Many people are seeking to improve their financial situation. They want to achieve a higher standard of living for themselves and their families. However, only few of them move from the daily struggle of getting money to owning a sources that help them improve their life. Because of the lack of financial literacy, many people make a lot of mistakes that keep them in the same place. In this context, Steve Siebold is a millionaire who warned against sticking to financial habits and traditional thinking when it comes to dealing with money. So, you will have the chance to achieve your financial goals and become rich someday.
No one can predict about your financial future, but you
should keep an attention to the following mistakes that keep you away
from financial success and stability.
First: You Spend a lot of Money and Save the Rest.
If you want to be rich, you have to pay for yourself first.
That is, you will have to stock up for the future rather than spend the money
and save the rest. You will have to stock up first. Save at least 10 percent of
your total income. It is better to make this process automated because in this
way you will not see this money and you will learn to live without it. This is
really the best saving method.
Read this article: How to Save Money from Your Salary - 5Key Tips
Second: You Focus on Saving More Than Increasing Your Income.
Saving is very important to building wealth, but you should
not focus too much on saving and start neglecting the increase in income.
Increasing the income must be the main goal of anyone who wants to achieve
financial freedom. It does not mean that you should stop from using a practical
saving strategy, but you should start thinking like the rich. As Steve Siebold
says, “Stop worrying about running out of your savings and start focusing on
making more money”.
Read this article: How Do You Get a Passive Income? MakeMoney While You Sleep
Third: You Have not Started Investing Yet.
Investment of money is the essential foundation and the main
path of financial freedom that everyone dreams of. If you plan to achieve
financial success, start planning for good investment. The studies show that
the rich invest 20% of their income each year. Their wealth is measured not by
how much money they earn each year, but by how much they have saved and
invested over time. The more value their investments will be, the more they
will be richer.
Read this article: Profitable Small Project Ideas for 2021
- Improve Your Income
Fourth: You Buy Expensive Things.
If you choose to live above your financial capabilities, you
won't be rich even if you start earning more money or getting a remarkable
increase in your income. Don't start changing your lifestyle right away.
"I did not buy a luxury hour or a luxury car until my investment start generating permanent sources of income," says the millionaire Grant Cardone. Be famous because of your morals and principles, not because of the things you buy.
Fifth: You Do not Leave Your Comfort Zone.
If you want to build wealth and become successful, you have
to learn to take risk from time to time. In fact, many rich people admit that
they are comfortable with risk.
In this great book “How Rich People Think”, Steve Siebold
says that “the main goals of the middle class are to get physical,
psychological, and emotional comfort, but the successful people know that the
billionaires' lives are not easy and the need of comfort can be devastating for
their wealth.
Read this articles: 7 Effective Secrets that EachMillionaire knows
Sixth: You Get a Fixed Salary.
Ordinary people prefer to receive their salary based on
their work hours. They get their money through fixed pay or hourly pay, while
the rich people choose to receive money based on results. The richness usually
prefers to work as self-employed and freelancers.
Steve Siebold says, “this does not mean that high-income
people do not work per hour, but the fact is this system is the slowest path to
wealth and safer. Richness know that self-employment is the fastest way to
wealth.”
Read these articles:
- Your Way to Achieve Financial Independence by Working asFreelancer
- Things You Need to Know Before Leaving Your Job to StartYour Own Business
- 10 Tips that Help You Working from Home – Increase Productivity & Avoid Distractions
- All You Need to Know About Online Work Fields and theAdvantages/Disadvantages of This Type of Works
Seventh: You Believe that Wealth is Far from Being Achieved.
Steve Siebold says that “the average person believes that
wealth is a privilege only for specific people, but the fact is that everyone
has the chance to become rich. They just need to find something that has a real
value to others”.
The millionaire Steve Siebold believes that the way toward
wealth is possible and available, and everyone has the same chance to become
rich. They just need to avoid their comfort zone from the beginning.
Read these articles: Top 10 Financial Literacy Books that Will Change Your Life
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