Almost everyone aspires to be rich one day, but very few people ever make it. If you’re reading this now, you are probably someone who is trying to climb their way to the top. However, how do you know if you’ll get out of poverty?
Every wealthy person has certain traits in common that have helped them surpass their humble beginnings. Others can’t seem to get over their shortcomings to make it to the next step. Here are 40 signs that someone will never become wealthy.
40. Not Having A Mentor
Many of the wealthiest started ventures towards wealth by partnering with a mentor who had already found success. Finding a successful mentor can save you from pitfalls on the path to wealth. You can learn from their experiences and mistakes along your journey to success. Even if your goal isn’t wealth and instead of professional success in terms of research or proficiency, a mentor is an invaluable professional partnership. A mentor not only can save you from mistakes but also help you find opportunities within your own growth that you would have missed otherwise.
Mentorship varies widely by field, with academics naturally being assigned a mentor and advisor as part of their education process. It can be more challenging in the private industry to find someone with the time and energy to take on a mentor, especially in very cutthroat industries like in many STEM fields. Try looking at professional organizations within your domain to find people willing to be mentors. Retirees from your area could potentially be excellent mentors since they have more time available. Keep an open mind and seek someone willing to give you honest, valuable feedback about your work and ideas, as this will be by far the most valuable thing in the long run.
A lot of gaining wealth is being in the right place at the right time, especially in terms of investments. Suppose someone is entirely out of touch with current trends in arts, entertainment, government, the economy, and more. In that case, they simply will not have the knowledge base of what the right place or right time even looks like, and they certainly won’t know how to harness it to amass wealth. While you don’t need to be a genius to become wealthy, you need always to be learning and improving yourself, which requires having at least a moderate knowledge of current affairs and trends.
Many of the world’s most successful people, including billionaires like Bill Gates and Warren Buffet, begin every day by reading newspapers like the Wall Street Journal and New York Times to keep abreast of the news globally domestically as well as keep a close eye on economic developments. Many other very wealthy people probably have assistants to do this research for them. However, ordinary people will need to commit to spending time educating themselves to get the same benefit. If you’ve spent time scrolling Facebook or watching tv in the morning, try replacing that block of time with reading a newspaper or verified, trusted online news source.
Making money isn’t a good pastime for the pessimistic, especially when it comes to investing. Sometimes, the key to good investing is being willing to ride out a difficult period to reach the far side where a property finally produces a profit or a stock rebounds. If someone is pessimistic, they will have a tough time seeing the light at the end of the investment tunnel. They will likely tend to fold and sell investments too early, even if taking a loss simply to get rid of the stress of a “bad” investment that they feel is weighing them down.
It takes a great deal of self-confidence to amass wealth, and a pessimistic person is likely to have a relatively negative view of themselves and life in general. Suppose it’s important to believe in yourself to make money, which many sources indicate it is. In that case, a pessimistic person will have a massive struggle against their gloomy nature to cultivate that self-confidence and optimism. When you look at the writings of wealthy innovators, you often see a boundless sense of optimism and opportunity, and that isn’t a coincidence. It is often that sense of optimism that allowed them to see opportunities others missed.
Successful people have always shot for the moon in all of their goals. Why? Think of it this way: even if you fail at reaching the moon, if you aim high, you’ll still go higher than if you made your initial goal only the top of your roof. To put it in simpler terms, if you wanted a $1 raise, would you go in asking for exactly $1, or would you try asking for $2 knowing you’d be happy to accept $1? If you always set your goals absurdly high, even partial success will take you further than a much smaller, less ambitious goal.
While it’s important not to discourage yourself with impossible goals, it is still crucial to set goals that are difficult to reach that will net you a great deal of success even if they aren’t completely met. It’s far better to fail on a huge, ambitious goal than meet a small, unambitious goal that doesn’t move you very far forward. If you always aim high, you will see higher and higher results from your hard work and determination. Couple that with shooting for the moon with optimism, and you have a recipe for success or at least stellar failure.
The two things money can’t (always) buy are more time and good health. While money does purchase better access to high-quality health care, it can’t fix everything. Someone who wants to be wealthy knows they must maintain their physical health to keep working to attain income and avoid costly medical care down the road. Medical debt is the number one cause of bankruptcy in the United States, and ignoring health problems often leads to incredibly expensive care requirements later on. Maintaining one’s health throughout life is a pillar of long-term financial success and stability.
