20 habits that keep you from being a millionaire

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Contractor the contributors are theirs.

Most of us, including you, have bad habits that annoy. If you are able to give up the following habits, you must be able to understand that become a millionaire is not as far from reality an idea as you might think. We all want to be.

For me, as for many others, these 20 habits have kept me from becoming a millionaire.

1. Sleep when you shouldn’t

If you wake up until noon and work 12 or more hours a day to make up for a late departure. Here is the thing. I fully understand, because I struggled with it for years. We are not all active people in the morning. I still stay in bed on cool, rainy mornings.

Successful people are known to wake up early, usually before everyone else at home, so they can get an early start to start work, keep up to date with the news, respond to emails, and get in touch with others. exercise without wasting time. they spend with their families.

2. Neglecting your health

“When it comes to health, bad habits take their toll,” writes Thomas Corley in ” Change Your Habits, Change Your Life: Strategies That Turned 177 Average People Into Self-Made Millionaires . “

When you’re in poor health, you’re tired, less productive, more stressed, and much more likely to get sick. How can you focus on strengthening your health if you are fighting these factors every day?

3. Don’t read

People with the money invest the time and effort to expand their knowledge, keep abreast of news and trends in their industry, learn from others, and take responsibility for continuing to innovate.

As Lipovsky wrote, reading brings different perspectives, allows you to acquire diverse points of view which in turn will broaden your own, giving you the impetus to dream big and motivating you to never give up.

4. Count on a single source of income

People who have a lot of money have several sources of income. Which means that for those of us who aspire to wealth, we need to invest some of our income to pay off our debts, and set aside for retirement and invest.

That doesn’t mean you have to find a second job while you wait for the results (it’s not a bad idea until you have a better option). It could be something you’re passionate about, like writing about tech. You can do this through blogging and start earning passive income in the market.

5. Don’t budget

Everyone has to create a budget and stick to it, but unfortunately there are a lot of people who don’t. Since they cannot see if they are spending more than they earn with precision, this often leads to financial problems. If you notice that this is your case then you need to start cutting back on unnecessary spending and you should speak to an advisor to make a claim.

In fact, this is another habit discovered by millionaire authors such as: Thomas Stanley and William Danko after analyzing millionaires for their book. The millionaire next door.

6. Don’t think ahead

“In my study, ninety-five percent of the poor did not save and most of them accumulated debt to subsidize their quality of life. As a result, they have no money either for their retirement time or for their children’s education, or for the opportunities that arise, “Tom Corley wrote in” Change your ways, change your life “.

As Corley says. “Not saving and spending more than you earn creates long-term poverty with no hope of getting out.”

7. Do not pay attention to small expenses

You might think that spending $ 40 a day on a cup of coffee has no effect on your wallet. The same goes for that $ 500 gym membership that you rarely use. But, despite the fact that in the scheme of things these are small expenses, believe it or not, they add up quickly.

I recently randomly checked my business credit card payments. I have found that 35% of people who buy coffee at least 4 times a week or go to the cafeteria every day only pay the monthly minimum on their credit card.

Again, this is why a budget is so useful. It helps you manage those small expenses so that you can adjust and focus on the important things. Remember to only keep the subscriptions that you actually use.

8. Hang out with the wrong people

Replace the toxic and negative people in your life with those who are optimistic, motivating, and supportive. “In life, you will only be successful if you surround yourself with the right people,” says Corley.

9. Postpone

It’s one thing to say you want to be a millionaire and quite another to start doing it. If you want to get out of financial stagnation, you need to act as soon as possible. If you sit down with a finance professional to adjust your budget, it would be a good step to start doing rather than talking.

10. Drink and play

“There is nothing like getting rich quick”; “Financial success takes time, initiative, and hard work”; “Those who play are tricked into thinking there is a shortcut to success,” Corley writes.

Instead, millionaires “get into the habit of chasing their dreams and goals.”

On the other hand, excessive alcohol consumption prevents you from becoming a millionaire because it harms your memory, your ability to think clearly, and your health. That doesn’t mean you can’t sometimes have a glass of wine or beer. Don’t make a habit of drinking.

11. Watching too much television

“The rich have small televisions and big libraries. The poor have small libraries and big televisions, ”Zig Ziglar once said.

