You Will Never Be Rich If You Keep Doing These 10 things
By: Shobit Kohli
Tags: Motivation, Rich, Business Development, Success, Struggle

You Will Never Be Rich If You Keep Doing These 10 things

No matter how much money you earn

There are no secrets to getting rich overnight, but there are some proven systems that can help you get rich.

The reality is that everyone has the same opportunity to be rich. Some may face greater obstacles than others. But the opportunity is there for everyone to seize.

Have you ever wondered why some people are rich, and others are not? Mostly it’s because of their lifestyle and mindset.

Many people spend their entire lives lamenting the situation in which they were born, while others strive every day to change it, and that differentiates us.

Also, they still believe in easy money and that everything is a matter of luck. That is why there are still companies that steal money from others by promising to double it in a week.

There are still a lot of people that do nothing because they feel that one day “their time will come” and believe that wealthiness is a matter of divine luck.

But having money or “financial freedom” is more a matter of habits and effort than “luck or easy way,” and there are many habits that do not allow you to achieve that goal.

From living beyond your means to having a single source of income, I bring you 10 signs that say you will never be rich.

1.- Have a full-time job and work

In this world, there is nothing completely true. Everyone has the potential to make their future as they wish, and in reality, the limit is the very head of each person.

But throughout my brief life and from a few books I read, I have discovered that most affluent millionaires have one thing in common: None are employed.

Some reasons are:

An entrepreneur spends many more hours on average, analyzing and structuring their investments.

Entrepreneurs hardly take their financial situation for granted. They are always on the lookout for unfavorable changes, and this causes them to dedicate time and effort to take care of their resources.

They have to take care of their own financial situation as no one else will do it for them.

Being an entrepreneur means taking more responsibilities and risks. Get out of their comfort zone and create additional income sources.

In school, we learn that hard work will get us ahead in life. But “that’s only half the story,” says Ric Edelman, a top financial adviser.

When you are an employee, you are used to a salary. If that salary gives you to live comfortably, take vacations, and pay your bills, then you are hardly looking for something else.

However, almost no one becomes a millionaire by saving from an employee’s salary. So one reason you won’t be a millionaire is that you only have one job.

In my case, I spent 4 years of my life waiting for my salary to increase and working extra and giving my best, but my bosses only increased me when I wanted to go to another company, not because “I deserved it.”

I realize that bosses don’t really care about your performance as long as you do your work correctly, and if you are in a company that only cares about the money, you will not earn anything extra for your efficiency.

So this year, I decided to make a change; instead of waiting for a salary increase, I started working only the necessary in the company and using my energy and time for personal projects.

The result was to increase my monthly income by 150% between investments and entrepreneurship. I have learned a lot about investments, and I hope in 2021 to become totally independent.

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2- Put too much emphasis on saving

If in January you put $1000 in a bank account that generates 1% annual interest, you will currently have $10 earned. However, if in January 2020, you had bought 3 shares of Netflix for a value of $324. Currently, you would have $580 earned.

I’m not telling you that you should invest all your money in stocks; that requires analysis and knowing the market. What I mean by this is that there are better ways to use your money than leaving it in a saved account.

Saving in a bank account monthly will not make you a millionaire. Invest wisely and use those savings to create additional forms of income will.

There are many (and even safe ways) in which you can use your savings today that can help you generate more income tomorrow. For example, one of the investments that I am currently doing is buying courses. Knowledge is one of the best ways you can invest your money.

I learned to invest my money wisely, and I was trying different forms of investment—for example, deposit certificates and shares.

In total, I have spent $700 dollars on courses this year. But that earned me $2200 for improving my writing. In trading, I have spent $900, but that has allowed me to earn $3000 so far.

That money in a bank account would have allowed me to buy a new handbag, but now I have new forms of income that will allow me to retire earlier in the future.

3- Believe in easy money

There are many businesses that promise you “financial freedom.” Today there are still many people who believe that they will get rich with them, but they do not really work to make you rich.

According to David Olariyone, some of them are:

Gambling. In gambling, the system makes people lose money. And also to make someone feel lucky. Gamblers lose much more than they gain over the long term.

