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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 January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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