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Saturday, September 19, 2020

11 mistakes standing between you and your first million

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Becoming a millionaire isn’t as far-fetched as you would believe. With dedication, patience and focus, becoming a millionaire is completely obtainable. If I can do it, anyone can.

The hardest part? Actually reaching your first million. After that, everything else falls in place. But why is it so difficult to reach your first million? I find that most people are pretty close, but hold themselves back with the following mentalities:

1. Not thinking the right way.

As Napoleon Hill discovered in his landmark 1937 book Think and Grow Rich, wealthy individuals think differently than the average person. After interviewing 1,200 of the wealthiest individuals in the world, self-made millionaire Steve Siebold agrees with Hill’s findings. They include:

  • They believe poverty is the root of all evil.
  • They recognize that selfishness can be a virtue.
  • They have an action mentality.
  • They acquire specific knowledge.
  • They dream about the future.
  • They follow their passion.
  • They enjoy challenges.
  • They use other people’s money.
  • They focus on earning, not saving.
  • They know when to take risks.

In short, if you want to become a millionaire, start changing the way you think about money and success.

2. Being too concerned about perfection.

Here’s one of the most important and valuable lessons I’ve learned in life — nothing is perfect. The sooner you accept that, the sooner you can move forward instead of being stuck in one place.

If you’re starting a business, the more time you spend perfecting your product or service, the more time your competitors have to tap into your market and take away potential customers. Don’t hesitate to experiment. Get to market as soon as you can. You can always work out the kinks later while you’re still making a profit.

3. Spending everything you make.

You just received a fat six-figure check. It’s tempting to go out and buy a luxury car. The thing is, wealthy people know how to live below their means, as opposed to spending everything that they just made. Many wealthy people, such as Warren Buffett, live in modest homes and drive practical cars.

4. Setting unrealistic expectations.

While the wealthy definitely dream big, they also set realistic expectations. They’re well aware that they’re not going to become millionaires overnight. It takes a lot of hard work and patience to achieve their goals.

As any marathon runner will tell you, you can’t expect to run 26 miles without the proper training and conditioning. Review the progress you’ve already made and where you’re headed.

5. Following others blindly.

It can be incredibly beneficial to seek mentors or read words of wisdom from those who have struck it rich. The thing is, what worked for them may not work for you. For example, launching a company like Apple or Microsoft may not work today. So, following how Jobs and Gates became successful step-by-step isn’t going to help your subscription-based cleaning service.

Understand what works for you and your business and how you can be successful in that industry.

6. Relying too much on plastic.

Credit cards can be useful if you need to build your credit or invest in your business — as long as you’re smart with how you use them. It’s incredibly easy to get yourself into credit card debt. That means that instead of making wise investments or putting money into your business, you’re busy paying off your credit card bills with those high interest rates.

7. Not planning for the long run.

The wealthy have a knack for always looking toward and planning for the future. They know where they want to go and what it will take for them to achieve success. This allows them to anticipate any obstacles and have a plan in place to handle those challenges.

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