10 Money Mistakes Wealthy People Don't Make12:30 AM
Want to be financially successful in life? Stop doing these ten things to achieve financial success. Remember, h aving lots of money should ...
Want to be financially successful in life? Stop doing these ten things to achieve financial success. Remember, having lots of money should not be a distant goal.
All the time I listen to people gives advice on how to be a millionaire. The funny thing is that almost none of them is rich.
The truth is that taking away the simple pleasures of life will not make you rich. It will lead you to frustrate you more and more when the real key to success lies in planning.
I became a millionaire by changing the way I thought, felt and acted on the money. Making better decisions about your income will change your life. These attitude adjustments can take time, but they will certainly give you positive results.
Also read: The 8 Reasons Why I don't Have Money what should I do
Acquiring wealth is a great goal, but who you become in the process is even more important.
Here are ten financial mistakes that truly rich people do not make:
1. Do not invest in yourselfThe first American millionaire, Benjamin Franklin, used to say that "investing in oneself generates the best interests." Many times we expect our bosses to send us courses, buy us books or give us some coaching. However, we must take our training into our hands to be able to thrive. Invest in yourself.
2. Too much entertainment?Most people spend between 30 and 50% of their salary for fun, to temporarily escape their reality. Rich people use that time and money to develop their dreams.
3. Buy with CreditMany people buy items they can not buy with the money they do not have to impress individuals who do not like them. This tragedy affects thousands of people, making them slaves to the interests of these loans. If a person wants to be rich, he must use that credit to grow his business, not to boost personal "asset."
4. "Hide" from your partnerMillions of couples never talk about money. It makes them feel uncomfortable, which sometimes leads them to have arguments. However, you can not become a millionaire unless you generate a strategy in conjunction with your life partner. Money only multiplies when love is part of the plan, and both partners work together for the goal.
Also read: How to Save Money by Appreciating What You Have
5. Mortgaging a homeSome people "with money" have mortgaged their homes, but they are not wealthy. This strategy only engages you in an endless cycle of struggles with debt renegotiations, payments, and inflation. When you mortgages your home, you can pay up to double what they loaned you! Rich people never bet on their assets.
6. Waiting untilRetirement to have money The world economy is so unstable that relying solely on traditional pension funds is just as fortunate as buying a ticket for the Titanic. Also, it is better to forge a fortune to enjoy today and tomorrow.
7. Buy "cheap."Things The saying goes: sometimes cheaply is expensive. If you live for the price, you die for the price. Instead of buying only low-cost items, you acquire goods that are safe and durable. Rich people know that a shirt of 800 pesos will last two years more than one of 100 pesos that they will have to throw in a year.
8. Do not enjoy lifeConsumerism is strange. For 50 weeks a year, people spend dreaming about the holidays they will have. However, when these days of rest arrive, they spend it thinking about work. The truth about wealth is that you should enjoy the money you already have, whether it's 100 or 1000 pesos. Your money will only grow if you appreciate it and think about how you can enjoy it more. You will always get more than you enjoy.
9. Do not SaveMost people spend their money on different goods. When they see X amount of money in their bank account, they automatically think about what they "need" to spend it. However, eliminate this impulsive attitude. Millionaire people save up to 10% of what they earn and seldom ask for loans for their tastes. Save.
Also read: How to Save Money When You're Young Adult
10. Working for moneyAlmost every human being on the planet works for money, but rich people work for themselves. They know that money is an alternative product resulting from the services they offer to the market. They also know that material well-being is the total of their contribution to society. That's why they never work alone for money.
Making these mental changes can dramatically alter your life. Start by changing your financial habits and avoiding these mistakes and soon you will be in the way of wealth. Remember, the money you get does not make you rich, but who you become the way.