Becoming rich is the dream.
You might say that there are people whose dreams do not involve money. While that may be true, majority of people’s ambitions root from money. For example, if you want to travel the world, you’ll need money. If you dream of becoming the greatest doctor in the world and cure cancer, you’ll need money to fund your your degree and research. If you want to help the hungry and needy in Africa, you still need money to do that. If you dream of rearing up nice little family, you’ll need money to support them. One way or another, being rich is what people want. However, it’s seldom achieved by most of us despite having a stable job that pays regularly, a savings account, and a comfortable living condition.
Steve Siebold is a self-made millionaire that says that contrary to the common notion, everyone has the same opportunity to acquire wealth. This might sound preposterous due to the fact that some people were born into richness while other come into the world with nothing to eat, to drink, or to live in. Siebold of course means that the action of acquiring wealth can be achieved by anyone without any underlying circumstances. So for those people who want to get rich and have the opportunity but still isn’t, here are the reasons why.
Not Having Money Goals
Having money goals motivates you. When you are committed to something, it is easier to achieve it. You can’t simply want to be rich. You have to specify and define how you’ll get rich and what steps you’re going to take to make it happen. If you just keep accumulating money without a clear financial plan, then you are wasting your time. Chances are, the money you’ve saved up without purpose will end up being spent on things that won’t help you get rich. Have a financial plan and get to financial success easier.
Buying More Than What You Can Afford
There is a common advice that financial experts give those who want to get rich: live below your means. By doing this, you get to save the excess money to grow your investments. This means keeping your lifestyle the same despite getting a huge raise or getting more profit. If you buy things which you can’t really afford because you’re using credit cards or depriving your saving account or neglecting your investments, then it’s no wonder you are never getting rich.
Saving More Instead of Earning More
Saving up is one of the foundations of becoming rich. However, it won’t be much of help if your savings is constantly the same meager amount. What can truly boost your way to becoming rich is increasing your savings by earning more. What people should understand is that their focus shouldn’t be on running out of money. It should be about making more money. In short, the more income you have, especially if it comes in many sources, the better your chances are of becoming rich.
Not Investing Right Now
Experts agree that one of the best ways to become rich is to have investments as early as now. The younger you are, the bigger your earnings are because of compound interest. This is called making your money work for you because while you make money by just simply setting aside a portion of your money. If you have no investments yet, start today. You can opt to begin with the IRA or 401(k) for your retirement. From there, you can add more and expound your investments.