Maintaining health is an integral part of having goals for your money, as well. Do you want to travel once you’re wealthy? If so, it’s essential to maintain at least decent physical health to fly and move around in your desired destination. If you want to be able to enjoy your money once you’ve acquired it, that will be much easier to do if you’ve paid attention to your health, including dental and vision health, all along the way. Our bodies are an essential machine for maintaining our livelihoods, and they need to be maintained just as much, if not more, than any other machinery.
It is very common for more impoverished people to get into a habit of paying bills first and themselves last. That is often a necessity if money is too tight and they’re living paycheck to paycheck. However, this habit can persist beyond living on such a fixed income and can continue to haunt people even once they become wealthier. It is an essential principle of savings and investment to always pay yourself first, even before other obligations, to ensure that you save the money you intend to keep before spending it, especially if that spending would be on unnecessary items.
While it is, of course, a must to pay off high-interest debts like credit cards before accruing late fees and interest charges, you should still pay yourself before spending money on anything non-essential. Even if it’s only $25 per paycheck, paying yourself first ensures that the money is set aside safely for savings and investment and won’t be frittered away through unnecessary purchases. This money can even eventually be used on a treat for yourself, but it’s important always to remember to set it aside first. It’s one of the healthiest financial habits you can build, even for small goals.
Many people who wish to become wealthy focus so hard on the dollars that they lose all sight of why they wanted to become wealthy in the first place. Money is ultimately a means to an end, so it’s essential not to lose sight of what you wanted the means for initially. Did you want to take care of your family? Retire early and travel the world? Start a charitable endowment? Losing sight of these tangible goals can make it much harder to maintain the work and effort required to become wealthy. A person needs to remember what all of the hard work and sacrifice is ultimately for.
It’s imperative to have a consistent motivator that keeps you passionate and engaged with your goals, even when it’s a struggle and times are tough. Often, money for the sake of itself is not a strong enough goal for most people; it is the luxuries and comfort that money can buy that are the ultimate motivators. So, check in with your values and determine the most important thing you’d do if you could afford it, and make that your driving goal and source of purpose. It doesn’t matter what that thing is as long as it’s true to your values and makes you passionate about achieving them.
Working hard is admirable, especially since almost everyone does it every day, rain or sunshine, hell or high water. Unfortunately, just a quick look around tells anyone looking that hard work is not nearly enough to become wealthy in our current society since millions work hard every day and are still struggling. A key difference in the lives of those who become wealthy is understanding how to work smart instead of hard, freeing up valuable, finite time for self-improvement, education, investments, side hustles, business opportunities, and more. While a great deal of hard work is needed to become wealthy, it’s equally important to ensure that work is being done intelligently and efficiently.
We’ve all had that coworker who is always in the office but never gets anything done. That is the perfect example of working hard, at least in terms of physically always being in the office, but not working smart. You should always be looking for ways to automate repetitive tasks, reduce redundant or unnecessary work. Furthermore, to ensure you’re maximizing your work output so you can spend more time on other pursuits that are more likely to enrich you than your 9-5 job. It is an area where a mentor can be precious.
While this is a disappointing item, the single greatest predictor of amassing wealth in your life is being born into it. Many scoffed when Mitt Romney talked in a presidential debate about how anyone wanting to start a business should simply have their family loan them $10,000, but this is the reality of how wealthy people live. They have access to far more capital and can take much larger risks in the pursuit of wealth than regular people who have to take care of their families and pay a mortgage on a typical 9-5 job.
The United States has done a lot to popularize the idea of the rags to riches persona. However, research has found that most wealthy people intentionally underplay the wealth and privilege of their upbringing to enhance that mystique and make them seem more self-made than they were. Most wealthy people had at least upper-middle-class parents like doctors and lawyers, if not outright millionaires. While it is possible to become wealthy without a privileged upbringing, it is much more difficult, and the stakes for failure are far higher and more punishing and can leave people in lifelong debt.
While this may sound like a no-brainer, a lack of understanding of math is required at several different levels to become financially successful. Simple mathematical knowledge is an absolute must for setting financial goals and analyzing spending and income. While there are many apps and tools to help with budgeting and setting financial goals, you still need to understand and process the numbers in your head to understand your whole financial picture. An ability to keep track of and calculate the nitty-gritty day to day math of living is a must, even if you use an app to help.
