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9 Reasons Why You’re Not A Millionaire Yet

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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.

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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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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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