While the majority of people want to become rich most do not understand the
factors that are holding them back from financial success as outlined in a book
secrets of the millionaire mind there are seven reasons why you will never
become rich therefore by recognizing these
deterrents you'll be able to increase your odds of achieving more wealth
money is one of the most important factors to consider in achieving
financial freedom in fact paying yourself first is the main priority when
working towards financial independence unfortunately a lot of people become too
obsessed with saving that they forget to create more sources of income as
investing in two ways of making more money will reduce your savings
temporarily rich people tend to focus on creating more and more income streams
because at the end of the day this will grant them more money which can be used
to access a higher standard of living this elite level of living will not be
realized however when one focuses solely on saving instead your goal should be to
save and create more positive income streams leading to overall more wealth
accumulation in the long term number two you want to get paid based on your time
invested I often hear people saying I should get paid more because I have
worked so hard for so long which actually makes sense to some extent but
that mentality will keep you poor let me explain just how important this concept
is it is probably one of the most important things you will learn in your
entire life because it will have a significant
impact on your mindset let's look at a quick example let's say Frank is an
average guy and he believes he must get paid based on his time alternatively
Michael believes he must get paid based on the value he creates now what happens
if these two people start a business regardless of what business it is it
always takes time to build up a business that will start making real profit to 3
or even 5 years down the road because you have to establish the foundation
find clients gather a good team and so on and so forth and it's entirely
possible that even after all of this for you still might fail and have to
take another shot what's going to happen to Frank after the first year of
business when he's not making real profit he's gonna quit because he's
going to say that I have been working so hard for a year and still haven't made
any money on the other hand Michael is not expecting to get paid because he
hasn't brought any real value and he will continue to work on his business
until it can provide enough value that people will want to pay for his services
therefore until you realize that you are paid based on your value and not on your
time investment you will continue to live a life without wealth number three
you haven't started invest in one thing I can tell you for sure is that it's
impossible and I really mean it's impossible to become financially free
without investing the key principle in becoming rich is investing as early as
possible but unfortunately most of us don't realize the importance of
investing into our already adults and filled with responsibilities it doesn't
really matter what kind of investment you make they all take a lot of time
before you see consistent returns so the earlier you invest the sooner you'll see
the results therefore you will never become rich until you can make your
money work for you number four you are buying what you can't afford a lot of us
struggle to control our spending which leads us to buying things we can afford
it could be a new car the new iPhone or whatever else it may be and while it may
be satisfying to buy these material goods in this short term these
tendencies will hurt you in the long run by spending money you don't have you
will be able to save money to invest because you have to pay back your loans
any never-ending interest charges that come along with them as a cycle
continues you will fall further into a downward
spiral that leads to all your money going towards paying off unnecessary
purchases ultimately stopping you from becoming rich number five you stopped
learning after college for most people learning stops once they graduate from
college you've studied for fourteen years of school and four years of
college and now it's time to put those skills into action while this is true to
a certain extent the reality is that the world around us is in a constant state
of change and you must update yourself in order to
stay competitive and grasped new opportunities in order to do this you
must constantly learn another problem is that school or college likely never
taught you how to build connections create teams plant projects negotiate
deals and many other important skills that are crucial in becoming rich and
since most people don't continue learning they will never acquire the
skills or knowledge they need to invest wisely and create new sources of income
learning should be the first priority in your life you will never meet a single
self-made millionaire that doesn't constantly learn hence the saying the
more you learn the more you earn number six you surround yourself with
the wrong people what affects us most in life are the people around us when
people around you are not ambitious and aren't building their way to financial
freedom you'll likely follow the same path as your peers that's why you should
create relationships with people who are striving for the same things as yourself
like learning investing growing and attempt to achieve financial success
number seven you're trying to get rich fast if you're looking for some fast way
to get rich like everyone else then you're just wasting your time no matter
what path you take when trying to make money if you want something valuable
that will pay dividends for years to come then you have to be patient so next
time you come across programs that promise that you will learn in just
under three weeks how to make tens of thousands of dollars in a month on
Amazon then do yourself a favor and ignore it stop wasting your time with
the quick thaw scams and get real come up with a 5 10 or even 15 year financial
plan and stick with it until you reach your financial goals there are many
other reasons that prevent a lot of people from getting rich and achieving
financial freedom but these seven are the most important ones now it's time
for you to share your opinion what do you think do you think these factors
make sense or will you add any other items to the list of things stopping you
from becoming wealthy let me know in the comments below and as always thanks for
watching if you enjoyed this video please comment
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