It’s important to understand how economics and various mathematical principles like interest function in our lives. Someone who can’t conceptualize why high-interest rates matter for, say, organizing debts to pay off will be at a distinct advantage in the long run for accumulating wealth. Similarly, people who can’t see little opportunities in cash-back opportunities, savings, and more will also be at a disadvantage since every little bit of income will help achieve long-term financial success. These principles are rarely taught in public schools anymore, so there is no shame in needing professional help to gain financial literacy.
If you are afraid of failing, you will never be rich. All of the most successful people in the world have failed. Success stories often focus on how someone rose through humble beginnings and became a millionaire. The reality is that these people have all gone through terrible setbacks but learned to bounce back. Amazon was once considered a joke among many investment insiders, even featured as a penny stock punchline in Futurama. Now, of course, we all know of the vast success of the company. Sometimes it can take literal decades for a business or investment to pay off.
Successful people learn how to overcome failures. They pick themselves up and try again. That is the only difference between someone who makes it to the top of their game versus someone who stays in an average lifestyle. Remember that by playing it safe, you continue your everyday life. Only the ones who take risks make it to the top. However, don’t be too hard on yourself as wealthy people have a much easier time bouncing back from failures thanks to their many safety nets. Before engaging in any high-risk venture, make sure you at least have enough of a safety net saved up not to end up homeless or in otherwise dire straits.
Nowadays, you hear a lot about having a “work-life balance.” Most self-made millionaires made their money by working more than 40 hours per week. You may have heard of a book calledThe 4 Hour Work Week. While this has some great advice on delegating others to work for you, the actual 4-hour-work week lifestyle is usually achieved after working 60 to 100 hours per week for years before you can delegate tasks. It’s an unfortunate reality, but the reality it is and working the regular 40 hours no longer gives any guarantee of security or financial success. Many people at least have to have a side hustle like Uber or DoorDash to get ahead.
Remember that making a lot of money is rarely going to be easy or straightforward. It comes from hard work and persistence that must be maintained for many years or even decades. However, while that may sound daunting or impossible, remember that in the end, it will all be worth it once you have achieved your goals. Make sure never to lose sight of why you want to be successful and stay motivated. Do you want to retire early? Buy your parents a home? Keep your eyes fixed on the prize behind the success to remain genuinely motivated.
In today’s world, there are plenty of people who become wealthy behind a computer screen. However, eventually, those people are going to have to speak in front of a crowd. We tend to remember the people who can couple their personality with the product. Most wealthy tech entrepreneurs have to hire coaches to help them with their public speaking. However, some are naturally dynamic and know how to work for a crowd. Regardless of your current comfort and skill level, public speaking is a skill that anyone can grow and develop with study, practice, and a sense of confidence.
Being good at public speaking does not come naturally to most people. They have to continually work on that skill if they want to excel at it. If you’re going to move up in the world, you may want to consider taking a public speaking class. You can also watch videos online, but the real skill comes from practicing in front of real people. There is also an organization called Toastmasters International, where successful people meet to practice their speaking skills. Consider reading the bookTalk Like TED, where there are tips from some of the most popular TED Talks.
In the age of the Internet, we have a whole generation of people who rarely have to talk to people on the phone. For whatever reason, getting on a phone call gives some people much anxiety. They use text messages or emails instead. However, in most high-level positions, it becomes vital to have conversations over the phone. In fields like Human Resources, many discussions are easier to have over the phone to include nuance and avoid essential documentation required for written exchanges. Developing the ability to be clear and confident on the phone is a must for anyone who wants executive level work.
Before you get on the call, just take a deep breath and calm yourself. Remind yourself that you deserve to be on the phone interview or meeting. Truly listen to what the other person is saying so that you don’t cut them off. Also, practice smiling while you talk. Lastly, remember to say their name at least once, so they feel acknowledged. Forcing yourself to speak more slowly than you usually would also help, especially if you’re nervous and prone to babbling to fill the silence. Also, it’s always to say things like, “that’s a great question, may I have a moment to gather my thoughts?” to avoid awkward silences.
Sometimes, your geographic location could hold you back from succeeding. Imagine living in the middle of farm country in Kansas. Whatever job opportunities you may have in your town may not be anywhere near what you find living in New York City. Maybe it’s just a matter of moving to the next town over. However, if you are not willing to make moves to get to where you need to go, you may never be rich. It can be a callous juggling act to balance out being close to well-paying jobs and the high costs of living, especially housing, associated with those areas.
