Relaxation, unlimited free time, Bugatti’s, and vacations to the Caribbean. This is what people assume when they think of a millionaire.
You probably won’t experience that. Sorry.
Unless you conquer these 5 obstacles stopping you from becoming a millionaire. Each of these includes a “take action now” step to help you obliterate what’s keeping you where you are. Let’s begin.
1. You don’t truly understand money.
People don’t really understand money. Do you?
It’s not as complicated as people think though. Money is simply paper used to represent an exchange of value in the form of goods or services. To create more money, you need to create more value for more people. This also means you have to manage what you do earn effectively and not let it leak out. People love to blame others for not educating them on financial matters. They blame their mothers, fathers, and the education. That’s not going to do any good. I chose to teach myself and you definitely have the freedom and power to teach yourself. Most importantly, you should focus on learning how wealth is earned, preserved, and invested.
Millionaires understand financial literacy and realize that it is not pure luck that brings about wealth. More and more millionaires and billionaires every year are self-made.
A great way to learn the rules of money from some of the world’s top minds for free or at least very cheap is through books.
Take action: Here are my suggested introductory books on money. You can click them to be taken to the Amazon page for the book. At no additional cost to you, I will earn a commission if you decide to make a purchase:
- Think and Grow Rich by Napoleon Hill
- Rich Dad, Poor Dad by Robert Kiyosaki
- Money: Master the Game by Tony Robbins
- Getting There by Zoe Gillian Segal
Don’t just skim the books. Take notes. Read it so that you can remember it. Read it more than once. Share the knowledge with like-minded people. Discuss it with people who want to be successful like you. Avoid people who bring you down or don’t care about being successful. Learning financial literacy can cut your learning curve drastically. You may achieve wealth a lot faster than you thought and it might be a lot easier than you imagined.
I know some of you hate reading. I suggest listening to audiobooks if that’s the case. That is what I do and it makes books much more enjoyable.
2. You don’t care about learning
You’re sick of school. You don’t like teachers. You don’t like education. You don’t know why you have to go to this class. You don’t think anything taught in Calculus will be of value in your future.
You might be right.
But that doesn’t mean you shouldn’t value self-education. But there’s definitely knowledge out there worth your time that you are not digesting. You have to value the power of every day learning of practical things that make a difference.
There are many millionaires I have come across over the years who did very poorly in school. They didn’t let that stop them. They found what they were good at and became very good at it. That often required a lot of self-education through the power of books.
Despite how busy wealthy people are, they never stop learning. Most people stop learning when they graduate college. Wealthy people learn their whole lives. When you are learning every day, you slowly get ahead of those who don’t. From the age of 25 to 60, that’s 35 years of time for someone to get more and more ahead of you.
This is why I, personally, spend at least 2 hours a day reading books, listening to interviews, or taking courses. I find topics that are fun to make it more enjoyable.
Take action: Take a course today. Even something free on Youtube. Watch a video of a successful person giving advice. I have a ton of Success and Wealth videos on my Youtube channel available for free.
3. You spend much less than you make
This one is one of the cornerstone principles to financial literacy.
Yet so few people practice it. Every year, another celebrity goes bankrupt despite making millions. One year, it was Mike Tyson. This year, it was 50 cent. Spend within your means.
You’re probably not making that much. Perhaps you even think you cannot cut on anything.
I am sure you can. There is probably movies you don’t have to go to and restaurants you don’t have to pay for.
Wealthy people get more wealthy by using their money on things that make them more money. Average people spend on things that disappear the next day or next week.
4. You spend on the wrong things
Warren Buffett said the best investment you can make in your life is on yourself.
This ties into what I just said in #3: Are you spending on things that will increase your wealth and last a lifetime or are you spending on things that rust, rot, depreciate, and disappear the next day or week? Average people spend on clothes, food, gadgets, and cars. All these things slowly rot to nothing.
Wealthy people invest in assets or education that make them more wealthy. That is why the rich get richer.
Wealthy people invest in good businesses, stocks, and bonds. If this is beyond your understanding, invest in things you do understand.
Instead of going out to eat, I invest the little money I save in programs, courses, books, and knowledge that will last a lifetime and return ten times how much I spent on them. It’s a sacrifice worth making.
It is also important to spend on things that you understand. I have seen too many people get scammed because they spend money in areas outside of their knowledge. If you are not a real estate mogul, stop “investing” in real estate. That’s called gambling.
Take action: In the next week, invest in something that will LAST and make you much more than you spent on it over time.
5. You have negative, hidden psychological beliefs about wealthy people
Because of your childhood, your upbringing, or something else, you could have been lead to believe wealthy people are bad.
You may have a lot of assumptions about wealthy people that are not true. You can grow up believing that wealthy people are evil, greedy, lazy, or arrogant. And because of these unconscious beliefs you don’t even realize, you are holding yourself back from making yourself rich.
Maybe there are rich people like this out there, but assuming that all rich people are like this is shooting yourself in the foot. What if that millionaire you just saw actually worked really hard for his money? He slaved away for decades while everyone else partied? Doesn’t it just suck when everyone assumes you got lucky and were an overnight success when you weren’t?
Don’t do that to other people and don’t do it to yourself. In order to proceed, you must eliminate these beliefs.
Take action: Uncover your hidden psychological unconscious beliefs about wealthy people. They may be hard to dig up but you can do it! What do you naturally assume without thinking too much when you see a man driving a fancy car? Once you discover these beliefs, eliminate any holding you back.