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9 Reasons Why You’re Not A Millionaire Yet

9 Reasons Why You’re Not A Millionaire Yet

When you ask the average Joe what his plans for the future are, “having lots of money” is a common reply. I mean, who wouldn’t want to be rich?

Unfortunately, this future ambition doesn’t get achieved by most people. And when you ask these people why, what you’ll hear are excuses — reasons why they haven’t made their first million.

While these excuses seem like valid reasons to most of us, they’re really what’s hindering us from actually achieving this feat. Remove these excuses, and you’ll see an individual with the right strategy and goal to achieve. Here are nine reasons why most people never get to make their first million.

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1. You are scared of failing

Those who fear failure never get to overcome it. And to accumulate great wealth, failure needs to be a part of the process. It is through failure that most of the successful people emerged today. So, instead of resisting failure, embrace it. And don’t see it as a blatant setback, but as you learning the ropes of what it takes to be a success.

2. You think you cannot be a success

This is negative thinking and it only takes you farther away from that millionaire status. Believe that you can succeed. The more you visualize yourself as a success, the closer you get to your goal. Sure, dreaming alone won’t make you a million, but it’s the first step. And if you lack motivation to dream, read books. You can start with “Think and Grow Rich” by Napoleon Hill.

3. You associate with the wrong people

The popular saying, “show me your friends and I’ll tell you who you are” holds very true here. How focused are the people around you? Are they also striving to achieve the kind of goals you want to achieve or are they drawing you back?

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If the answers to these questions are negative, then your millionaire dream might not become a reality. Associate with people on the same mission as you because they are your support system. The right people will help make your journey easier and faster.

4. You think you’re limited by your background

This thought only creates a limit to what you can achieve. Your background can never prevent you from being successful. Individuals from some of the poorest families have become multi-millionaires today. If you think this untrue, read Oprah Winfrey’s grass to grace story. That should inspire you.

5. You do not have clear goals

When your goals aren’t clear, you will be unable to take clear actions. And when your actions are fuzzy, being a millionaire becomes impossible. Find out what you want, plan how you will get there, and get to work.

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6. You are not using the internet

In other words, you don’t take advantage of trends and so you don’t have current information. To be a millionaire in this fast-paced era, you need to be fast-paced too. Thanks to the internet, a ton of millionaires have emerged. And all they did was take advantage of some of the tools available online.

While some wrote and sold books on Amazon or ClickBank, others built their followings and fortunes on social media. Many others took advantage of online shopping, setting up ecommerce stores with MagentoBigCommerce, or utilizing a combination of platforms like Shopify’s Facebook store.

You can do this too! Search out resources, find what suits you, and get started.

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7. You prefer gambling to personal development

Gambling is a get rich quick scheme that doesn’t end well for most people. It has led many to bankruptcy and others to untimely death. Is that the path you want to follow? There’s nothing better than investing in your personal development. Do this by building your skills and increasing your knowledge in a field. I agree it’s not fast, and can be boring sometimes. But when you achieve success, your personal development is what would sustain it.

8. You have no mentor

Having no one to guide you on your quest for success will make your journey long, tiring, and sometimes disappointing. Having a mentor who has achieved what you’re looking to achieve will shorten your journey and get you to that millionaire status faster. A mentor removes guesswork and guides you in the right direction. That’s something to take advantage of.

9. You see money as a bad thing

It is true that money can’t buy happiness. But guess what? It can buy freedom. Having that mindset completely limits your motivation to earn more. As long as you keep seeing money as the enemy, all the points in this post will be of no use to you.

How badly do you really want to be a millionaire? As you strive toward your goal, have these reasons at the top of your mind. Stay focused with the right mindset and you’ll be shocked at the feats you’ll achieve and the success you’ll attain. Don’t stop wanting it and with time, you’ll get it!

Featured photo credit: Steven Depolo via flickr.com

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Published on September 17, 2018

How Being Smart With Your Money Leads to Financial Success

How Being Smart With Your Money Leads to Financial Success

Achieving financial success is not something that just happens. Maybe if you win the lottery or something, but for the average person like you or me, it comes from a series of small steps you take over a long period of time.

With each step, you form a new smart money habit. And with each smart money habit, you build towards financial independence.

So what sort of habits can you form to get on that path? Let’s take a look at smart money habits you can start today to get you closer to a financially independent future.

1. Avoid being “penny wise but pound foolish”

It’s tempting to try saving a couple cents here and there when buying small items. However, that’s not where the real money is saved. You’re putting in extra effort for something that doesn’t move the needle.

You get the most bang when you’re able to cut down on your bigger bills. For example, finding a lower interest rate for your mortgage could save you $50+ per month. And cutting your transportation bill by purchasing a cheaper car or taking public transportation can provide large gains as well.

So, look at your recurring expenses such as housing, transportation, and insurance, and see where there’s wiggle room. It’s a much better use of your time than trying to pinch pennies here and there on smaller purchases.

