What are you doing wrong to get rich? 15 tips from millionaire

What are you doing wrong to get rich? 15 tips from millionaire

Most people in the world want to become rich. But only a few people are truly financially successful. So why does this happen?

According to one American millionaire, it’s because people make the wrong attitudes and the wrong judgments. Simply said: people don’t think about money the way it should be thought about.

Let’s take a look at what we’re doing wrong to become rich.

1. Fear of Change

Achieving wealth is a process that requires a constant investment of time and effort. And it is a process in which you and your life will be subject to constant change.

It is a path of successive steps, each of which carries the risk of failure. And then you have to start all over again or look for another option. It is necessary to keep moving, to learn new things, to run a lot, to communicate, to make mistakes, to absorb experiences and to learn lessons.

Fear of stepping into the unknown and instability, fear of possible failures and financial losses are frequent reasons for not becoming rich.

2. Laziness

It is necessary not to dream how to become a rich man, but to get up from the couch and start doing something.

The bare minimum is enough for a person to survive, but if you’re tired of doing very little, you have to get out of your comfort zone and take action.

You can justify inaction by saying that all niches are already taken, there are no good jobs, you need bribes and acquaintances everywhere, but these are the excuses of a lazy person. Whether you become rich depends mostly on your desire, striving, persistence, will, and diligence. Before a man becomes rich, he will have to knock on more than one door and make more than one bump.

3. Lack of strong incentive to get rich

How happy or unhappy a person is in his everyday environment seriously affects his opportunities and, among other things, prevents him from getting rich. That’s why you need to be thoughtful when choosing partners and friends.

If there is a person near you who inspires, believes in you, supports you, stimulates the development of your personality, it serves as an excellent incentive to move forward. It’s lucky if there are like-minded people and people who understand you, among your family, relatives or friends. It is much easier, especially at the beginning of the path to your goal, to have a reliable support and help.

It often happens that the spouses do not share the desire to get rich. If your “half” pulls you down, taking away all your resources to build a relationship, then you choose what is more important: family or financial well-being. Always set your priorities.

4. The Wrong Mindset

A very common mistake that prevents a person from getting rich is the wrong attitude. Wealth should not be a mania, a fetish, or an end in itself. It is necessary to focus on the process of achieving it. Learn to plan and model situations, look for profitable options, find the right approaches and make the most of it.

No matter how things work out, it is important to learn how to tune in to success and a positive result, but understand that failure is also possible. But even with an unfavorable resolution of the situation, remain optimistic and by no means retreat. Work on your mistakes, analyze potential risks, and keep moving.

5. Financial Imbalance

Anyone who seeks to understand how to become a wealthy person must clearly maintain a reasonable balance between the income and expenditure sides of the budget.

Many people make the same mistake when they reach a certain level of wealth and start spending heavily on things and items that were not available to them before. Therefore, the amount of wealth is not increased by increasing and unwarranted spending.

Control your dependence on things and the opinions of others. Empty and unnecessary spending does not bring you closer to wealth. Spend your money wisely, invest it in self-development or save it for your own business.

6. Insecurity

What or who prevents a person from getting rich, if not himself? Uncertainty about yourself, your own qualities, abilities and talents can ruin any business.

Remember: do not compare yourself with others. Everyone is unique and has his own talents, skills, character traits, which, if they are disclosed and properly applied, can change lives.

The greatest monetary success brings the work in the areas that you like, have interest and desire to improve professionally. Choose your occupation not by the criteria of prestige, availability or the possibility of getting rich quickly. Let your dreams come true, do something that you love and are able to do. Work that is done from your heart and with pleasure is a sure way to financial success.

7. Break from Reality

Achieving wealth is a serious challenge that not everyone can withstand. A serious danger may lie just when a person has already reached a certain level of financial prosperity. Several negative scenarios are possible here:

  1. A person continues to move towards even greater wealth, having detached from reality, not noticing relatives and friends, forgetting about own health;
  2. Or, having achieved results, a person throws himself or herself into all sorts of things, to which he or she is given access by the money he or she has received. Such behavior leads to the loss of loved ones, deterioration of health, a crisis at work, and the loss of wealth, on the achievement of which so much effort has been spent.

