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Do you want to be a millionaire? I know you’re laughing at this question as you’re thinking - Who doesn't want to be?
But, just thinking about being rich will not make you rich. You need to make it happen.
Here are 9 signs that you will not make 1 million dollars:
1 All you think is living for today
To get rid of this habit, at first, stop charging your cards to buy a big item without making a plan to repay the amount. The attitude of buying now and worrying about it later will not help you to be rich. Rather, save the amount and then decide whether or not you want to buy the specific item.
If you delay buying an item, most of the times you’ll see the urge to buy the thing will not be there.
2 Not saving what you should be
It is said that you should try to save 15% of your paycheck. Saving needs to be your priority if you want to accumulate wealth. If you can’t accumulate wealth, how can you make it grow?
So, set priority to invest in an emergency fund every month.
Once that fund becomes stable, you can redirect your smaller amounts to achieving your financial goals.
As per a study report published in The Motley Fool, about 30% people have reported that they have zero balance, 62% have said that they have about $1,000 in savings. More shocking is that about 20% people have said that they don’t even have a savings account.
3 Spending more than your limit
Overspending is just another side of the coin, and this is one of the common reasons you will never make 1 million dollars.
When you overspend, you’re not able to save enough. If you have the habit to overspend, plan a budget and see where your money is going. This way, you’ll be able to check your overspending habit.
Researches reveal that about 50% Americans spend more than they earn, out of which about 21% have regular monthly expenses more than the income, and about 13.5% adjust their spending in the following month to get their finances back on track.
4 You have too much debt to pay off
This is one of the negative signs to be rich. At first, try to get rid of your debts, especially credit card debts, payday loans, personal loans, student loans, etc. Be current on your mortgage and auto loans, if you have any.
Certain loans/debts are good if it helps you to make profit in the future.
5 You don’t have any financial plan
If you want to become rich or earn 1 million dollar, you need to have a plan with a date. It is said that “Those who fail to plan, they plan to fail.” If you have clear financial goals, then only you can work towards achieving it.
Another important thing, it should have a ‘date’; that is, the date within which you want to accomplish your goal.
6 You are happy with what you are earning
Are you comfortable with a steady paycheck? Do you like to get paid as per your achievements? If you’ve answered ‘Yes’ to the first question and ‘No’ to the second, then think again.
The rich people are usually self-employed and/or they want to get paid based on results/achievements.
So, if you want results, change your mindset.
7 Don’t value the dimes and nickels
If you don’t give value to the minute extra chargers, then you are losing money, unknowingly. It can amount to a significant amount which you’re losing.
For example, you can easily skip the airline baggage fees by packing light and carrying only a carry-on baggage. Alternatively, you can choose airlines (Southwest Airlines) that allow you to check 2 bags free of cost.
Along with it, make a habit to drop your chillers in a jar and check out how much you have saved after a year.
8 You don’t try to collect assets
If you want to build wealth, you’ll have to collect assets.
As defined by Investopedia.com, an asset is a “a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.”
So, an asset can be a growing stock portfolio, a business, or investing in a property which will appreciate in value in the future.
All these things will help you earn money in the long run.
9 You are delaying the time to start
“Time and tide wait for none.” So, if you want to make it happen, start from today. The most difficult thing is to ‘start’. Once you start on your money-saving journey, you’ll fall into the flow and start doing the necessary things. So, identify the areas you need to improve and take the first step. For example, if you have accumulated debt, then at first, look for ways to get out of debt.
So, how many mistakes you have been doing so far? Stop doing those and start your journey towards becoming a millionaire.
If you have any more tips and ideas or any other reasons you will never make 1 million dollars, feel free to share it here.
