11 Reasons WHY You Will NEVER Be Wealthy.
Most people do not believe this, but nearly everyone on earth has the same opportunity to become wealthy.
However, most people do not know how. Most millionaires are not born. They had mentors who taught them step-by-step. There are certain money secrets that are purposely kept from you. Why? This is a subject for another time, but for now, let’s discuss the reasons you will never be wealthy IF you imitate the masses.
Most financial wealth secrets are not taught in school. Most people graduate from high school and college can’t even balance a check book.
Below are certain signals that you may not be on the road to riches.
If you’re focusing on working hard vs. working smart, then this is your FIRST mistake!
Working hard will not make you wealthy. Hard working construction workers working hard in the hot sun probably will never experience real wealth.
One way of working smart is investing your money —that is, taking advantage of compound interest so that your money earns money. You must discover how to make “money” your slave. You must discover how to make the money you earn “work” to make you more money.
You can do this without a lot of risks. You can do this without a lot of time or effort. It’s much easier than you think.
If you’re putting too much emphasis on saving — and not enough thought on earnings, then you’re NOT on the road to riches. Another way to work smart? Increase your earnings not just your savings.
Yes, saving money is crucial to building wealth, but you don’t want to focus so much on saving that you NEGLECT to earn more money.
Most people are so focused on clipping coupons and living frugally they miss major opportunities that could make
them a lot of money.
There’s no need to abandon practical savings strategies. However, if you want to ride on the road to riches, then STOP worrying about running out of money and focus on how to make MORE money!
Millionaires share a common strategy. They develop multiple streams of income and adopt smart savings habits.
NEVER buy things you can’t afford. If you live above your means, you will never travel on the road to riches.
Any man who needs to impress people with his stuff is usually a man who is financially struggling. Never buy anything to impress others. This is the number one biggest mistake in America.
Most people believe they should be content with a steady paycheck. This is a LIE and if you believe this, then you’ve been brainwashed.
Average people choose to get paid based on time — on a salary or hourly rate — while rich people choose to get paid based on results and are usually self-employed and are in total control of their income.
Punching a time clock for a paycheck is the slowest path. However, it is advertised the safest way. Great financial thinkers know this is not true. Self-employment is the fastest road to wealth.
Rich people continue starting businesses and building fortunes, while the masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay raises.
You must START investing.
One of the most effective ways to earn more money over time is investing it, and the earlier you start, the better.
Real wealth isn’t measured by the amount people make each year, but by how they’ve saved and invested over time.
You don’t have to be a genius before YOU start investing. You don’t have to be born in an affluent wealthy family and you don’t have to earn a massive paycheck.
DO NOT pursue someone else’s dreams — and ignore your own. If you want to be successful, you have to love what you do — that means determining and pursuing your own passions. You must know what you want in your life and the value you are willing to give to get it.
Too many people make the mistake of chasing someone else’s dream — such as their parents or working for someone else who is pursuing their dreams.
When you pursue someone else’s dreams or goals, then you are actually helping them become wealthy – not you. You may eventually become unhappy with your chosen profession. You will probably make a living or struggle financially and you simply won’t have the passion that is necessary for success to happen.
You MUST do things that are NOT comfortable for you if you plan to ride on the road to riches. If you want to build wealth, be successful, or get ahead in life, you’ll need to prepare for uncertainty or discomfort.
Believe it or not, rich people, in particular, find comfort in uncertainty because they are used to it.
World-class thinkers and millionaires learn early on that becoming a millionaire are not easy and the NEED for comfort too soon can be devastating to your financial wealth goals.
They learn to be comfortable no matter what. If you need to experience temporary discomfort for a chance to be wealthy then do it. They learn to be comfortable while operating in a state of ongoing uncertainty. You must roll with the punches and never settle for a life of mediocrity.
Rich people who travel on the road for riches discovered that overcoming fear and taking calculated risks are the key ingredients to achieving success.
Do you have goals for your MONEY?
Write down what you plan to do with the money you earn. How will you spend it? Do you want to buy a house? Travel once a month? Do you want to enjoy a peaceful retirement? Is your goal to take care of those you love and help them to succeed?
Rich people choose to attain wealth. Rarely does it just happen by pure accident. It takes focus, courage, knowledge, and a lot of effort — but it’s possible if you have precise goals and a clear vision. Nearly every self-made millionaire had a mentor.
Experts say the #1 REASON most people do not get wealthy is because they do not know what they want. Rich people are totally clear that they want wealth because money creates more comfort, better quality, more peace of mind and helps others.
You must always PAY yourself first. Your bill collectors come last. This is another rule for getting rich.
Most people pay everyone else first and seldom pay themselves. They pay the landlord, the credit card company, the telephone company, the government, and on and on and seldom pay themselves.
You must pay yourself first. Let’s say 10% of your earnings is YOUR personal payment. This is your savings. (This money is not to be spent on bills.) Then you use another 10% of your earning for investing – by making your money work for you. Get an investment plan.
Another 10% should go to help others (charities or those in need). You should also build an emergency fund of ($1K to $5K). The more money in your emergency fund the more peace of mind you’ll have. Emergency funds are for survival needs. (Car repairs, loss of income, house burns down, appliance repairs, house repairs, etc.)
You should learn to live on 70% of your earnings. This money goes to pay your bills, essentials, taxes and general living expenses. If you earn $100K, then you live on $70K. This will put you on the road to riches.
You must live within your means. If you spend everything you earn, then you’re NOT on the road to riches – you’re in fact on the road to mediocrity and possible financial disaster.
Stop believing that getting rich is out of your reach.
The average person believes being rich is a privilege awarded only to lucky people or those who inherit money from very wealthy families. You’re lucky to live in a capitalist country and you have every right to be rich if you’re willing to create VALUE for others.
You have no more excuses. This is a brief, elementary and very valuable blueprint. You can hop on the road to riches if you follow these simple suggestions. They truly are the basics of getting wealthy.
Most millionaires had mentors that helped to guide them in almost everything you did in the business world. Do not be foolish to think you should know everything. It’s impossible. Get a mentor to help guide you. A mentor will add a lot of peace of mind and you’ll be certain to stay on your road to riches. Find a mentor here.