7 Signs You Will Never Be Rich | How To Be Good With Your Money Best Education Page #Online Earning

What if I told you that there were seven telltale signs that you will never be

rich would you want to know them in this video I will share with you seven signs

you will never be rich and if you're new to the channel then hit the subscribe

button below for more life-changing content

signed number one you focus too much on saving now don't get me wrong

saving money is super important because if you never save money then you will

never amass significant wealth but where poor people falter is focusing the bulk

of their attention on savings you see most people don't know how to increase

their income meaning that if they want to save more money they need to focus on

cutting costs instead the problem with this strategy is that you can only cut

costs so much you will always have expenses like housing groceries and

transportation which puts a limit on your saving potential however the rich

know that becoming wealthy requires you to split your focus between both saving

and earning believe it or not the average millionaire has seven different

streams of income meaning that they are just as if not more focused on making

cash than saving it these streams of income include earned income profit

income interest income dividend income rental income royalty income and capital

gains we have to realize is that your savings will always be capped by the

amount of money you make and when expenses are deducted this often leaves

little to be saved however earning more increases is ceiling and when combined

with solid saving practices makes the potential to build a wall it's seemingly

endless so if you want to build real wealth but just as much time into making

money as you do saving it sign number two you overspend as we just mentioned

in sign number one saving money is a key component of becoming rich and if you

spend more than you make you will never be rich unfortunately most people think

that making more money will solve their savings problem but what's most often

seen is that as income Rises soda spending for instance your standard

sedan may suffice when you're earning $50,000 a year but when you suddenly

find yourself earning double you may gravitate towards getting a luxury

vehicle ultimately hindering your saving progress this rise in spending can be

attributed to what's known as Parkinson's law Parkinson's law states

that work expands so as to fill the time available for its completion and in the

financial context it means that you will spend up to the

amount you have available and available doesn't just mean the money in your bank

which is why people go broke and then some by maxing out their credit cards

and lines of credit the reason this phenomenon takes place

is due to a lack of financial control unfortunately school teaches things like

how to find the slope of a line or how to write in cursive but it never teaches

you how to create and maintain a budget aka real life skills therefore unless

you have family or friends who bestow sound financial principles upon you then

you were almost destined to run into money management issues later in life

it's for this reason that there are people who are in lower incomes and can

still save a ton of money and on the flip side there are people who make

millions that have nothing in the bank sign number three you've accepted the

Paycheck lifestyle in life you can either make money by trading your time

or trading your value and for the average person trading time for money is

the preferred choice you see trading time for money in the

form of a salary or an hourly wage is much easier than exchanging value for

money and for many this is the only way they know how to make an income again

school never teaches you how to start a business but instead teaches you general

skills that you can further develop by going to college or university this goes

you learn in school mould you into a perfect employee which is why millions

of people clock in and out of their nine-to-five jobs each and every day and

don't get me wrong working for a paycheck is okay I understand that we

all have bills to pay and people to take care of but if you accept this lifestyle

then you will never be rich wealthy people understand that your employer

will always choose to make themselves rich over you and I know this to be true

because it happened to me a couple years ago I was working 50 plus hours a week

in a management consulting firm and from what I could tell I was doing a great

job however when salary increased time

rolled around I received an infuriatingly small raise which I voiced

to my manager he calmly said to me that if I don't accept the raise then someone

else will do my job for less and to just be happy with who raised I God it was at

