7) Buying Things You Can’t Afford
Everything has a price. Learning to budget and live within your means will prevent you from tying your money to things which will not bring you closer to your goal. Buying things you cannot afford often leads to borrowing expensive money. That’s a minus in finance and in life. Self-made millionaires focus on investing money in assets instead of liabilities. Learning the difference between the two is key. Check out more tips from the Top 7 Ways Rich People Think Differently Than The Average Person.
6) Focusing Too Much On Saving
While adopting a lifestyle of saving money is critical to building wealth, too much focus on it will hinder you from becoming a self-made millionaire. Have a goal for what you are saving the money for. Save as much money as you can and earmark those funds for money-making investments. That way there’s always a plan for your saved money and you’ll be less likely to waste it.
Check out our financial growth forum for more tips and ideas!
5) The “F” Word…
…”Fear” is a major hindrance to becoming a self-made millionaire. Fear may come in many forms including fear of taking risks, fear of failure or even fear of success. The first step to ridding yourself of fear is to acknowledge its presence in your life. Only then can you train your mind to change your response to fear from holding back to blazing forward. So what if you fail? The path to the greatest successes on earth are littered with failures. Refuse to be afraid of past failures or future uncertainty. Instead, see past failures as stepping-stones. Maintain a positive outlook with a focus on success. Staying positive is one of the Top 7 Habits Of Self-Made Millionaires. Anything you fear in life will always stay a mystery and will constantly elude you. Give yourself permission to become a millionaire by staying positive and facing fear head-on.
4) Dreaming Small
No millionaire ever made millions by dreaming small. Dream big. Write down goals you don’t yet believe you can achieve. Write them down every day and recite them as affirmations. You’ll be pleasantly surprised at how the Universe will get on board with you and your dreams if you start to proclaim them. Want to become #1 in your field of business? Want to make $100 million from one deal? Want to live a certain lifestyle or make millions so you can spend your free time on philanthropy instead working a 9am to 5pm job? Claim these dreams for yourself. Write them down and recite them as affirmations daily. An affirmation could be as simple as saying “I will be a millionaire in 2 years.” That’s it. Say it daily and you’ll find that your efforts will drive you in that direction. You’ll be there in no time. Millionaires are masters at dreaming big. And so can you.
There is only one other trait that is a millionaire’s worst enemy apart from dreaming small, and that is procrastination. Millions of people will never tap into their true God-given potential due to the simple but powerful negative trait of procrastination. One way I get sucked into procrastination is making the excuse that “things need to be perfect” in order for me to take action. What a crock! I had to train myself to take action even when I didn’t feel like the stars were aligned for my purposes. This means learning how to make decisions without all the information available to you. CEOs, successful entrepreneurs and even the president have to learn this crucial decision-making skill. Things will never be perfect. This must be ok with you. One must take an active role at avoiding procrastination by adopting a “The best time to start is now” approach to life. If you do this, you’ll find that “the harder you work, the luckier you become.”
2) Ineffective Relationships
The saying “Who you surround yourself with, You become.” or “Birds of a feather flock together” rings true. Successful people surround themselves with people who are smarter and more succesful than they are. Getting comfortable being around those who are smarter than you requires humility, another key trait of respected, successful millionaires. If you find that you are around negative people or people who don’t motivate you to be your best self, find ways to detach yourself from these people and align with others who motivate and inspire you. I often get asked “what if these negative people are your spouse or family you can’t get away from?” Find other’s outside your family that are successful, positive and motivating to help keep you this way. You can then take an active role in staying positive and motivating; and hopefully your loved one will follow suit.
1) Making Excuses
Make up your mind to become a success. Catch a vision and run with it. Let go of the blame game. Whether in recession or inflation there is always an opportunity to become a successful millionaire. You have to take the bull by the horn and become solely responsible for your success. Self-made millionaires take action irrespective of prevailing circumstances. Wasted time is the enemy of dreams. Use your time wisely. Avoid excuses and align your time with your dreams.