Digital nomads can work anywhere in the world from their laptops, but very few are millionaires since they are often working on a freelance basis. They feel “rich” because they have freedoms that most others don’t. You need to weigh the pros and cons of what matters most to you in life. Is it money, or the ability to live near your friends and family? While work-from-home jobs are becoming more common, there can be drawbacks, especially for those who have difficulty staying on-task outside a traditionally structured office environment.
Earlier, we mentioned the fact that people who become rich work more than 40 hours a week. However, it is not as simple as having multiple side-hustles. For example, you might have one full-time job that pays you $50,000 per year. Most part-time jobs are given to lower-level positions that do not pay very much. So let’s imagine you decide to work a second job at night, working 20 hours per week, and you bring in an additional $12,000 per year. That adds up to $62,000. By the time you get home, you would be way too exhausted to build any sort of wealth.
The only way people truly get rich is to be paid by results rather than time. Every single human being has the same 24 hours in a day. The rich ones just figure out a way to make money in a short amount of time. They don’t worry about getting paid by the hour. The result matters much more. Whether this is starting a business, becoming a paid freelancer or artist, or something else, make sure you are always valuing your time and products highly enough. One thing wealthy people never do is sell themselves or anything else short.
It can be great to be skilled in many things because it helps you get ahead in life. Nevertheless, eventually, you may find that you’re spread too thin. Some business owners are forced to do multiple tasks on their own before they hire someone. For example, let’s imagine you open a pizza shop. You may have to do the cooking, the cash register, and all administration at the end of the night. That’s three jobs in one. However, if you keep doing this forever, you will be burned out. At some point, you would probably need to hand over the duties of cooking and running the register to someone else.
People who make a lot of money are the ones who are good at one thing. If we continue with the example of a pizza shop, think about the big chains like Pizza Hut and Dominos. Even though their pizza may not be the best you have ever tasted, the founders knew how to market their product very well. No matter what kind of business you run, you need to focus on cultivating just one talent. For more on this, we recommend readingThe One Thing by Gary Keller. Sadly, the days of well-paid dilettantes are long gone.
There are so many people out there who will talk about how they will become rich and yet never take action. Most successful people are too busy working towards their goals to find time for bragging. They probably won’t talk about what they are doing behind the scenes. The next time you find yourself bragging about how you will succeed, ask yourself why you are doing this. Most of the time, people feel a sense of satisfaction telling people they will be rich. Often, some of the best steps you can start taking towards financial success are boring, like paying off a credit card or snowballing student loan payments.
It is the same mindset as telling someone they are going on a diet. The praise or congratulations you get from someone is often enough to satisfy that urge to praise, and you go back to old habits immediately. Instead of seeking approval or praise, simply do the necessary things for you to get ahead in life. Then, once the task is done, feel free to talk about it once it’s complete. For example, instead of saying, “I will build a website,” just go make the thing. Once it’s done, you can say, “I built a website,” which feels so much more satisfying to do so.
All of the most successful people in the world read multiple books per year. Most of these books are nonfiction, and they focus on self-improvement. Every year, Bill Gates comes out with a list of all of the books he read that year. Oprah Winfrey is also famous for her book club. People who read a lot are always looking to learn something new. They are willing to open up their mind to information that they have never known before, and it just might help them on their journey to success. Reading also provides a great deal of entertainment value for little or no money!
If you are open to reading more, but you’re not sure where to start, check out our list of 40 Business Books Everyone Must Read to Be Successful. Even if you are not a business owner, many of these books are great for self-improvement, no matter what your goal is in life. In college, you had to read books to get better at a particular subject, but the same goes for life in general. The more you read, the more you succeed. A library card for your local library is also one of the best investments you can make and are almost always free.
Most people who are type-A personalities need to be on time for a meeting. They get somewhere early, and they may even wait until their time rolls around so that they can be there precisely when they are supposed to show up. For most people, this is a sign of respect. You show the other person you value their time, so you are making an effort to show up at the agreed-upon time. Nevertheless, then, some people are the polar opposite. They show up late and don’t seem to care if they keep the other person waiting. In many cases, these people may have been fired from their job over their chronic tardiness.
According to Psychology Today, people who are chronically late want to avoid being early. It makes them feel awkward to sit around and wait for the meeting to start. Remember that time is the most valuable resource in the world. Most CEOs don’t have the luxury of being late because time is money. Forcing others to wait may lose profits. Do you find you are continually struggling with time? It may be worth getting a psychological assessment, as people with Attention Deficit Hyperactivity Disorder (ADHD) often have difficulty assessing time and their relationship with it, leading to chronic tardiness despite best efforts at being on time.