Do not mistake yourself. I like to watch Netflix every now and then. But, as in Corley’s discovery, the wealthy would rather read, exercise, or be educated rather than wasting time watching television. “Productive use of time is a hallmark of millionaires.”

“The waste of time belongs to the poor,” says Corley.

12. Not finding a mentor

I’m sure if I had found a mentor years ago I would have gotten rich by then. Why do I believe it? I could have learned from the successes and mistakes of someone who has grown in these areas, their advice could have helped me to omit so many mistakes that I have experienced and instead I could have take advantage.

Instead of going for a mentor, open your eyes, they are all around you. You can take advice from a college professor or your parents.

13. Stay in your comfort zone

Taking risks and stepping out of your comfort zone is unsettling. I understand. But until you take that leap, you will find financial success. It’s a habit that has worked really well for Bill Gates, Richard Branson, Larry Ellison, and Warren Buffet.

“The pursuit of wealth requires risk, most people don’t have any, so they’re not rich,” says Corley.

14. Don’t ask questions

You don’t know everything. Put your ego aside for a moment. I hate to be the bearer of bad news, but it is a fact and it will keep you from being rich until you take care of it.

I have learned the hard way that trying to guess the future leads to failure and bad decisions. If you are unsure of an investment or idea for your business, do not hesitate to ask for feedback and advice.

15. Being consumed by failure

Entrepreneurs wear failure as a badge of honor. It doesn’t mean that they like or want to fail. To go bankrupt and lose almost everything is hogwash, but these life bumps are needed to get as strong as possible.

Don’t be confused. Failure is horrible. But you shouldn’t let that stop you. Take risks, and if you fail, learn from your mistakes and move on.

16. Not setting daily goals

One of the best habits I have adopted in recent years was writing down my goals every day and in the morning. It inspires and encourages me to achieve my goals.

I have found that setting daily goals helps prioritize from most important to least important. For example, instead of looking for my overdue $ 100 bills, I focus on one or two $ 1,500. Prioritizing means doing what really matters.

17. Think negatively

“Long-term success is only possible if you have a positive mindset,” Corley writes.

Here are some examples of the most common negative thoughts we have and most can overcome:

Doubting yourself. Training, education and a mentor can change that way of thinking.

Believe that your goals cannot be achieved. Focus on achieving your daily goals and on yourself.

Have bad grades. No. Grades and learning difficulties do not determine success. Ask Richard Branson who overcame dyslexia.

The competition is too tough. You will never know until you try. And, in the worst case? Make a U-turn.

Lack of concentration. Living healthy and setting daily goals can help you stay focused.

18. Do not save

“A job will never make you rich. No more than saving all your money in a piggy bank. So how do you create wealth?” Asks Brandon Turner, vice president of growth at BiggerPockets.com.

So how do you get there? Through tangible assets such as a profitable business, a growing equity portfolio or an investment in real estate law.

Remember that your car and your toys are responsibilities that take away the income from your future wealth. Focus on acquiring things that will make you money in the long run.

19. Find excuses

Apologies were one of the biggest obstacles between me and wealth. It’s easy to find excuses when we’re trying to figure out why we have so much debt and if we don’t have a six-figure income. Saying that we want to “live in the moment” is an excuse not to work and create a better future. Stop making excuses and start working.

For example, don’t worry about saving when you’re drowning in debt. Pay first and then you can start saving and investing. If you’re not making enough money, find another source of income like selling things online or delivering pizza. It won’t solve all of your problems, but at least it’s a start to letting go of the excuses.

20. Failure to comply with the 70/30 rule.

Jim Rohn, one of the county’s leading business authority figures, has a simple formula for building your wealth.

“After you’ve paid your taxes, learn to live on 70 percent of your income for your necessities and luxuries,” “it’s important to see how you allocate the remaining 30 percent after that.” Mentions Rohn.

Rohn suggests giving a third to charity, a third to stock investments, and the last third to savings. You won’t notice anything at first, but “let five years go by and the differences will be noticeable. 10 years later they will be completely solid.”

We Recommend: 4 Millionaire Habits That Work For Everyone.

About Michael Brafford

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