Almost anyone has what it takes to become a millionaire. Are you on your way to striking it rich? Or does your behavior shoot up red flags? To help you figure it out, we’ve rounded up 7 Signs to watch out for. Of course, everyone’s situation is different, but if you’re routinely making these mistakes, it may be time to make some changes when it comes to managing your money.
You put too much emphasis on saving
Every rich person knows the advantage of saving, but they also know that saving will not earn you money. So, while they do not disregard saving, they focus their energy more on earning. Saving is going to prevent you from running out of money, but continuous earning will ensure you become a millionaire. Change your main goal from savings alone, to earning income too. Read:Choices I hope You don’t regret in 10 years
You don’t have future plans for your money
What do you want your money to do for you? What do you want to do with your money? If you want to build wealth, you have to have a clear goal, specific plan and hard deadlines. And when you’re setting goals, don’t be afraid to think big. For example, by 2018 December, I want to have made a certain amount money from blogging. For that to happen, I have to invest a certain amount of money on adverts.
You don’t work on your goals
After I have set money asides for adverts, the next thing for me is to work towards making sure there’s readable content on my blog. I have spent some money so I can earn more money, but I will lose that money if I do not put in the work. The rich set their expectations exceptionally high and are up for any challenge so when you set that money goal, be ready to work to achieve it
You haven’t started investing
Investing is one of the simplest, most effective ways to build wealth, and the sooner you start, the easier it will be to reach seven figures.
“On average, millionaires invest 20 percent of their household income each year. Their wealth isn’t measured by the amount they make each year, but by how they’ve invested over time,” writes personal finance expert Ramit Sethi in his bestseller “I Will Teach You to Be Rich.” . Money sitting in the bank is worthless
You have only one source of income
Sure, you can get rich on one stream of income, but your chances aren’t great. As author Thomas C. Corley found in his five-year study of self-made millionaires, the rich “do not rely on one singular source of income,” he writes in “Change Your Habits, Change Your Life.”
“Sixty-five percent had at least three streams of income that they created prior to making their first million dollars.”
These additional streams could be real-estate rentals, a side hustle or a part-time job.
You rarely step outside of your comfort zone
The average person wants to be comfortable. Rich people, on the other hand, are stimulated by uncertainty. World class thinkers learn early on that becoming a millionaire isn’t easy and the need for comfort can be devastating. If you like to sleep and wake up at your own time, disregard what you have to do because you “don’t feel like it”….then you may be stuck in mediocrity
You think being rich is reserved for a lucky few
If you think getting rich is out of your reach, you’re probably not going to make millions. The masses think they aren’t worthy of great wealth. “Who am I to become a millionaire?” they ask themselves. The truth is, in a capitalist country, you have every right to be rich if you’re willing to create massive value for others. Start asking yourself, “Why not me?” After all, that’s what the millionaires and billionaires do.