Everyone dreams of becoming a millionaire, but not all of us will be able to do so.
Well, you might be on the list of “NOT-TO-BE” millionaires too.
There are certain habits and circumstances of yours, which is preventing you from being a millionaire.
You need to give up on them, as soon as possible, if you really want to turn your dreams into a reality.
People say you need hard work and sweat to turn your dream into reality. However, I say that you just need “smart work” for it.
You don’t need to give up your dreams; you need to give up on your not-so-good habits.
Take note of the reasons you aren’t a millionaire and try to resolve them today.
Make the necessary changes and see how you make your way to a million dollars.
1. You work for someone else
Working on your own business doesn’t automatically make you a millionaire. However, having a day job does not disqualify you either. Some jobs even pay a million dollars in salaries. But having your own business has far more chances of turning you into a millionaire.
Honestly speaking, most people will never get rich by living on a salary.
You too would need to take the other road, if you want a different outcome. You don’t need to quit your job tomorrow itself. Start a side-business and grow it steadily, until it makes enough money to replace your day job.
That way, you will have the financial security that’s protecting your back.
Further Reading: 10 Hacks To Become A Successful Entrepreneur
2. You don’t take risks
The risk is an essential part of growing up. If you want to get rich, try to take as many calculated risks as you can.
The only difference between the rich and the middle-class people are — Risks.
The bigger your dreams are, the greater should be the number of calculated risks.
Taking risk doesn’t mean that you will invest all your money in a single project or into lotteries. Spend the money smartly and you can see an increase in your overall assets.
Risk more than others think is safe. Dream more than others think is practical.
— Howard Schultz
Note: Taking non-calculated risk is strongly discouraged. You will just end up losing your money.
3. You don’t manage your money properly
Money management is also an essential part of getting rich. The way you invest, manage and spend your hard earned money can have a very profound impact on your life.
Even in today’s economic crisis, an average person can become financially stable by managing money in a smart and efficient manner.
The harsh truth is that, if you don’t manage your money now you are very unlikely to become the millionaire in this birth.
Create a plan and follow it accordingly to reap the maximum benefit.
Further Reading: 10 Things Successful People Do Every Day
4. You don’t work hard enough
Millionaires don’t watch T.V for 6 hours a day, neither do they sleep for 12 straight hours.
They devote all their time for productive works, for which they will reap the benefits in the long run.
Hard work is necessary to become a millionaire unless you are too lucky to win a million dollars lottery.
Millionaires think of their time as “investment“, for which they will be benefitted later (1 or maybe ten years later).
Time is the best investment, trust me. Put all your efforts into your work and see how it skyrockets.
5. You are not confident enough
Confidence is a clear indicator of your success. If you are not sure whether you will become a millionaire or not, there are more chances that you won’t.
Warren Buffet in an interview said that he never doubted for a second of time if he was going to be Rich. Well, you must be knowing where he stands today.
During your journey to a million dollars, there will be times when you feel completely down and exhausted, but don’t give up your mind at that moment.
Great things take time, just believe that everything will get better soon and continue with your good work.
Further Reading: How to Stop Making Excuses and Start Achieving
6. You don’t have a perfect goal
Working aimlessly won’t get you anywhere. You need to have a complete plan and a goal to achieve. Not to forget, you need to have a specific time-frame too.
Don’t set goals that are unrealistic, doing will have a very negative impact on your confidence.
Setting up an unrealistic goal might even demotivate you in the long run.
Moreover, when you have a specific goal in your mind, it is easy to say “NO” to attractive opportunities to spend money.
7. You depend on a single income source
According to a survey, 90% of the millionaires depend on more than seven sources of revenue.
As the old saying goes, “Do not keep all your eggs in one basket“. It is utterly idiotic to do so, and should not be considered as a good decision. (in any condition)
Just imagine, your one and only income source vanish suddenly.
Anything can happen to it, what will you do at that moment? You will be hopeless at that very moment.
That’s why the second source of income is always recommended.
Furthermore, Don’t get blinded on the difference between “assets” and “liabilities“.