For anyone who has readThe Secret, you might believe that you might eventually manifest them into reality by thinking about your goals and creating a vision board. While faith in yourself and a higher power can sometimes help move you forward, it is not the only thing that will make you rich. You have to pair manifestation together with an action for it to work. Statistically speaking, poor people tend to be religious, and rich people are more likely to be agnostic or atheist. Regardless of faith, waiting for lightning to strike and make you rich simply isn’t going to happen.
People who hope for a miracle are the ones who are playing the lottery, entering contests, and saying their prayers to God every night with the hope that a million dollars will fall into their lap. Nevertheless, they may not be doing anything to change their circumstances. While some wealth results from lucky investments or fortunate breaks, that simply isn’t going to happen for the average person. It takes careful planning, determination, and clear, realistic goals to achieve financial success. So, whatever your faith, incorporate your beliefs into your planning however you like, but make sure you aren’t relying on those beliefs as a sole source of opportunity.
There are plenty of people out there who want to be rich someday, yet they refuse to write down their financial goals. That’s like trying to build a house without blueprints. If you’re going to make more money in the future and feel financially secure, you have to create a plan for how it will happen. Always start with goals that are achievable for your current situation. For example, a financial goal may be, “I will pay off one credit card in full by the end of the year.” Make your goals as clear and measurable as possible.
Even if you fall short of your goals, you are making progress. Instead of measuring your own success against other people your age, try to compare your current situation with your past self. If you are making more than you were last year, it means you are making progress, and that’s what counts. Measurable goals not only makes them easier to track, but you can at least rack up partial success against an easily quantifiable goal like “paying off one credit card by the end of the year.” Even if you only made it to 80% of that goal, it’s still a considerable amount of forward progress.
There is a famous quote by Albert Einstein that goes, “Insanity is doing the same thing over and over and expecting different results.” It goes hand-in-hand with building success. If you want to be rich someday, you’re going to have to try new things. After all, you will not become a millionaire if you stay at a minimum wage job forever. If you are never willing to try new things, you are destined to remain poor. While risk is terrifying, especially if you are poor and don’t have much to fall back on, it is typically necessary to attain wealth.
Keep in mind that the odds of you striking gold the first time you try to do something new is very slim. So you might have to try a lot of new things before you find the right path that fits what you are trying to do. If you aren’t sure where to start, begin with something you feel passionate about. Alternatively, find something you have always felt curious to try, but you were too afraid to do it. As they say, if you do what you love, you’ll never “work” a day in your life, so find what truly motivates you.
More poor people hate their job. Lower-wage jobs are typically challenging, and people feel unappreciated by their bosses. They might stare at the clock and wish that time would go by faster so that they can go home to watch a movie and spend time with their family. Most poor people associate work with pain and want to avoid it like the plague. It’s virtually impossible to succeed in that type of environment, especially since many bosses in such fields don’t want employees to grow since they’d have to pay them more. If your workplace is this kind of environment, start planning your exit strategy.
To be successful, you have to feel passionate about your career. You need to feel excited to go to work or get started on the task at hand. If you truly hate what you are doing, it is a sign that you need to switch careers. You will probably never get rich doing something you hate. For example, think about all of your favorite musicians. If you took Taylor Swift out of her everyday life and put her into an office job, do you think they would flourish? Maybe, but probably not. It was her destiny to sing, play guitar, and make music.
Like most things in life, you should work towards a goal because it is what you want, rather than what your parents, friends, or partner want. Most people who live a normal life will not understand if you tell them that you are trying to go down an unconventional path. They might completely disapprove of your choices because they cannot fathom it is working out. However, you cannot get your motivation from the praise and approval of others. It needs to come from within. It’s always hard to get out of the mindset of following the “shoulds” of life, like working a 9-5 and having a family, but it’s necessary to pursue your own ideas to become successful.
Even if your friends support your decision to change your life, you still might have to do things they wouldn’t like. For example, maybe all of your friends like to go out for drinks after work. However, if you want time to work on your business, you might have to start saying “no” to hanging out. Your friends or partner might feel disappointed in you, but you need to ask yourself what is more important. Unfortunately, this is a sacrifice that people have to make if they want to make a lot of money. Nevertheless, if you care more about what your friends think, you might never get started on the journey to self-discovery and success.
