6 Signs You Won’t Be a Millionaire

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A CNBC report:

Are you on your way to striking it rich? Or does your behavior shoot up red flags?

To help you figure it out, we’ve rounded up some warning signs to watch out for. Everyone’s situation is different but, if you’re routinely making these mistakes, it may be time to make some changes when it comes to managing your money.

1. You emphasize saving over earning
While rich people value the importance of saving and investing, they also recognize that the key to getting rich is to focus on earning.

“The masses are so focused on clipping coupons and living frugally they miss major opportunities,” Siebold writes in “How Rich People Think.” “Even in the midst of a cash flow crisis, the rich reject the nickel-and-dime thinking of the masses. They are the masters of focusing their mental energy where it belongs: on the big money.”

As author Thomas C. Corley found in his five-year study of self-made millionaires, the rich “do not rely on one singular source of income,” he writes in “Change Your Habits, Change Your Life.” The majority, 65 percent, “had at least three streams of income that they created prior to making their first million dollars.”

2. You don’t have money goals
“The number one reason most people don’t get what they want is that they don’t know what they want,” writes self-made millionaire T. Harv Eker in his book, “Secrets of the Millionaire Mind.”

If you want to build wealth, you have to have a clear goal, as well as a specific plan and hard deadlines. And when you’re setting goals, don’t be afraid to think big. The rich want a lot and are up for a challenge, Siebold says: “No one would ever strike it rich and live their dreams without huge expectations.”

3. You use phrases like “I want” and “I wish”
Just like your thoughts and habits can mean the difference between living a wealthy life and an average life, so can your choice of words. As Jen Sincero writes in her book, “You Are Bad at Making Money,” “if you’re broke or not where you want to be financially, you can be sure that your language could use an upgrade.”

Certain common phrases are particularly limiting, says Sincero, such as “I want” and “I need,” which are different ways of saying “I lack.” And “I wish,” she says, is another way of saying “I’m not in control.”

4. You haven’t started investing
Investing is one of the simplest, most effective ways to build wealth and the sooner you start, the easier it will be to reach seven figures.

“On average, millionaires invest 20 percent of their household income each year. Their wealth isn’t measured by the amount they make each year, but by how they’ve saved and invested over time,” writes personal finance expert Ramit Sethi in his bestseller “I Will Teach You to Be Rich.”

The good news is, it’s easier than ever to put your money to work. Thanks to micro-investing apps such as Acorns or Stash, you can start by simply investing your “spare change.” And automated investing services known as robo-advisors can work for you no matter how much you have in the bank.

5. You mostly stay in your comfort zone
The average person wants to be comfortable. Rich people, on the other hand, are stimulated by uncertainty.

“Physical, psychological and emotional comfort is the primary goal of the middle-class mindset,” Siebold writes. “World class thinkers learn early on that becoming a millionaire isn’t easy and the need for comfort can be devastating. They learn to be comfortable while operating in a state of ongoing uncertainty.”

6. You think being rich is only for a lucky few
If you think getting rich is out of your reach, you’re probably not going to make millions. The average earner remains average because they expect to, says Siebold: “The masses think they aren’t worthy of great wealth. Who am I, they ask themselves, to become a millionaire?”

“The truth is, in a capitalist country, you have every right to be rich if you’re willing to create massive value for others,” he continues.

Start asking yourself, “Why not me?” After all, that’s what the millionaires and billionaires do. CNBC

{Matzav.com}

8 COMMENTS

  1. It’s actually quite simple – I’m not smart enough to earn enough to even tread water, let alone put aside or invest money to become rich. I may not like the truth, but I at least try to be honest with myself. No complaints, b”H, I’m “rich” with the things that matter.

  2. This article seems to recommend risky investing as a way to become a millionaire.

    Use caution.

    “The truth is, in a capitalist country, you have every right to be rich if you’re willing to create massive value for others,”

    This guy sounds like Bernie Sanders. How is Schmerel who is struggling to get by on his salary supposed to just go and “create massive value for others”?

  3. As one who has been a millionaire last 37 years it’s all from shemayim. I never went to high school. Yes I continued my Torah studies but not English. Today I own over a hundred million dollars of real estate. I keep a low profile. I daven in shuls where people don’t know my business. I know had I been a member of a mossad they would be all over me for money. I donate secretly to rabbonim I know are real. My own wife has no clue how much money I have. As long as I’m alive she will never know. I personally don’t care much about money. The money I made came from shemayim.

    • You have no problem writing this on matzav.com but wont tell your wife?

      Like the old saying goes “an emise gvir fiert nishe azoi”

  4. כל מזונותיו של אדם כתובין לו מראש השנה
    Every person has the same chance of making it big. All one can do is be mispallel and do basic hishtadlus, the rest is all in His hands. Of course, if one uses his money for the right things, all the more reason for Him to grant it.

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