10 REASONS WHY YOU WILL NEVER BE WEALTHY

There are numerous ways that determine why one can either be wealthy or not. By wealthy, I mean enough investments and not just money lying in a bank; the kind that you can say your great grand kids need not to worry, yeah? Got it? We all have seen or know the wealthy people, may be even envy them and mostly wish you could be them.

 

One thing is for sure though, that you can not just sleep easy and wish to get lucky, you have to work your way to wealth and to maintain it you need a life balance and high degree of discipline in the ways you deal with money. Below are the 10 assured ways to never being rich!!! I could not just keep it to myself, I had to share with you, as like I said, who does not want to gain wealth??

 

1. Overspending

Blowing all your money each month is not a realistic pathway to wealth. Start tracking where your money goes each month, check where you can cut spending and save into a retirement account.

 

2. Not Saving Enough

Saving should become a priority if you want to accumulate wealth. Start with an emergency fund. Once your emergency fund is substantial, you can redirect small amounts toward other goals like mortgage or school, or even fun.

 

3. You Have Too Much Debt

Certain debts are a precursor to financial success, like purchasing real estate or starting a business; however, a high-interest credit card balance is not. Pay off credit cards with the highest rates first.

 

4. You Don’t Have a Plan

Without a definite, clearly defined plan, becoming rich will seem like an unbelievable dream. Putting together a financial plan may seem tedious, but you can get used to it.

 

5. Lack of an Emergency Fund

Experts say you need at least six months of income saved in case of an emergency. Life is tricky, and not having some type of safety net can turn a comfortable situation into a disaster.

 

6. Starting Late

Time is slipping by. Just like starting an exercise routine, the most difficult part about saving is getting started. Even if you have debt, a small income, or many expenses, you can save something, even if it’s only a small amount.

 

7. Complaining Rather Than Commit

Do you complain a lot just about anything or make excuses for not doing things.  Old habits die hard; however, as long as you do nothing to change, nothing will change. Stop complaining and making excuses. Instead, take responsibility for your non-productive habits and concentrate on how to change them – and then do it!

 

8. You Live for Today, and Forget About Tomorrow

It’s no fun getting serious and thinking about retirement and all that stuff. Nonetheless, eventually it has to be done. Do yourself a big favor: Get rid of the ‘buy now, worry later’ attitude, and switch to a ‘save now, get rich later’ way of thinking.

 

9. Putting All Your Eggs in One Basket

You might get lucky by wagering all your money on one type of investment. Just like you might get lucky winning the lottery. But that’s not a strategy to live by, or for getting rich. Putting all your money in one place is not advised because it puts you at too much risk. Your investment portfolio should include multiple investments with varied levels of risk and ROI potential and liquidity.

 

10. You Just Don’t Get It!

Maybe you are the kind that think you might get lucky and land

a fantastic job, receive a big pay raise, inherit money, hit the lottery, or whatever! But ‘whatever’ won’t cut it if you really want to become rich. Yes, life is uncertain. No one knows what will, or will not, actually happen; therefore, why not focus on what you can control today? Get it together now and save yourself, in case someone or something else won’t.

 

Therefore: Get busy already, and work your way to wealth, legally though.