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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.

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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.

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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.

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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.

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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

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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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