Advertising
Advertising

10 Reasons Why You’re Not Rich

10 Reasons Why You’re Not Rich

In January 2016, the multi-state Powerball lottery game reached a record high jackpot of $1.5 billion. If you’re reading this article right now, odds are you were not one of the winners. Unfortunately, many people have a lottery mentality, in that they believe the only way they could possibly be rich is to win a large lottery prize.

The fact is that anyone is capable of being rich in this world. According to many self-made millionaires, building wealth and becoming rich is not up to the luck of the draw—it is up to you and your mentality about money. To them, it’s not about why you can’t be rich, but about the reasons why you’re not rich already. Here are some of the reasons the rich say you’re not among them.

1. You think being rich is a privilege reserved for others and not you.

We live in a capitalist society, which means you have just as much of a chance to earn wealth as anyone else—as long as you are willing to put in the effort to create value for others.

Advertising

2. You don’t think you’re smart enough.

A lack of a formal education has rarely ever held back successful people. The founders of Microsoft, Facebook, IKEA, ALDI, Luxottica, and Dell Computers were all either college dropouts or never even attended college.

3. You don’t think you’re capable of being rich because you’re not ambitious.

Rich people aren’t any more ambitious or have any more desire to be rich than you do. They just have more faith in themselves to make their dreams come true. In order to become rich on your own, you need to believe in yourself more.

4. You focus on saving money versus earning more of it.

Don’t misunderstand this. Rich people save their money too, but they don’t just put it in the bank in a low interest savings account. They save their money wisely in ways that will earn them more through investments and higher returns.

Advertising

5. You think the only way to earn more money is to work more hours.

Sure, if you get paid by the hour, and you put in some overtime, you’ll earn a few more bucks in your next paycheck. That’s obvious. That’s not the way to earn wealth though. Rich people look at ways to find solutions to problems that will earn them income. Doing that isn’t based on how many hours you punch in on the time-clock.

6. You’re afraid to fail.

Many of the wealthiest self-made individuals have failed at something before hitting it big. Don’t be afraid of making mistakes. Just treat those failures as learning steps along the way to success. Failure is a teacher and not an end-all.

7. You’re not hanging out with the right people.

We all love our friends. But, if your friends are poor and have poor mentalities, then hanging out with them isn’t going to help you. Rich people associate with other rich people not because they’re snobs, but because they learn from and lean on each other. If you want to be rich, be around rich people and take notes.

Advertising

8. You believe that life is supposed to be a struggle.

People have been taught to be grateful for what they have. That’s true, but it doesn’t mean they should settle for it. Rich people strive for more, and you should too.

9. You believe money is evil.

Money is not evil. Money is necessary to buy the basic things we need to live. To the rich, though, money is more than that. Money is a positive tool that can be used to earn more money, give them the freedom to do what they want, and allow them to live worry-free.

10. You resent the rich.

Many people believe that rich people are crooks, liars, scam artists, spoiled, mean narcissists who should be rounded up. You don’t want to be rich because that means you would be selling out your soul. The fact is that many of them are very generous people who donate much of their money and time to worthwhile charities and causes. They’re also more than willing to help you learn the things they learned along the way.

Advertising

For more tips on changing your mentality about money and understanding why you’re not rich, I recommend reading Steve Siebold’s book, How Rich People Think. Steve is a self-made millionaire who interviewed over 1,200 wealthy people and compiled their thoughts and advice in his writings.

Featured photo credit: www.gotcredit.com via flickr.com

More by this author

10 Harsh But True Illustrations that Show Our Changed Society 17 Polish Words We Cannot Simply Translate Into English Simple Hacks For A Happier Life 10 Reasons Why You’re Not Rich Find Difficulty In Achieving Your Goals? You Should Adopt This New Way Of Thinking

Trending in Money

1 How to Answer the Tough Question: What are Your Salary Requirements? 2 How Personal Finance Software Helps You Get More Out of Your Money 3 The Definitive Guide to Get Out of Debt Fast (And Forever) 4 35 Real Ways to Actually Make Money Online 5 30 Fun Things To Do With Your Friends Without Spending Much

Read Next

Advertising
Advertising

Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

Advertising

Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

Advertising

3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

Advertising

Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

Advertising

Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

Read Next