8. Envy of someone else’s wealth

There will always be other people: richer than you. And you just have to accept this fact and not envy them.

The famous American billionaire John Pierpont Morgan once said: “Nothing prevents you from getting rich like the fact that your neighbor has already become rich. There will always be people around you who have achieved more success, prestige, money and fame than you have. Of course, this is easier said than done, but ignoring how much other people earn can actually save you unnecessary worry and stress”.

9. Thinking more you invest, more you get

In many areas of life there is an attitude: the more you try, the better results you will get. However, this rule does not apply when it comes to investments. In finance, the opposite is true. The harder you try and the more attention you pay to your investments, the worse your end result will be.

Here’s an example. The shares of some previously little-known company suddenly begin to rise in value rapidly. And often in such cases you can see how many people take to investing almost all their money in them. But after a week or a month, the shares are back to their original state, and the investors lose all of their invested money.

If this is such an unpredictable field, maybe you shouldn’t be investing. Of course you should. But just follow the rule of experienced investors: it’s better to invest less than to give away more than it took in.

10. Thinking of raising wealth as a bank deposit

The accumulation of wealth has nothing resembling a bank deposit. This process is non-linear and is pointless to consider the annual yield or interest on capital.

Believe me: every businessman and investor has successful and unsuccessful periods, good and bad years. Sometimes it happens that luck and instinct win out over skill and experience. Your short-term results may not be as good or as bad as the numbers show. The only thing that matters is long-term profitability.

11. Thinking that you are smarter than others

If you want to start investing, your biggest enemy is yourself. These are your views on life, your experience, your specialty, career, your merits and attitude towards them.

Remember: Just because you are successful in one industry, field, or endeavor does NOT guarantee that you will be as successful as an investor.

Once you get on the trail of investing in stocks and other people’s businesses, don’t assume that you know any better than people who have been doing it for years. Even if you think you understand it all.

Experience has shown that the worst investments are often made by those people who believe that their success in one area will automatically lead to success in the market. No, it’s a mistake. For example, Mark Twain was a famous writer of his time, but he was not a successful investor. On the contrary, Mark Twain’s list of failed investments was very long and he died in poverty.

12. Rely on your IQ level

As famous investor Warren Buffett once said, “Investing is not a game in which a man with an IQ of 160 beats another with an IQ of 130. All you need is a temperament that helps you control the intentions that can cause you to have trouble investing. Many smart people enter the market, but very few know how to control their emotions and reactions. This is why IQ does not guarantee 100% success in the market”.

13. Listening to financial advice from billionaires

Very rich people often give bad financial advice. You should watch what they do, but not listen to what they say.

Why might their advice prevent you from becoming rich? There are several reasons:

  • Billionaires have MUCH MORE capital than you. And their position is almost always conservative – better a smaller return, but with a minimum of risk. This way you will not get rich. Who doesn’t take risks, doesn’t drink champagne;
  • Billionaires have “extra money” that they can afford for charity, crazy projects (like ICO, solar energy or a flight to Mars), which will probably never pay off. Don’t forget that your goals are different – to multiply your wealth, not to spend;
  • Billionaires control huge companies, sometimes they control entire industries. And some of them purposely give bad advice to investors (for example to buy shares in their company, which is in crisis) to make themselves even richer.

14. Waiting for the perfect time to start investing

Investors spend too much time trying to find the perfect time for their investments. Instead, it’s better to start investing when you have the perfect amount to start with. And let compound interest make up for any untimely investments.

15. Looking for easy money

All people want to become rich and successful as quickly as possible. Alas, this is not possible. The desire to get rich quick through risky investments in most cases leads only to financial ruin.

Easy money will not make you rich. Open the Forbes list and see how many people there get rich on bitcoins, ICOs, Forex, casino games or betting. Now you understand what I mean?

99% of rich people got their wealth through long and hard work, smart investments and of course luck. But relying on luck alone is a big risk. With such an attitude you are more likely to lose all your capital than to become rich.

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