Have you ever wondered why some people manage to amass a fortune, and you don’t have any luck in your endeavors?
You might think it has everything to do with hitting the jackpot or knowing the right people, but the main reason why you are not rich lies within yourself.
So, today I’m going to explain why you will never get rich, so keep on reading to find out five things you’re doing wrong.
#1 Money doesn’t work for you
When they think about how to get rich, people often think that a big salary is what they need. I admit that a five-figure sum every month, makes it easier to get rich, but it’s not the only thing that matters.
While it’s possible to amass a fortune through work, it will take you most of your life to achieve it, even on a high salary. What’s more, you’ll spend so much time working that you won’t have any left to have fun or spend time with your family.
So, why should you work tirelessly when your money could do the hard part for you? That’s right. Your money should work for you, making more money while you’re at home resting and enjoying life. That’s called passive income, and it’s much more important than your active income (salary).
The first step in the right direction would be to get rid of any debts you have and then invest your money. You can choose the stock market, the real estate or any other thing that will increase its value in time and bring you more money.
Then you can buy more assets, receive a bigger income, invest in more endeavors, and get rich.
#2 You make the wrong financial decision
Another reason why you will never get rich is because you avoid making hard financial decisions. For example, cutting down their expenses as much as possible so that you would have more money to invest.
Instead, you choose to keep your expensive cable services, mobile phones, online subscriptions or get a load to buy a new car when their old one is working perfectly fine. In other words, you are spending too much money on things you don’t need or can replace with less expensive ones.
I know that no one wants to get laughed at because he/she is having an old phone or driving a decade-old car, but it’s the path you need to take if you want to get rich.
So, say no to expensive vacations, eating at fancy restaurants, getting an iPhone, or indulging your whims.
#3 You want to be like the Johnsons
You might think that peer pressure is something that doesn’t exist outside of high-school, but it does. When you see that your neighbors have bought a new expensive car, you feel the need to do the same so that you’ll fit in.
Of course, it’s perfectly normal that you’d be jealous when somebody has something you don’t. But getting into debt so that you can keep your social status and impress other people is the wrong thing to do.
#4 You seek the easy way
A lot of people buy tickets for the lottery in the hopes that they would be the next lucky winner. While it’s possible that you’d guess the winning numbers or find oil on your property, the chances are very low. That’s an example of how people look for the easy way.
Another example is when you have a dream and but you don’t do anything to make it come true because it’s “too hard.” Well, if you want to be rich, you have to fight for it. Be bold, be creative, be ready to lose everything. That’s the only way to succeed.
#5 You think it’s too late
As you get old, you start to lose hope that you’ll ever be rich. You accept your financial situation because you think it’s too late to do anything about it. Well, it’s not true. Even in your 40s, there is still enough time for you to start saving and investing.
However, you have to accept that getting rich won’t happen in a day, a month, or a year. It takes time and requires a strong will because you’ll have to make sacrifices in the name of your final goal.
So, why will you never get rich? It’s because you’re not ready to set your goals and commit to them. You dream about instant gratification, and you want to be like the Johnsons. But most importantly, you spend money on things you don’t need when you should be investing them.
What do you think about this subject? Why will you never get rich? Share your thoughts in the comment section.