Five Reasons Why You Cannot Get Rich

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Five Reasons Why You Cannot Get Rich. PixelsFive Reasons Why You Cannot Get Rich. Pixels

Rich is the situation that most of the people want to be. Many people dream of wealth, but only a few achieve it. Becoming wealthy requires a combination of the right mindset, habits, and strategies. But you will end up in poor situation because of some reasons.

You’re scared to fail in public 

“If you are unwilling to fail, sometimes publicly, and even catastrophically, you stand very little chance of ever getting rich.” – Felix Dennis

This is number one and number eight on this list for a reason – it’s that important. Fear holds back the mass majority of people from ever trying to get rich. And it’s not just fear of failing. It’s fear of failing in front of the people you love. It’s fear of the embarrassment you’d suffer if you have to go back home broken with your tail between your legs.

You’re scared to fail in public. Pixels
You’re scared to fail in public. Pixels

But the reality is you fear a downside that doesn’t usually exist. And to get rich, you must master your fear of failure.

Make a decision

The second reason that people don’t become wealthy is that they never decide to.

Even if a person reads a book, attends a lecture, or associates with people who are financially successful, nothing changes until he makes a decision to do something different. Even if it occurs to a person that he could become wealthy if he just did certain things in a specific way, if he doesn’t decide to take the first step, he ends up staying as he is.

Make a decision. Pixels
Make a decision. Pixels

If you continue to do what you’ve always done, you’ll continue to get what you’ve always got.

The primary reason for underachievement and failure is that the great majority of people don’t decide to be successful. They never make a firm, unequivocal commitment or definite decision that they are going to become wealthy. They mean to, and they intend to, and they hope to and they’re going to, someday. They wish and hope and pray that they will make a lot of money, but they never decide, “I am going to do it!” This decision is an essential first step to becoming financially independent.

Pay the price

The third reason that people retire poor is what economists call the inability to delay gratification.

The great majority of people have an irresistible temptation to spend every single penny they make and whatever else they can borrow or buy on credit.  If you cannot delay gratification, and discipline yourself to refrain from spending everything you make, you cannot become wealthy. If you cannot practice budgeting as a lifelong habit, it will be impossible for you to achieve financial independence.

Pay the price. Pixels
Pay the price. Pixels

As W.Clement Stone said, “If you cannot save money, the seeds of greatness are not in you.”

You spend money like you’re already rich 

Sure, it feels good to buy expensive things, whether it’s a luxury car, designer clothes, a big house in the burbs, or a tropical vacation. Even if you don’t necessarily buy pricey items, if you consistently buy stuff, you really don’t need, it still adds up fast. But the shopping high only lasts until the guilt and regret set in or the credit card bill arrives.

You spend money like you’re already rich. Pixels
You spend money like you’re already rich. Pixels

Most of us are guilty of living beyond our means, borrowing and using credit cards more than we should. The problem is that as long as we continue to spend more than we have, we can’t start building wealth. Chronic overspending and high-interest, revolving credit card debt are your worst enemies when it comes to financial success. Spend like you’re poor and you are much more likely to become rich.

You don’t have an emergency fund

I know, you’ve heard it a hundred times: you need to have at least six months of income saved in an emergency fund. And yes, it’s much easier said than done. However, I’ve seen too many people (including myself) get hit with a major unplanned expense, whether it’s a car or home repair or a medical bill, or an unexpected job loss, accident or illness that’s led to a drastic reduction in income.

You don’t have an emergency fund. Pixels
You don’t have an emergency fund. Pixels

When these things happen and they do, more often than you might think not having a financial safety cushion can make the situation much, much worse. If you’re forced to rely on credit cards, you’ll end up sinking deeper into debt instead of, yes, saving to become rich.

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By Aussa

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