“No-Product” Network Marketing. A network marketing without a product will eventually turn into a form of a Ponzi scheme. If you are lucky enough to be one of the first to enter, you will get money fast, but it eventually becomes an unsustainable business, and if you have your money or your friends there at that moment, you will lose everything.

Lending money casually. Family members will not take your service seriously. If your family does not want to pay you, you will not put them in jail. No matter how professional and legal you want to do business with a member of your family, it will always be something that will look casual.

Playing with Cryptocurrencies. Cryptocurrency is not a way to make money; it is a way to keep the money, like to have your money in another currency. You can win big quick and lose big, even faster. If you don’t know what you are doing, you will be full of regret later.

If you want to earn a lot of money, work, invest your time and money, learn about what really works, and be consistent.

Everything I’ve accomplished so far has been hard work. From the outside, maybe other people will think it is luck, but every day (even on vacation), I have been getting up early to grow in those personal projects.

I learned from a young age that easy money did not exist when my father did not want to give me money for a cell phone, and I had to save from the school lunch to buy it. Now I know why he didn’t give it to me, and I appreciate it.

4- Never learn anything about money

If you don’t learn how to drive properly, you will never get a license. It is not safe for someone who doesn’t know basic rules to ride in a vehicle. The same goes for money.

If you don’t know how money works, you will never make money work for you.

I know people who do not know how taxes work or why companies reduce certain amounts of their salary. I always wonder how they know that they are not being scammed if they do not care about what the companies are using their money on.

Financial education enables people to better visualize their opportunities, make smart decisions, know where to get help, and take action to resolve conflicts.

For example, in my country, there is a law that those who earn a certain amount of money and are studying, the government will be returned annually 10% of the taxes they spent on education. Anyway, I think I only know 3 people who use that benefit out of the 200 people who studied with me.

Thanks to this benefit, the government has returned me up to $ 1000 for education. Using credit cards wisely, I got a “free” roundtrip flight to Boston, and I know how to make money work for me.

Something that helped me a lot to learn how money works were working for 1 year in a bank. Although I am a programmer, that experience helped me understand at a logical level how all processes work.

There I realized that loans and credit cards, in general are a problem instead of a solution if they were not for a specific purpose. Many people believe that credit cards are to spend and spend. But I learned that they are really to have benefits when you use them.

5- Don’t have goals for your money

Having goals allowed me to buy my first car at age 19, my first house at age 22, and travel 2 times a year every year. Every year I make a budget in excel and what I want to achieve with that money.

That allows me to work with more passion for achieving it and don’t spend my money on unnecessary things.

The best way to save and increase your income is to have a goal for that money. If you do not know what you want to have money for, then it would not be logical for you to save; it would not make sense to save it.

Do you want to buy a house? Get a new car? Travel the world? Those are valid goals that you can write in order to save for it.

Most of the people who do not have a goal with their savings do not have a single dollar in the account. They live from day to day and enjoy the now. If you don’t know what your financial goals are, you can’t start working to accomplish them.

“The number one reason most people don’t get what they want is that they don’t know what they want,” T. Harv Eker in his book

The first thing you must-do if you want to be rich one day is to know the reason you want to be rich.

6-You haven’t started investing

Investing is essential to good money management because it ensures both present and future financial security.

Not only do you end up with more money in the bank, but you also end up with another income stream. Investing is the only way to achieve both growing wealth and passive income.

If you do not invest your money, it means that you plan to live only with your monthly salary and that you have no plans to retire until age 65.

If you want to retire early or become financially independent, investing is the way to do it.

Any investment is better than none, but you need to choose carefully.

The higher a return offered by an investment, the greater the risk of losing your money. In order to protect your wealth, you want to hold a mix of high- and low-risk investments.

Last year I got a mutual fund that leaves me 7% safely. There I have the money that I want to save in the long term. For short term savings, I have certificates and stocks. Also, I started buying properties. I currently have one house. In the coming years, I will continue to buy for rent and Airbnb.

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7- Have only one source of income

Living only on your employee salary is a sign of conformity. Not looking for other sources of income means that you have no aspirations or goals to grow.

