10 Signs Why You'll Never Become Wealthy

One of the famous millionaires who managed to earn his fortune and become an expert in financing, Steve Siebold, claims every person has an equal chance of becoming rich but not everyone takes this opportunity.

Here are 10 signs why you are not likely to earn a big wealth. Do you want to eliminate those weaknesses? Continue reading!

1. You work hard but not effectively

From the very childhood, we are told that hard work is the key to success. According to a financial adviser Rick Edelman, this is indeed only a part of the truth. "If everything you do in life is really hard, you will never become rich. It's not enough to work hard to obtain a big wealth” says Rick. Aside from work, it is necessary to invest your earnings in the stock market or other instruments to help you get a compound interest, such as a retirement fund.

2. You spend more time saving and less time making money

Some people make a significant emphasis on saving money. Let’s say, they need 2000 dollars fast. Ordinary people would spend more time saving here and there to finally get the needed amount of cash. Rich people would use this time to make more money.

It doesn’t mean that saving strategies don’t work. But if you want to think like a rich person, you need to stop worrying about the lack of money and focus on where to get more. Rich people try to create as many sources of income as possible.

3. You buy things you can’t afford

If your expenses exceed revenues, you will never get wealthy. Grant Cardone, a self-made millionaire, shares: "I didn’t buy my first luxury watch or a luxury car until I started receiving a great amount of income from my businesses and investments. When I became a millionaire, I still had Toyota Camry. Stay famous because of your successes and not trinkets you buy.”

4. You are satisfied with your steady income

Most of the people receive their wage depending their work hours while millionaires prefer their earnings depend on the results of their self-employment. "For the majority, wages are the slowest path to prosperity, although it’s the safest one. But the fastest way to wealth is a self-employment" notes Steve Siebold.

Siebold believes, while owners of the world business continue to develop their companies and look for the opportunities to make money, others prefer not to risk their income and remain at the lower-paid job.

5. You do not invest

One of the most effective ways of making money is investing. The sooner you start investing - the better for you. "On average, millionaires invest 20% of their income each year," wrote Ramit Setti in his best-selling book ‘I Will Teach You to Be Rich’. "Their wealth is estimated not by an annual amount of the earned money, but rather by the way they saved and invested over time." 

To start investing in simple tools, you don’t need to be a financial expert. Start investing in something simple and you’ll see big profits in the long run.

6. You don’t like your job

If you want to be successful, you have to love your job. This will determine your future life. Many people make mistakes when they choose what others impose on them, for instance, parents who make the choice instead of you.

 "As you pursue someone else’s dreams or goals, you will eventually come to the point when you feel unsatisfied with what you do," explained Thomas Corley, a researcher of self-made millionaires, in his article "Change your habits, change your life." He says you need to make the important decision of your future job on your own, otherwise, you won’t be able to earn money from something you do not like.

7. You rarely get out of your "comfort zone"

If you have a goal to build wealth, you will need to live through times of uncertainty and discomfort. Rich people search comfort in uncertainty. 

"Physical, psychological and emotional comfort is the main goal of mindset for a middle-class. World-class thinkers calculated that searching for a comfort can be devastating for the wealthiest ones. They learn to feel comfortable while working in a state of constant uncertainty," says Steve Siebold.

8. You spend first and save at the end

If you want to get rich, put aside what you planned to save first and only then spend the remained money. "Most people pay first for their housing, loans, phone bills, etc.", says David Bach, author of the book ‘Automatic Millionaire’. He suggests starting to spend your income from the savings part. 

The best way is to make automatic deductions to the account from the bank card with the help of those apps. Such an option is easily set up in some online banks and does not require manual confirmation.

9. You don’t have a financial objective

Saving money is easier if you have a goal to achieve. The goal can stand for purchasing a house, living abroad, traveling on a regular basis, saving for a retirement, etc. Make up your mind and write it down on a piece of paper. 

"There is a number 1 reason most people do not understand. They do not know what they want. Rich people, however, have a clear understanding what kind of wealth they need" says millionaire T. Harv Ecker.

10. You don’t believe that you can get rich

"Many people believe that wealth is a privilege and only the happiest people can have it. But honestly, every one of us has every right to be wealthy, "says Steve Siebold. The millionaire suggests starting to solve the problem from the question: "Why not me?"

If you are still not wealthy, either you do not need it, or you are "stuck" on one of these points. Sad but true: at least 1 of these 10 factors can drag you away far away from your first million. Believe in yourself and start changing your bad financial habits.