2. When you want something big, wait

Impulsivity can get you in trouble in most aspects of life. Finances are no different.

It’s human nature to see something and want it right then and there. It starts as a kid in the checkout line at the grocery store, and it continues on through adulthood.

We get an idea in our head of something we want, and it’s hard not to go out and get it right then.

A good example is wanting a new car. Perhaps you’ve had your car for several years. It’s crossed the 100k mile mark. Maybe maintenance is due, and you’re annoyed that you need to replace the timing belt or purchase new tires.

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So, you get the itch.

You start digging around online, and you realize you could trade in your current car for something newer and more exciting… all for a few hundred bucks a month. Then you get obsessed.

Here’s where you have to take a step back.

Your newfound obsession is clouding your judgement. Rather than giving into the impulse, wait it out.

Set a timeframe for yourself. Maybe you come back to the decision three months down the road. See if the obsession lasts.

It might, but often, a funny thing happens. Often, you forget about it. And often, you find that the new car wasn’t a need at all.

The impulse faded. And you just saved yourself a ton of money.

3. Live smaller than you can afford

You finally get that big raise. And you want to celebrate – and why not?

You’ve been looking forward to this forever. And after all, it was all due to your hard work.

That’s fine, splurge a little. However, make it a one-time deal and be done.

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Don’t get caught in the trap that just because you’re now making more money, you should spend more.

Too often, people get more money and feel like they that gives them the means to buy a bigger house, a bigger car… you know the drill. Resist.

The fact is that living smaller than what you can afford is one of the fastest ways to build savings.

But if you constantly upgrade as you begin to make more, then you’ll never get ahead. You’ll just build up more debt along the way and have just as little wiggle room as before.

4. Practice smart grocery shopping

Food… it’s one of the biggest portions of any budget. And if you’re not careful, it can be one of the biggest drains on your wallet.

But luckily, there are a few things you can do to ensure that you stay smart with your money when buying groceries.

Create a grocery budget

Set a strict weekly grocery budget. When you know how much you can spend on groceries, you can then plan your weekly menu around it.

Once you know what all you need, you can go shopping and keep a running tally as you shop to ensure you’re on track.

I tend to do this in my head, rounding for each item. However, writing it down as you go would probably work best for most people.

Make a list… and never deviate

Never go to the grocery store without a list. If you go to the store with a ballpark idea in mind, you don’t have a true ide of what you need.

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You’re not well-researched. You don’t know what the sales are. As a result, you’re going to make decisions on the fly.

These impulse decisions will lead to overspending, which will derail your grocery budget.

Eat before going grocery shopping

It’s also important to eat prior to going to the grocery store. Hunger is a powerful force.

If you’re shopping on an empty stomach, everything is going to look good. In particular, you may find a lot of ready-made, processed snacks will look enticing.

After all, you’re hungry now and that food is easily available. So subconsciously, you may lean towards those items.

Unfortunately, not only are those items typically less healthy, but they’re likely more expensive. You pay for convenience.

However, when you eat prior to shopping, then you’ll shop with a clear mind. Your hunger won’t cloud your judgement, influencing you to make poor decisions like a cartoon devil resting on your shoulder whispering in your ear.

This makes it much easier to stick to your grocery plan.

5. Cancel your gym membership

Now that you’re all set on your food, it’s time to get smart about managing your budget in terms of physical fitness. And let’s begin by avoiding the gym. The gym bill, that is.

The average gym membership costs around $60 per month. That’s $720 a year.

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Yet, two out of three gym memberships go unused. That means two-thirds of people who have a gym membership are literally giving away almost a thousand bucks a year. It’s crazy!

I recommend seeking an alternative. One good alternative is to look into fitness streaming services.

Streaming services allow you to stream hundreds of workouts like Insanity and p90x, right in your own home for around $10-20 a month. That’s $40-50 less a month than the average gym membership.

Of course, then there’s the free option. The internet is full of free workouts that you can do on your own with minimal or no equipment.

For example, there’s the Couch to 5K program, that I personally used a decade ago to ease myself from couch potato to running my first 5K race. If I could do it, anyone could.

Then there are free resources like reddit that have limitless information on workouts. The Fitness subreddit has done all the research for you, populating workout tips and detailed workout routines for anyone to use in their wiki.

There are several routines that require no equipment. And you can join in on the subreddit to become part of the community, making it easier for those seeking comraderie and encouragement in their fitness goals. All for free.

It’s baby steps… And baby steps can start now!

I’ve never met anyone that can’t stand to be a bit smarter with their money. And on the flip side, anyone can get smarter with their money. But remember, it doesn’t happen all at once.

Begin by fighting your impulses. Prepare for the week and be smart at the store. And cut monthly expenses like gym memberships that are overpriced and you probably aren’t getting your money’s worth out of anyway.

The devil is in the details. And the details can change your lifestyle and prep you for a financially independent future.

Featured photo credit: Unsplash via unsplash.com

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