It is admirable to take care of other people. However, if you do nothing but think of others, you will likely remain poor for the rest of your life. Stay-at-home moms are a great example of this. From the time they wake up to the time they go to bed, they are working nonstop to take care of their children and household. They don’t get paid for their work, and they sacrifice all of the time they could have been spending building a career or a business. Every family should evaluate child care costs, both parents’ goals, and more before deciding how to raise a family.
If you want to make more money, you must focus on yourself. It’s not selfish to do this. If you make more money, you will probably have more to give to your family. We aren’t saying that you should abandon your responsibilities. However, if you want to move forward with your career, figure out how to spend more time on your own working on your goals instead of devoting your energy to others 24/7. However, it’s important to remember that children value quality time as much if not more than money, so make sure you aren’t the parent who’s never home because something came up at work.
Poor people might feel inspired to start a business, but they never follow through. For example, maybe they thought they could make crafts and sell them on Etsy. They got as far as buying a sewing machine and fabric but never actually got to the point where they were listing things online. Someone could have many of these ideas, but if they never execute them and make them a reality, nothing will ever come of it. Fear of failure can play a large role in never fishing projects, so make sure you always remind yourself that you can reach your goal and succeed.
Rich people have an idea and see it through until the end. They will either keep going when they know it’s worth holding onto or pivot when they know something will not work out. Nevertheless, at least they tried and saw their idea through to the finish line. Staying organized and introducing accountability into your goals, whether through a local entrepreneurs group, an online accountability group, or even a partner, is a must to make sure you stay on track with your project. It’s easy to get lost in the weeds when starting a new venture, so making sure you’re always moving forward is an absolute must.
Saving is significant, but if you are always worried about cutting corners, you probably don’t think about growing your wealth. Poor people might focus on trying to find the cheapest version of whatever they want. They might go to the Dollar Tree or attempt to buy things off of the clearance rack. While it’s great to save money, it’s not going to make you rich. Most financial advisors recommend having the equivalent of six months of your regular pay in savings as an emergency fund to weather a loss of employment or medical emergency. Savings beyond that don’t provide a good return on investment.
People who rise out of poverty have figured out a way to increase their income every year. They may not care about going to a Black Friday sale or pinching pennies because they are too focused on their financial goals. Once you have established a safety net of six months of income in a savings account, look at investing your additional savings income in investments or your business. Beyond a certain point, savings simply aren’t worth it due to the extremely low-interest rate on standard savings accounts. Even something extremely low risk like a mutual fund will yield far more than a savings account.
Poor people rarely have investments. That is most likely because they are not educated on investing appropriately or are afraid of making a mistake. Even if you never learned it in school, all of the information you could ever need to know is available online. Check out websites like Investopedia, or search for YouTube videos. You could also read the Investing Quick Start Guide, which gives you an easy-to-understand breakdown of how investing works. However, it is impossible to invest without having the extra income to do so, so if you want to invest, you will need to be setting aside a fair amount of money every month.
Nearly every wealthy person out there made their fortunes by investing in stocks, cryptocurrency, businesses, or real estate. By investing, it’s like making your money work for you. Millionaires often have a diverse investment portfolio where their money is divided up into various places. That ensures that even if one investment does poorly that year, others are likely to do well. Most wealthy people use expensive financial planning services to manage their money, which is unfortunately out of reach for ordinary people. It is much harder for ordinary people to benefit from investments than those who are already wealthy.
When you begin your journey to making more money, your first reaction might be to tell your family and friends. They will probably want to give you some advice and insert their own opinion into the situation. If they are poor, they might have a pessimistic mindset regarding getting out of a bad situation. They might tell you that your dreams are impossible or give you advice that doesn’t make much sense. They may also encourage you to quickly spend your newfound income since poverty often requires quickly spending any financial gains to stay afloat, which is a tough cycle to break.
While we love and appreciate the people who care about us, you need to take this advice with a grain of salt. Do they know what they are talking about? Probably not. It’s best to find someone who has already succeeded in the field you want to be in and ask them to be your mentor. For financial advice, look for a financial planner who is not based on the commission since commission-based planners have a financial incentive to sell you on the most expensive financial planning options and investments available. Look for professional groups relevant to your work as well, and learn from elders there.