Although you are financially well off with your salary, and it allows you to have a quiet life, having different sources of income allows you to achieve financial independence, eventually.

Millionaires, on average, have seven streams of income. They’ve learned that diversification and creating multiple streams of income is the key to long-term wealth creation. This is the key to achieving what many people dream of: financial freedom.

Having multiple incomes has a lot of benefits; the principal is security. If there’s anything the last decade has taught us, it’s that no job is safe.

The economy takes wild swings beyond anyone’s control, and unfortunately, for most people, their only source of income is from their day job. When that reliable 9–5 disappears, they find themselves in serious financial trouble.

Three years ago, I only worked, I had a fixed monthly salary, and savings and my goals were only according to that income. My dreams were limited. After I started learning how to have other income, I started dreaming bigger, and now I feel like there is nothing I can’t achieve in the next years.

8- Don’t step out of your comfort zone

To become rich is to step out into the unknown and conquer fear. Exploring new thoughts and ideas and incorporating them into our lives means getting out of that comfort zone we are accustomed to.

The more comfortable you are in your little cocoon, the fewer risks you will take, and fewer opportunities will come your way.

The more contracted you become with fear, the fewer people you will meet, and the fewer new strategies you will try.

The minute you become comfortable, you stop growing.

A moment of fear can screw up your life for eternity. Being comfortable and fearful has killed more ideas, opportunities, more action, and more growth than anything else combined.

If you want to grow, you have to take risks and make mistakes.

Instead of being afraid to take risks, see each opportunity to learn new skills.

If I hadn’t made my dreams to better income goals a reality, I’d still be waiting for a raise, riding an old car, and looking for a better job. Now I know that life is more than looking for a perfect position in a company.

9- Think being rich is reserved for lucky people

Nothing in this life is a chance or divine luck.

Everything that happens to us in this life results from our actions. Getting rich can be very hard work. Thinking that become rich is luck means that you don’t want to work or take the risk to achieve anything.

People become wealthy through thousands of strategic decisions and actions that make them wealthy. They develop skills; they create products; provide services; and beyond all, provide value to other people.

It’s natural to look at someone who is wealthy and point to some “lucky” reason that they were successful. It’s impossible to know the thousands of decisions and actions that lead to success.

For example, I could write a blog post, have it go viral, accumulate a large audience, and make a lot of money. That doesn’t just happen randomly, though.

For most writers, it will take hundreds if not thousands of posts that are carefully edited and targeted before one goes viral. No one sees the year of work that went into creating a platform and audience before that perfect post took off.

Wealthy people spend years developing skills, building a reputation, and creating value before they get paid.

10-Get a credit card and spend a lot

Blowing your entire paycheck (and then some) each month isn’t an ingredient in the recipe for financial success. Neither is draining your savings or running up card balances. Most of the people who will never have financial health are those who spend more than they earn.

If you want to be poor all your life, fill out the credit card and pay only the minimum, buy cars that are more expensive than your capacity, and never make extraordinary payments on your loan.

But keep in mind that being rich in social media is not as important as actually being rich. Impressing people who don’t care about you won’t help you live a peaceful life.

To stop spending, start by tracking where the money goes every month. Try to zero in on nonessential areas where you can cut back. Then create a realistic budget that ensures you have enough to pay the bills and enough for investment.

Currently, I use my credit cards for any benefit they give me, for example, to generate points for trips or discounts in specific stores. I do not have any loan, and I will only take one when it is for an investment and the earnings are better than the interest.

Final thoughts

The general population has a love/hate relationship with wealth. Some resent those who have money while simultaneously hoping for it themselves.

There are exceptions, but the reason a vast majority of people never accumulate a substantial nest egg is that they don’t understand the nature of money or how it works.

I believe that being rich begins in the mind. You may earn a lot of money now, but if you don’t know how to manage it, it won’t last forever.

If you want to be rich, then you must educate yourself and know how the world works, because if you continue to believe that everything is a matter of luck and not work and knowledge, then I regret to tell you you will stay in your comfort zone.

This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions

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