In today’s world nearly everyone dreams of becoming a millionaire at a certain point in their lives, but very few have managed to pull it off. For the majority however, their millionaire dream which in itself holds the key to financial independence becomes something of a pipe dream. Just take survey around your neighborhood and find out just how many homes have millionaires. You’ll come to the shocking realization that they are sparse. So let’s take a quick look at the 6 biggest roadblocks to becoming a millionaire as this would help us better understand why the millionaire dream has been eluding so many.
(1) A Lot Of People Only “Wish” To Be Millionaires
Great minds have purposes; others have wishes. – Washington Irving.
The trouble with most millionaire wannabes today is that they only engage in wishful thinking. Don’t they say “if wishes were horses, beggars would ride”. There is nothing absolutely wrong with having an ambition to be super rich, the real time it can turn out to be a chimera is when you don’t back up that wish with a clear plan of action. You can’t just sit back at home hoping one day someone will call you to come pick up a bag of money or that money will rain right from the sky into your lap. Those are the stuff of fairy tale but back here in the real world, there’s the ironclad law of cause and effect. What this tells us is that to have a certain experience, you’ll have to “do something” that triggers your desired experience. To be a millionaire then, you must have a clear plan of action detailing the anticipated processes you’ll take to attain your millionaire goal. You can’t “wish” yourself into becoming a millionaire, you must follow in the footsteps of others who have attained your dreams. Find out what they did, the habits they developed, what they invested in, and see how you can emulate them. Get off your wishful armchair and do something. Don’t live in the future perfect, live in the present continuous.
(2) Too Many People Trade Time For Money (and it’s all wrong)
You are your greatest Asset. Put your time, effort and money into training, grooming, and encouraging your greatest asset. – Tom Hopkins
My favorite things in life don’t cost money. It’s really clear that the most precious resource we all have is time. – Steve Jobs.
The chasm between the rich and the poor is separated by something called time. The poor prioritize money over time. The poor believe in working longer hours, trekking more, saving more even if it comes at the expense of their time (and herein is the whole art of trading time for money). But the millionaires do exactly the opposite. They understand the value of time as a resource that when misused couldn’t be replaced unlike the case with money (you can always burrow when you are short on money). The rich have just the same 24 hours the average man has but what differentiates their fortunes at the end of the day is in how well they manage and organize their time. They obviously don’t try to work longer (or exceed the 50-hour work week) hours than you and me to earn more. No, they understand that their bottom line is directly linked to their key areas of brilliance and they try to increase their earning power by spending time to build expertise and authority in their respective fields. Millionaires also create products they can sell for good money without having to be there. What’s more, they put their money in a stable and well-paying investment and with the passage of time, that initial sum could well rise into the millions.
(3) Getting A JOB Won’t Make You A Millionaire.
To get rich, you have to be making money while you are asleep. – David Bailey
A lot of people apply conventional wisdom to get rich (this same wisdom is the reason why 10% of the people earn what 90% of the people earn). People are told to go to school, study hard, have good grades, leave with the best distinction and then get a GOOD JOB that pays well and then save, save, save until it eventually rises into millions. But that is leaving from paycheck to paycheck and the result is often a heartbreak. This approach is known as working for money as opposed to money working for you. The real millionaire today doesn’t just rely on a JOB – a single source of income. They invest in different things and have multiple sources of income with money flowing in by the minute. To be a millionaire, you must invest in several lucrative businesses period. You need to be a bit more “opportunistic” and seize investments opportunities as they present themselves. Sure you can’t get a job for a start but you must always be on the lookout for better opportunities elsewhere for upward mobility.
(4) Most Aspiring Millionaires Have Poor Spending Habits.
Someone once told me that “rich people don’t see money in cents and shillings but the value it can bring”. Benjamin Franklin also said that “watch the pennies and the dollars will take of themselves”. As if that was not enough, in an interview with Warren Buffett, he was asked if he would pick a missing dollar note he found on the floor and his reply was a big yes. You might wonder why a billionaire like Warren Buffet would still take interest in an infinitesimal dollar bill. Isn’t he being rather greedy? You’d be dead wrong. This is a trait that runs in the rich and one without which they wouldn’t be on the revered list of the world’s richest. This is the one trait most people who wish to become millionaire’s damningly lack. They lack the financial discipline to save and would prefer spending every penny they get because it seems insignificant – “and what is a rain drop to an entire ocean?” they might ask. And that is exactly why not many today ever breast the tape to become millionaires. Just imagine how much money you would have had if you had saved all of the monies you had spent on sweets and chocolates the past say, 10 years of your life. It could have been quite a fortune by now. If you are really desirous of becoming a millionaire, then you must find a way to kill off every knee-jerk instinct in you to buy things you can afford to do without.
(5) A Widespread Inability To Tell The Difference Between An Asset And A Liability
There’s this mainstream culture where everyone is trying too hard to keep up with the Joneses. People buy things to match up with their statuses. They might even go a step further to subscribe to one of those services that alerts them when the latest junk is out in the market (gadget). This drive to be in tune with whatever is trending often drives people to spend more than they earn, leave more on burrowed funds like credit cards and in the end amassing more liabilities than assets. These are investments so to speak that depreciate with time and with no returns whatsoever for the foreseeable future. Such a wasteful lifestyle gives way to a lifetime of “debthood”. These days you can now find people whose biggest investment is in the latest mobile technology but have no tangible assets. A lot of would-be millionaires fall into this mistake, failing to draw the line between a sale item that would turn out to be either an asset or liability. But the millionaires know better. They measure the worth of an investment by what income it can generate them a few years down the line. They spend less money on luxury items but invest more in assets like real estate, shares, stocks, bonds and other securities that can appreciate in value overtime. If there’s anything that defines successful millionaires today, it’s that they are diehard adherents of the slogan that “if it aint broke, don’t fix it”. They spend less on getting the latest upgrades on their gadgets if they aren’t going to yield anything in the long-run. They can particularly tell better whether a “spending opportunity” will put back money in their pocket or take some out of it.
(6) People Have Wrong Beliefs About Being Rich
All Money is a matter of belief. – Adam Smith.
Whether you think you can or think you can’t, either way you are right.
– Henry Ford
If you took a survey asking people what their beliefs about being rich were, you’d discover that the wrong beliefs about being rich lies at the substratum of most responses you’d get. There are those who believe the rich are dishonest people who cheat their way to wealth. For the others, they might tell you the rich just happen to have unfair advantage over the others. When people hold these wrong deep-seated beliefs about the rich, then it’s a forgone conclusion they would never become millionaires – it’s just the law of attraction that our outer world is a reflection of what we want and believe on the inside. There is therefore an unseen nexus between what a person believes and that person’s reality. So then if someone doesn’t believe that being rich is right for them or that it’s something beyond their reach, then you can be rest assured they’d never bump into it. So if you want to be rich, your mindset and belief system about wealth accumulation have to be in real sync. You need to start thinking and acting like someone who’s already a millionaire. Fake it and you’ll soon become it. But by faking it doesn’t mean you have to spend big to look rich. No, it’s quite the contrary! So from this moment on, start thinking and seeing abundance and soon enough you’ll have it.