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8 Things That Keep You From Becoming a Millionaire

8 Things That Keep You From Becoming a Millionaire

Not everyone is destined to become a millionaire. In fact, nobody is destined to become anything at all. A person’s potential for success may begin with the circumstances into which they were born, but whether or not they actually become successful depends on the choices they make and the life they choose to live. Although it may be more difficult for some than it is for others to become wealthy beyond their wildest dreams, it is certainly possible for all of us to, at the very least, live in such a way that maximizes our potential for success. Those who want to see dollar signs in their future should avoid the following:

1. Lack of purpose

Every single rich person in the world wakes up knowing exactly why they’re getting out of bed in the morning. Too many of us go to bed at night having not accomplished anything during their waking hours, simply because they didn’t see a purpose for doing anything at all. This sense of purpose must come from within. If after being diagnosed with terminal cancer, Steve Jobs stopped working and took on a depressing, “What’s the point?” persona, you wouldn’t be holding the iPhone you’re probably reading this on.

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2. Lack of ambition

Along with a sense of purpose, you also need to have ambition. The truth is, even if you know your purpose in life, there are seven billion people in the world. It’s more than likely others have the same purpose as well. You need to separate yourself from the pack by being more ambitious than your competitors. Be the one that knows what they want, and knows how to get it. Otherwise, you’re just another pipe dreamer who believes success should just be doled out to anyone regardless of how hard they’ve worked for it.

3. Not being a life-long learner

Learning doesn’t end once you graduate from high school or college. Or at least it shouldn’t. Think of all the advancements in technology we’ve had since you were a high school student. Now imagine where we’ll be in another twenty years. Do you really want to write all of these advancements off because you don’t want to learn something new? Especially at a time in which it’s incredibly easy to pick up a handheld device and read almost every single piece of information ever known to humanity, shunning learning will only further the divide between your current self and your potential.

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4. Lack of self-discipline

Even if you love to learn, you know what you want to do, and you know how to do it, you still need to be self-disciplined in order to find true success. Most self-made millionaires practice discipline in all aspects of their lives. They eat healthy, they don’t live above their means, they exercise diligently, and they put their all into everything they do. They understand the long-lasting detrimental effects that compromising their self-discipline can have, so they continue on the straight and narrow path every day of their life.

5. Procrastination

People procrastinate when they’re afraid their hard work will not pay off, or they’re afraid they’re not good enough to complete a task efficiently. Successful millionaires are completely confident in their ability to get things done, and they also know that if they put a task off it’ll still be there tomorrow morning, and there will be less time to do it in. And, of course, other tasks will have piled up during the time that was wasted avoiding the original task. Avoid becoming overwhelmed by using every waking moment to your advantage.

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6. Lack of persistence

Pink Floyd says it best:

“Run, rabbit run.
Dig that hole, forget the sun,
And when at last the work is done,
Don’t sit down, it’s time to dig another one.”

In other words, your work is never truly done. Tasks will continue to pile up whether you choose to complete them or not. Putting your feet up will only cause you to be overwhelmed in the future. Successful millionaires understand this, which is why they never truly leave work behind. They might take lavish vacations and eat at fancy restaurants, but they always have their phone close by in case something comes up that requires their immediate attention. Just because you did a good job today doesn’t mean you can slack off tomorrow and expect the same results.

7. Toxic friends

Friends can either help build you up or they can absolutely tear you apart. If you find yourself surrounded by naysayers who have no ambition in their lives other than to keep others down, you need to ditch them immediately. They may be fun to be around at times, but they serve no purpose in your life if your goal is to become a success. On the other hand, surrounding yourself with people who are more successful than you gives you ambition to do better each and every day. When you set out on your life’s path, take care in who you bring along with you.

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8. Unfulfilling jobs

So many of us are stuck in dead-end jobs that only serve to make ends meet. You might think to yourself “this is only temporary” at first, but then one year becomes two, then two becomes five, and the next thing you know you’ve missed your opportunity to move on. Don’t let it happen. You might face a financial setback initially, but in the long run you’ll be much happier, and you’ll feel much more confident on your pathway to becoming a success.

Featured photo credit: Flickr via farm3.staticflickr.com

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Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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