Everyone wants wealth and you’re no doubt involved in some ways of creating it. But are you taking the fruitless route to achieving that account balance you’ve always wanted? It’s not enough to have a good job, or even earn a large salary, you could be making one of the several common mistakes that undermine people’s goals of achieving financial freedom. Here are the popular barriers to making your first million – and keeping it!
- You haven’t started your own business:
While entrepreneurs own businesses that generate wealth, ordinary people work for others and build their businesses, making the business owners wealthy. If you want to make your first million, unless your paycheck already runs into millions, your dream would be far more realistic if you own an enterprise of your own. The sooner you realize that career independence is key to financial freedom, the better.
- Not having the right mindset:
Wealthy people think differently than the average person. Having the right mindset involves believing different things than others. Some examples are:
Focus on earning, not saving
Selfishness can be a good trait
Use other people’s money
Believe in doing
Knowing when to take risks
Acquire specific knowledge
These changes in the way of thinking is one important thing that sets wealthy people apart. When you have a different mindset about money and how to attain it, you’ve taken the first step to making your first million.
- Hanging out with the wrong crowd:
Wealthy individuals don’t associate with people who have negative mindsets. People who always tell you that you can’t achieve your dreams and that thinking of making your first million is a waste of time. People who are trying to benefit from your success without adding anything to you. Instead, associate with people who have the same mindset and hunger for achievement that you do. If you associate with like-minded people, the result would be more motivation from people who share your ideals and mindset. Always keep in mind that your social circle is an important part of your brand and you must build it with the right kind of people when making your first million.
- Having unrealistic expectations:
Dreaming big is critical to success, but setting realistic expectations is just as important. You must be aware that no matter how hard or smart you work, you can’t make your first million overnight. Achieving your goals requires hardwork and patience in the right amounts. Making your first million is more like a marathon than a sprint – it takes proper training and conditioning. Constantly review your progress in relation to where you intend to end up.
- Saving instead of investing:
While it’s possible to save money till you get to your first million while working at your regular job and living frugally, it will probably take all your life to get that account balance – and what’s more? It’s not sustainable. Savings don’t generate more money, but the right investments do. Instead of throwing all the extra money you earn in a bank, investing it would earn you your first million by providing a renewable source of income.
- Not having a long-term plan:
The wealthy are always looking toward and planning for the future. You must know where you want to go and have a plan for how to get there. This will allow you anticipate any obstacles and have a plan in place to handle those challenges in the way of making your first million. If you are starting a new business venture, you need to have a long-term plan that addresses how to attract and retain clients and customers and outlines how you’re different from the competition.
- Indulging in instant gratification:
Instant gratification or delayed gratification? This is the choice you face everytime you earn money. Spending immediately on stuff you may or may not need or putting the money to work and wait till you’ve moved past your first million and can buy virtually everything within reason that you want. Living in a regular house and driving a simple, respectable car is the way to go, until you can easily afford a Bentley and the mansion you’ve always wanted.
One important and valuable thing to know when working to make your first million is that you can never do things perfectly. Accept this and move on, instead of being stuck trying to perfect one thing. When starting a business, time spent perfecting a product or service is time given to the opposition to penetrate the market and take away potential customers even more. Get into the market as soon as you can and don’t hesitate to experiment. You can always adjust your services while making a profit.
- Doing everything yourself:
Even though you might know a little bit of everything, it’s impossible to do them all by yourself – or to even try. In the instance that you just launched a startup, you need talented people who make you better where you’re good and assist where you aren’t. Knowing when to outsource and when to delegate is important if your business must grow and make you your first million.
- Not believing in yourself:
The biggest obstacle in your path to success may be that you lack self belief. While all the listed points are critical to making your first million, all of it won’t make any difference if you don’t believe that you can actually do it. If you’re so scared of failing that it prevents you fro even starting, recall the words of Dale Carnegie – “Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, don’t sit at home and think about it. Go out and get busy.”
Whatever is worth doing is worth doing well. Execute the listed tasks to the best of your ability and dedicate yourself to your goal, regardless of the inevitable obstacles that will be in your way. Making your first million, and moving onto the second and third afterwards will eventually get easier.