5 Reasons Why People Fail To Become Wealthy

No one wants to be average in life. Most people do however still aspire to the American dream, whatever that means for the individual. Certainly the way we accumulate wealth has change somewhat throughout the years but do we really have any greater understanding of what it takes to become wealthy.

5 Reasons Why People Fail To Become Wealthy

No one wants to be average in life. Most people do however still aspire to the American dream, whatever that means for the individual. Certainly the way we accumulate wealth has change somewhat throughout the years but do we really have any greater understanding of what it takes to become wealthy.

There does appear to be certain indicators that determine why someone becomes financially independent in their lifetime and why another may struggle from paycheck to paycheck.

Here are 5 simple tips to avoid if you want to become wealthy in a lifetime.

1.They set unrealistic targets. Now I know every motivational guru worth their salt will tell you to be optimistic and dream big. But being unrealistic is only going to undermine what you want to achieve in life. Someone who is earning a base salary of $30,000 per annum is hardly going to become a millionaire in 5 years unless they do something drastically different with their paycheck. Now I’m not suggesting to not dream big but if you want to get onto the road to wealth you also need to start notching up victories. It is through little victories at first that give you the motivation and drive to keep you moving forward. So a simple suggestion is to look at where you are at and set a target that you can reach which is a bit of a stretch but one that you absolutely believe is realistic. The chances of you actually hitting the target will increase several folds.

2.Stop moving the target. Once you have set your realistic target above then get yourself into action and start working towards achieving it. Most people don’t ever start on their road to financial independence because their target seems too out of reach but also once they do get started the make it more difficult on themselves by moving the target all the time. Its fine to keep reassessing where you are at and keeping up with changes that are going on around you. But to keep moving the target before actually reaching it only serves to rob you of your much needed victory and the sense of accomplishment that you rightfully deserve for making the sacrifices and putting in the hard work. If you think the target is too easy and want to make it bigger than tell yourself to hit the target faster so that you can then move on to the bigger target. With little victories comes the bigger victories. Have some patience with yourself.

3.Not putting a plan in place. Now that you have a target in mind and you are committed to reaching it you need to organize a plan and put it into effect. Most people fail because they only have a target and have no structured plan in place to help them achieve it. So they go about things in a hit and miss fashion never really getting themselves any closer to achieving their target. The plan is so integral to the overall success of your journey simply because it will give you the necessary steps that will help you achieve your target but also because it will give you indications along your journey when you are going of target and when you are getting behind schedule. They say if you fail to have a plan then you must be planning to fail.

4.They give up at the first sign of a challenge. Most people never stick to a plan long enough to see the results because at the first sign of difficulty they call it quits. How many times have you seen someone who wants to lose weight, sets a target weight loss that is achievable and then puts in plan a diet and exercise plan to achieve. On the surface of it, it would seem that they have all the ingredients there to achieve their target if only they stick to the plan. But what happens when they have a few night outs with friends, or the weather starts to get bad, they start to think the worse and what an uphill battle this is and give up. We don’t get rewarded with good intentions, we get rewarded with results.

So you have to realize that challenges are there to make us stronger and to test our resolve. If you want to achieve your target for wealth you must expect challenges to be thrown at you because if you aren’t facing challenges in life then you aren’t doing anything of significance. I would rather fail and get up then fail and give up.

5.They listen to self proclaimed experts. It’s been said that information and knowledge is the key to success. Certainly when you are embarking on your financial journey good information is of great benefit. But the key is “good information”. The problem with most people is that they listen to the wrong advice instead of making that little bit more of an effort to get the good advice.

They listen to the advice of their neighbour, friends, family and even so call get rich gurus for their financial advice. Some of them may have your best intentions at heart but if they aren’t themselves financially independent how could they possibly help you to achieve your financial targets. And get rich quick gurus pushing that next new fail proof scheme will only bring you to ruins. You need to find a source of credible and accurate advice on how to deal with and manage your growing wealth. So why not do what other financially successful people do and invest in quality advice. Be willing to pay good money for good advice because they would serve your bottom line with greater increase then you might think. Some advisors that you would want on your team would include an accountant, a qualified financial planner and solicitor. They are invaluable advisors to any multinational company and successful individuals so why not you.

The key to becoming wealthy is not as difficult as one might seem. By following these handy hints you are already well on your way to achieving your financial goals. Why not get started to day.

Author: Terence Young