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10 Habits That Are Stopping You from Becoming Rich

10 Habits That Are Stopping You from Becoming Rich

Dreaming day and night of making riches doesn’t bring wealth to you served in a platter. The process of becoming wealthy, as conceived typically, does not have money as its requisite instead it is more about building a mindset.

This is what the success stories of most of the look- up- to personalities such as Warren Buffet, Elon Musk, Mark Zuckerberg and so on convey.

This article discusses the manners which hold you back from becoming rich escorted with their resolutions to avoid them.


Here are 10 habits that are stopping you from getting rich:

 1.SINGLE INCOME SOURCE

If you do a job or run a petite business and solely hinge on these as a source of your income its unlikely that you could ever dig big.

Every millionaire manages 2 or 3 sources main income, furthermore, doing investments is another approach they use to grow money. Thence, try to establish a secondary source of income.

This shall not only free you from the risks and hitches of other sources for e.g., abruptly getting fired or facing losses in business, etc. but would load you as well.

Also Read: Ways to Get Freedom from Your Money Problems

 2.INADEQUATE INVESTING

Investing allows your money to grow exponentially under the shade of compounding effect and claimed to be a favourite step of those aspiring to become rich.

However, do not invest blindly all your bills into the market in hope of transforming yourself into a millionaire overnight.


Proper money management is important as Dave Ramsey remarks,

“Money moves from those who do not manage it to those who do”.

Be reasonable and proportionate while investing and in choosing apt modalities to invest.

3.PROCRASTINATION IS A SILENT BUG

Who knows this habit more than us! We are indeed over- familiar with the issue of postponing our tasks to another day, week, and hours.

But, know that it is “Silent Bug” which erodes our most precious asset that is Time.

Getting up, and cracking out from the comfort zone is the marrow of success, and becoming rich.

4.READING IS ABSENT

We all learnt in our primary schools, books are our best friends. Absolutely true.

Various studies and researches have supported the habit of reading and linked it to all- round growth of the individual.

However, this is not about relishing tales of fairies and imps. Rather read books to equip yourself with skills and expertise in your field.

5.FLOP BUDGETING

With every month as the salary gets credited into the bank accounts, you decide to budget your expenses. That is undeniably a good decision.

But how long do you adhere to this self- made plan?

Not so long probably!

As much as it is crucial to plan a budget, of like importance is the grit to implement it. It assists in curbing unnecessary expenses and saving more.

6.FEAR OF FAILURE

Cultivating unrealistic fears and insecurities, do nothing more than keeping you off from your aim of prospering.

Understand your worries, then instead of rationalizing the act to abolish them.

Get rid of the fear of failure and develop a venturous mindset for the destiny that awaits your endeavours.

7.ALWAYS “YES”

Early entrepreneurs and enthusiasts are generally found nodding yes to invariably every opportunity that crosses their way.


However, it might prove unproductive and distract from the aims that deserve the focus.  Steve Jobs believed that,

“It’s only by saying no that you can concentrate on the things that are really important”.

Do not concede to things that may exploit your motivation and creativity.

8.BLAME

Being accountable is a rare thing. People tend to seize the successes while end up in a blame game when it comes to their failures.

It is central to be a responsible creature for becoming rich. Rather than shifting blame of your actions upon others own them.

9.ASKING ANY BEING FOR ADVICE

Seeking advice is great but from wrong person can be ruinous.

Commonly, people starting their businesses or start- ups are inclined to take suggestions from their near ones, knowing nothing.  This may at times be a lame option to consider.

Refer yourself to a person who has experienced wealth building successfully.

10.BUYING LIABILITIES OVER ASSETS

You have crashed your credit card in setting your wardrobe, then planning to buy a car on EMI, do you still think to become rich ever? Not at all!

Prudence is not spending in things that depreciate with time rather invest in mutual funds, or a potential idea and see how your investments reward you in future.

BOTTOM LINE

Adopting these habits while abandoning the maladaptive ones is a primary step in the journey of becoming rich.

Therefore, focus and work on yourself and get what you deserve!


Further Reading:

www.success.com

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