People always talk about why they’re not successful. They tend to point the blame on everyone except themselves. I will discuss five reasons on why most people are not wealthy.
1. Surroundings- You did not grow up around people that are wealthy. You don’t work around wealthy people. So your everyday life isn’t motivating you enough. Out of sight out of mind. I’m not saying quit your job and ditch your family. You just need to dedicate more time to listen to motivational podcasts or Cd’s, reading personal finance and entrepreneurial books. Whatever resources it takes to get your mindset towards wealth. I use to sometimes have coffee or a light lunch at a 5 star hotel and read the Wall St. Journal just to be surrounded around upper class people. The types of conversations that goes on there are truly amazing.
2. You never made the decision to be wealthy. You can be around wealthy people and take no action. You don’t make a connection or strike up a conversation when you are around them. You’re either scared or don’t know how to start. They are plenty wealthy kids that grow up not to be wealthy, because they are not interacting with wealthy people.
3. Procrastination. You always have a reason to put it off . Not the right time. The market is not right. You don’t want to give up security. You have to change your thoughts. Think where you want to be in five years? or three years? Do you want to be making the same income? same bank account balance? If the answer is no, then you must change what you’re doing.
4. Delay Gratification. You borrow too much, spend every cent that you make and everything that’s shiny and new attracts your attention. Start to spend less than you make and save and invest the difference.
5. Lack of time perspective. Do you spend time when making important decisions for your future. Sacrifice the short term for long term results.
Example: Jane and Sharon work at the same company and make the same amount of money. Both gave birth to sons. Sharon started right away contributing $50 a month to a college fund. Jane did not. When both boys turned 18 years old, Sharon had enough money to send her son to college. Jane had no money.
What happened? It wasn’t the money. They made the same salary. They had the same day to day expenses. The difference was that Sharon thought long term while Jane did not.
Sometimes you have to make small sacrifices to get big results. Jane started saving when her son was an infant and gradually added more money as her income increase over 18 years. She kept her focus on the long term instead of the now.
What is your long term perspective? Whatever it may be it will help you to make small sacrifices when you have the end goal in mind.
You must do all 5 to obtain wealth!
Find out what you want & go after it as if your life depends on it. Why? because it does!
-Les Brown
{ 2 comments… read them below or add one }
For me, #2 really is the key.
Once I made the decision to become wealthy, all of the savings, planning and investing came naturally. And, the problems with spending and procrastination went away. Although I still have a ways to go before I reach most of my financial goals, I am well on my way and have a lot of confidence in reaching them.
When I was younger, I really didn’t think I would or should become wealthy. I honestly thought it just happened to other people and it wouldn’t happen for me. Thanksfully, I met some people and read some books that changed my perspective.
Becoming wealthy is a choice more than anything else.
It’s not easy but it’s worth it, Bret. It took me years to get the motivation for all 5