this point that I knew the Paycheck lifestyle would never make me rich and

like I said wealthy people know that the only way to become extremely rich is to

start a business by running a business you get to leverage other people's

talents in time and can scale much more than you ever could as a single

employee and the best part is that you're the one who sets a price and not

your employer meaning that you can make the money you want as long as your

business is thriving and number four you don't invest your money chances are if

you don't invest your money then you will never be rich one of the most

effective ways to earn more money over time is investing it and the earlier you

start the better justtake Warren Buffett is an example

Buffett bought his first stock at age 11 and by strategically investing over the

course of many decades has become one of the wealthiest people on the planet but

it's not just billionaires who practice ongoing investing on average

millionaires invest 20% of their household income each and every year

making investing a significant part of their wealth accumulation strategy and

if you think that millionaires invest in exciting products you may be surprised

most millionaires invest in the same things as the average investor like a

Roth IRA and a 401k but also extend these investments to include things like

real estate properties and personal development I personally didn't start

investing at a young age because I thought investing was complicated but

over time I've come to realize that it's easier than you might expect simply

setting up an investing account and making monthly contributions to an index

fund or your retirement account is a great start to becoming richer than you

ever thought possible sign number five you don't challenge yourself if you

never step outside your comfort zone then you will never be rich

unfortunately most people settle into their paycheck lifestyle going to their

Monday and job each and every day and then waste away their nights watching

Netflix they strive to make every aspect of their life comfortable but the rich

seek the opposite with the rich know is that wealth creation starts where your

comfort zone ends this is why entrepreneurs especially the ones to

succeed thrive in uncertainty with many of them not knowing where their next

paycheck will come from take Jeff Bezos for example today's world's richest man

held many high-profile positions in major tech and investment companies in

his 20s but always felt like he was meant for something more while holding a

senior vice president role and making hundreds of thousands of dollars a year

Jeff decided to challenge himself and started a new book selling business

which we all now know as Amazon in my own life I make a point to challenge

myself once a week this can be done in the form of reading multiple books and

my lifts in the gym or icing a girl out on a date so take a look at your life

and if it seems like you were optimizing your life for comfort then you can kiss

becoming rich goodbye sign number six you don't have financial goals in the

same way that you can hit a target that doesn't exist not having financial goals

means that you will likely never become rich when trying to build real wealth

the process will be easier if you have a clear specific goal in place before

forming a financial plan for instance if you want to earn a million dollars your

first step would be to write down this goal and then detail the steps you need

to take in order to get there the steps would include earning your next

promotion picking up freelance work or creating an investment plan that will

compound to a million dollars over time unfortunately for poorer people this

first step can't even be done because when it comes to wealth they don't even

know what they want sure that will tell you that they want to make more money or

become wealthy but they don't even know what that truly means but if you ask a

rich person the same question he will tell you exactly what their goals are

how long will it take to achieve them and the precise steps it will take to do

so now while I'm not rich yet I have found that setting financial goals is

very effective for instance while in high school my goals during $80,000 a

year within five years of starting my career in order to do this I wrote down

this large goal and then detailed the following steps complete accounting

degree get CPA designation and obtain an $80,000 a year job and at age 27 the

school has finally achieved so if you want to increase your chances of

realizing financial success then setting achievable goals is a must sign number

seven you don't pay yourself first we've already established that saving money is

one half of the equation of becoming rich but unfortunately most people

hinder their ability to save by failing to pay themselves first you see when

they get paid they do show up money to their landlord credit card company the

government and many others which often results in them having little to nothing

left for themselves at month's end but is popularized by the book the richest

man in Babylon paying yourself first is one of the keys to becoming wealthy the

book recommends paying yourself 10 percent of your income every month

ensuring that your savings will grow over time one way to ensure you save

this 10% every month is this automated deductions from your pay most

employers will allow you to automatically deduct a portion of your

paycheck which can be rerouted into a separate savings account and I think

that this method is effective for two primary reasons first it allows you to

avoid having to think about saving money which means you can spend more time

working on your business or improving your skills that will increase your

income secondly it doesn't allow you to have direct access to the funds you are

stashing away which makes you significantly less likely to spend it

now if you begin to implement this method and feel like you can save more

than 10% then go right ahead the more you were able to deduct and ultimately

save the faster you will reach your financial goals and as you probably

guessed the rich practices have it religiously because if you aren't paying

yourself first then you are putting the financial goals of others before your

wrong thanks for watching if you want to go from the life you have to the life

you deserve then hit the subscribe button now

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