99.99% of the people in the world wants to be rich and become a millionaire, but only a few makes it to become a millionaire. There are many factors that affect people from getting rich, location, government policies and so on, but I will list some that are quite significant, and common mistakes that most people make.
Lack of information
Information is the source of wealth. I wrote a blog a few days ago where I talked about how I missed the opportunity of investing in Bitcoin in 2010. I could have been among the whale of blockchain world today, but because of lack of information, I missed it. There are many sources of opportunities like this that millions of people miss every day, and they end up regretting. Some opportunities come once a lifetime. When you miss them, you miss them forever. Information and opportunity are the keys that will make someone invest $100 in VERGE CURRENCY in 2014 and cash out $3,985,715 in 2017.
Do you spend after investing or you invest after spending? Many people spend excessively. Living equally with your income will not give you a safety margin. Extravagant life has dropped many people down the holes, and many are still falling because of this. Gucci, Rolex and the rest are cool products, but if you save or invest the money for Gucci, it will give you something to fall forward on.
Afraid of losing money
Scepticism is killing many people. In 2016, when I invested in Bitcoin, I told a lot of my friend. Some of them were sceptical, while some feared losing their money. Right now, they all call me to ask about Bitcoin and how to invest. The fact is, I lost a lot of money. But I am gaining back. I have made thousands of dollars posting on Hive/Steem. I have made poor decisions trading and investing, but I am gaining more than my loss. Every business is a risk, and it is good to always try.
This is about choosing a path. The path you chose will determine your career success. I mentioned this in one of my previous posts, you must check your strength and weaknesses before choosing your career. If you have weaknesses in the path you have a desire for, you must overcome the weaknesses before you embark on it. Choosing a wrong career can make you a failure.
This is another great key. You can’t do anything if you don’t have the health to work. Many young people start their lives living anyone without considering their health. I was like that, but changed when I had health issues. I was having serious acid reflux, and I could not sit to work. This was when I valued health. An unhealthy lifestyle could end your career and everything you are working for. It is imperative that you live healthy if you want to be rich.
Investing your money on businesses and assets is good, savings also help you. There is a popular saying that never put your egg in one basket. I am among the people that have money in the Cryptopia exchange when it was hacked. It would have been different thing for me if I put all my funds and capital in that exchange. So, saving gives a safety margin when there is a need to rebuild.
This is worse because I was a victim. Many people run their business of loans, and some lender take a huge amount of interest. If the business you are running cannot bring in a huge profit, then you are only working for the loan company. There was a time I took a loan of $3,000, and I was using it for a business. By the time I paid the loan, I realized I have paid an interest of $1,050 within a short period. So be very careful when taking loans.
Lack of actions on good ideas
Many people come up with good ideas, but they never work towards it. Some will start and give up quickly. All the big projects and companies in the world started as just an idea. Working on them turns to solutions for something, and the solution will bring wealth for the “ideator”.
You are what you think. Many people think they are limited, unhealthy, weak, poor, lack opportunity, and so on. This keeps their mind in a cage of poverty and they remain there. The first key is to “think it”, and it will begin to work. Having a millionaire or billionaire mindset creates the environment for you because you will wake up every day to push towards it.
If you find yourself in any of the listed points, work on them and become better. Anyone can be rich. It is knowing what to do and when to do them.