Why aren’t you rich? It may not be what you think (you’re too young; you’re just starting out, you have little income, etc.). There are reasons much deeper than that. Think about lottery winners. They win big and then they lose it all. Now think about people like Donald Trump, who get rich, lose it all, and then make it all back. Why are some people destined to be rich while others are not?
Here is a list of obstacles to wealth that could be hindering you from achieving financial success.
1. Poor Money Mindset
In general, poor people have a completely different mindset regarding money than wealthy people do. Poor people believe money doesn’t matter. Rich people value money and know it matters. A way to overcome this is to start thinking like rich people.
Rich people think that they create their life while poor people believe life happens to them. Rich people take charge of their situation and take responsibility for both their successes and failures. while poor people blame anyone and everyone for why they don’t have what they want.
Solution: Learn how the rich think and change that money mindset.
2. Lack of Personal Finance Knowledge
Put simply – Poor people are STUPID when it comes to money. They don’t know how money works or how to grow it. How to Manage Your Money isn’t exactly taught at school. Unless you took finance in college, or were taught the basics at home, you’ve had to rely on yourself.
Solution: Read and learn as much as you can about building wealth. Read personal finance articles and blogs (like Money Girl Philippines). *Coming soon, my post on some of my book recommendations.
3. Your Habits
Do your habits promote success and wealth? Consider the habit of saving money. Are you a saver or a spender? If you’re a spender, consider completing one task every week to change your habit of spending (e.g.: say “no” to yourself once a day).
Solution: Try learning the habits of rich people, and do what they do.
4. No Money Plans or Goals
The biggest reason people stay poor is not having a plan for their money. They don’t set goals to inspire themselves to continue working towards it. They would just hope that there is money for their daily living expenses and have left over at the end of the month.
Solution: Set your financial goals, make them a priority and make that action plan.
Feel Good About Yourself!
There is no reason to feel ashamed or afraid about being successful or wanting to be rich. With money, you can choose your own destiny, help others, and live life to the fullest.
Anyways, it’s never too late to become rich as long as you choose to make the change NOW! Feeling good about your life, your decisions, and your finances is hugely important to overcoming obstacles to wealth. Start by addressing yourself and the money will follow.
Related Post: Beginner’s Guide to Becoming Rich