to getting rich based on the book ‘Secrets of the Millionaire Mind’ by T. Harv Eker.
If you will avoid these mistakes you are much more likely to get rich.
1.You are focusing on saving money more than making money
Saving money is one of the most important factors in order to achieve financial freedom.
Paying yourself first is the first step towards financial security but what happens often is lot of people become too obsessed with saving money that they forget to create more sources of income.
Saving is great but if you are not creating other source of income you will not go so far.
Rich people often focus on creating more and more streams of income because then only they will become rich to afford that kind of lifestyle which you can not achieve by only saving.
Your goal instead should be save to create more and more passive income.
2. You want to get paid based on your time
I often heard people saying I should get paid more because I work so hard which actually make sense to some extent but that mentality is keeping you poor.
Let me explain to you how important is this concept.
Probably one of the most important things you will ever learn in your entire life because it has significance influence on your mindset.
For example sam is an average guy and believes that he must get paid based on his time and john believes that he must get paid based on the value he creates.
What happens if these two will start their business regardless of what it is.
It always takes time to build up a business that will start making real profit 2 or 3 or even 5 years because you have to establish a foundation, find clients, team and so and so forth .
It is possible that out of all these efforts you might fail another shot.
3. You haven’t started Investing yet
One thing is sure that it is impossible and I really mean it.
It is impossible to become financially free without investing.
The key principle in becoming rich is investing as early as possible.
But unfortunately most of us don’t realize the importance of investing until we are already adults and filled with responsibilities.
It does not really matter what kind of investment you make because they all take a lot of time to give back.
So the earlier you invest the sooner you will see the results.
Because only by investing you are going to create a more and more sources of income which is exactly what will make you rich.
4. You are buying what you can’t afford
The wealthy buy luxuries last, while the poor and middle-class tend to buy luxuries first.
A lot of us struggle to control our spending.
Some of us go so extreme and start buying things that we really can’t afford .
It might give you some satisfaction but it will hurt you significantly in the long run.
First of all you will not be able to save money to invest because you have to pay back your loans and guess what happens to this loans, these loans aren’t free.
You have to pay interest and the longer you delay the bigger it gets and you have to deal with Inflation at the same time.
5.You stop learning after college
Always be learning. It’s essential for your growth as a person.
For most people learning stops once they graduate from college because education is what you have learned in 12 years of school and 4 years of college and now it is the time to execute.
That’s true to certain extent but reality is that world around us is in a constant change and we have to constantly update ourselves in order to stay compatible to grasp new opportunities and for that we have to constantly learn.
Another problem is that school or college never teach you how to create connections, build up teams, plan projects, negotiate deals and many of the other important skills that are crucial in becoming rich.
Since most people don’t continue learning and they never acquire the skills so they never learn how to invest and create new sources of income.
Learning should be the number one priority in your life.
You will never meet a single self-made millionaire that does not constantly learns, either by reading books, taking courses or meeting more experience people and so on.
6.You surround yourself with the wrong people
‘You are the average of the five people you spend the most time with.’ Jim Rohn
This quote is one of the most powerful ones that I keep reminding myself over and over again. I am the average of the five people I spend the most time with. Others around myself determine how I think, how I act, and ultimately how successful I will be.
It doesn’t matter how smart you are. It doesn’t matter how talented you are, which skills you have, where you are born, or which family you came from. All that counts if you want to be successful in life is the people you surround yourself with.
When people around us are not ambitious and are not working on the path to achieve financial freedom most probably we will take the same path.
That’s why surround yourself with people who are constantly learning , investing , growing, and that will push you to do the same thing.
7.You are trying to get rich fast
If you are looking for some fast ways to get rich like everyone else does then you are just wasting your time.
I have been through this.
No matter what path you will cross in making money, if something is real, something stays, something pay back greatly then you have to go through a long boring way.
So next time if you come across an article or a videos that promise you to earn 10k dollars in 21 days in amazon then do yourself a favor and ignore this.
Be aware of ‘Get rich quick scheme’ , these are scams.
Come with real 5, 10 or 15 years financial plan and stick to it until you make it.
There are many other reasons that prevents a lot of people from getting rich and achieving financial freedom but these 7 are the most important one I have found.
Now it’s your time to share your opinion . What do you think do these reasons make sense to you or you want to ask something else?
Let me know in the comments below.
To Financially Educate yourself :