07.12.2021
ENTREPRENEURSHIP: 20 HABITS THAT PREVENT US FROM GETTING RICH
Most of us have bad habits that stop us. If you can get rid of them, you should be able to understand that becoming a millionaire is not as far from reality as you think, writes serial entrepreneur John Rampton at Entrpepreneur.com. We all want to be like that.
Sleep until noon and work 12 or more hours to catch up. Rampton says he fully understands this because he has had the same problem for years. We are not all active in the morning, and he says he still stays in bed on cold and rainy mornings.
Successful people get up early, usually before everyone else in the home, so they can start early, catch up on the news, answer emails and play sports without sacrificing their time with family.
"When it comes to health, habits can be bad," Thomas Corley wrote in his book, "Change Your Habits, Change Your Life."
When you are not in good health, you are tired, less productive and more stressed, which makes you much more likely to get sick. How can you focus on your health if you fight these factors every day?
People with money invest the time and effort needed to expand their knowledge to be informed about what is happening in their industry, learn from others and take responsibility for continuing to innovate.
People with a lot of money have several sources of income. This means that those of us who want to be rich must invest part of our income to cover our debts and set aside funds for pensions and investments.
That doesn't mean you have to find a second job while you wait for the results (which isn't really a bad idea if you don't have another option). This can be something you enjoy, such as writing about technology. You can do it on a blog and start earning passive income from the market.
Everyone has to make a budget and stick to it, but unfortunately there are many people who do not. Because they cannot see if they are spending more than they are earning, this often leads to financial problems. If this is the case for you, you need to start limiting unnecessary expenses and talking to a financial advisor.
"According to my research, 95% of the poor do not save, and most of them accumulate debts to finance their way of life. As a result, they have no money for their pensions, their children's education or the opportunities they have. are opening up, "writes Tom Corley in his book.
Just as Corley says, "Failure to save and spend more than you earn creates a long-term poverty from which there is no hope of escape."
You may think that if you spend money on coffee every day, it will not affect your wallet. The same goes for the monthly fitness card, which you rarely use. Despite the fact that on a large scale these are small costs, they accumulate quickly.
For this reason, the budget can be particularly useful. It helps you manage these small expenses so that you can focus on the important things. Remember to keep only the subscriptions you actually use.
Replace the toxic and negative people in your life with those who are optimistic, motivating and supportive. "You will only succeed in life if you surround yourself with the right people," says Corley.
It's one thing to say you want to be a millionaire, it's another to start working in that direction. If you want to get out of financial stagnation, then you need to take action as soon as possible. If you use the services of a financial specialist to adjust your budget, this would be a great step in the right direction instead of just thinking.
"There is no such thing as getting rich quick"; "Financial success requires time and initiative, as well as tireless efforts"; "People who gamble are deluded that there is a short cut to success," Corley wrote.
Instead, millionaires "get used to pursuing their dreams and goals."
On the other hand, excessive alcohol consumption prevents you from getting rich because it impairs your memory, ability to think clearly and your health. This does not mean that you can not drink from time to time. However, do not make alcohol consumption a habit.
"Rich people have small TVs and big libraries. Poor people have small libraries and big TVs," says Zig Ziglar.
Don't get me wrong. Rampton says he also enjoys watching Netflix from time to time. However, as Corley says, the rich prefer to read, play sports or get an education instead of wasting time watching TV. "The productive use of time is a hallmark of millionaires."
"The waste of time belongs to the poor," says Corley.
Rampton says he is sure that if he had a mentor years ago, he would have gotten richer by then. He says this because he believes he would have learned from the successes and failures of someone who has developed in a particular field, and the advice he received would have prevented many of his mistakes.
Instead of looking for a mentor, you can just look around. They are everywhere. You can get advice from a university lecturer or from your parents.
Taking risks and stepping out of your comfort zone is worrying. Rampton says he understands this, but you will not be financially successful until you make that leap. This is a habit that works very well with Bill Gates, Larry Ellison and Warren Buffett.
"The pursuit of happiness requires risk, and most people don't take risks and are therefore not rich," says Corley.
You don't know everything. Set your ego aside for a moment. This is bad news, but it is a fact and will prevent you from getting rich until you do something about it, writes Rampton.
He says he has learned the hard way that trying to know the future leads to failure and bad decisions. If you are unsure about an investment or idea for your business, do not hesitate to seek feedback and advice.
Entrepreneurs carry failure as a sign of honor. That doesn't mean they like it or want to fail. Going bankrupt and losing almost everything you have is bad, but these obstacles in life are necessary to become as strong as possible.
Don't get this advice wrong. Failure is terrible, but you must not let it stop you. Take risks, and if you fail, learn from your mistakes and move on.
Rampton says one of the best habits he's learned in recent years is to write down his goals every morning. This inspires him and encourages him to achieve them.
He claims that setting goals on a daily basis helps him prioritize them.
"Long-term success is only possible if you have a positive attitude," Corley wrote.
Here are some examples of the most common negative thoughts that most people can overcome:
- You doubt yourself. Training, education and mentoring can change this thinking.
- You believe that your goals cannot be achieved. Focus on achieving your daily goals and motivate yourself.
- You have bad grades. Grades do not determine success. Ask Richard Branson, who overcomes dyslexia.
- The competition is too great. You will never know until you try.
- Lack of concentration. If you lead a healthy life and set goals, it will keep you focused.
"Work will never make you rich. Nor saving money in a piggy bank. How then does wealth accumulate?"
This is achieved through tangible assets such as a profitable business, an increase in the investment portfolio or real estate investments.
Remember that your car and toys are responsibilities that take away income from your future wealth. Focus on acquiring things that will bring you money in the long run.
Apologies were one of the biggest obstacles between me and wealth, Rampton said. Making excuses is easy when you're trying to figure out why you have so many debts and if you don't have a six-figure income. To say that we want to "live for the moment" is an excuse not to work and not to create a better future. Stop making excuses and start working.
Popular entrepreneur and author Jim Ron has a simple formula for amassing wealth.
"Once you pay your taxes, learn to use 70% of your income for basic necessities and those considered luxury. It's important to see how you distribute the remaining 30% afterwards," says Ron.
He proposes that one third of them be donated to charity, one third to go to equity investments and one third to savings. At first you won't feel anything, but "let five years pass and the differences will be visible. 10 years later they will be completely serious."