Sadly, poor people do not usually believe in their abilities. They imagine attempting to get out of their dire situation and think they will fail. A lack of confidence in yourself is really at the core of never moving on past some of your life’s biggest challenges. It may sound simple, but you just need to believe in yourself. You may hear many messages about what you can’t do, especially from your bosses, since they profit off of your lack of confidence through lower wages and lack of advancement. Just keep reminding yourself that you are worthy and can achieve your dreams.
Rich people have the mindset that they can handle almost anything. They believe that even if something is challenging, they can learn how to adapt and overcome it. They are willing to learn, work, and do whatever it takes to get over any challenge. Of course, already having money helps with that confidence a great deal since they are mostly immune to the consequences of failing. However, even more, impoverished people can still cultivate the mindset that they can overcome whatever challenges come their way. While there are no doubt days, it will be difficult, stay true to yourself and the course you have set for yourself to achieve your dreams.
Everything worth having in life takes hard work and discipline. Think about athletes. Do they wake up one morning with the ability to lift hundreds of pounds, run for several miles, or throw across a football field? Of course not. They went to the gym, ate the right foods, and worked incredibly hard to achieve their intent. The same goes for working towards your goal to be financially successful. While there aren’t reps or warm-ups to do, you do need to spend time analyzing your spending habits and income sources and planning for your long-term financial success, ideally with the help of a non-commission based financial planner.
If you lack discipline in your life, you might give up when things get too tricky. These are the kinds of people who are never going to break out of poverty. Making more money is hard. Furthermore, it may take a lot of work to find the right job, build a business, or create a professional reputation for a freelance portfolio. However, if you dream to work from home, be an artist, or retire early, it will take dedication and stay on track with your goals to achieve your desired result. Slip-ups along the way like taking too much time off or buying something unnecessary like a new car could put your dream in jeopardy.
How long does it take for you to commute to work? One of the poor’s common traits is that they are often “super commuters” who have to spend more than an hour getting to work each way. The further away you are from your job, the more time you’re wasting in traffic. This time adds up to a lot of wasted potential where you could be doing something more productive. Unfortunately, a lot of this is unavoidable due to the massive inflation of home prices and wage stagnation. Low-wage workers are often unable to afford any housing options close to well-paying jobs.
If you want to be rich, you need to spend every moment of your day wisely and not waste time. Let’s just assume you commute one hour to work each way. That’s two hours per day or 10 hours per week where you are not getting paid for your time. Even making just $10 per hour, those 10 hours are still worth $100 per week, or $5,200 per year. Now, imagine a CEO whose time is far more valuable than just minimum wage. There is no way they would ever live an hour away from their office. No one will pay you for your commute, so it only makes sense to live close to where you work.
We all want things in life, but some people are far more materialistic than others. People who spend money on something that they don’t need are wasting money. Furthermore, to make matters worse, people spend money they don’t have and get into credit card debt, which has predatory interest rates meant to keep you in a cycle of debt. In the United States, our society makes us feel as though we need a new car, clothes, sneakers, and so much more, but ultimately, none of those things bring true happiness or contentment and only give short-term joy.
People who become rich understand that it is far more critical to use their extra money on investments instead of wasting it on material things. Moreover, when they treat themselves to something, it is only after setting aside the cash to buy them. There is nothing wrong with treating yourself, and the occasional nice thing can make hard work and sacrifice far more rewarding. However, make sure you aren’t chaining yourself to a cycle of debt by buying something you truly can’t afford. The short term joy of a new car or home is not worth the five or more years of repayment and stress.
6. Pursuing Someone Else’s Dreams Instead of Your Own
Sometimes, parents pressure their kids to follow a particular career path. Maybe you grew up being encouraged to become a doctor or a lawyer, and you decided to study those subjects because you wanted to make your parents happy. Some kids were forced to go to college when they did not want to go because their parents believed it would be the best thing for them. Now, they are shackled with student loan debt. It’s hard to escape the tyranny of the “shoulds” in life, but staying true to your own goals will be far more rewarding in the long run.
If you live someone else’s dream, you will never actually go far enough to be rich. It might be okay for the first few years, but you will eventually find that you are unhappy and unfulfilled. Gaining wealth takes a lot of passion and drive. So if you feel like you are forcing yourself to do your job, it can be challenging to show up at all, let alone excel at your career. Always listen to yourself; put a high value on your dreams and aspirations over those anyone else has for you. You need passion to thrive and succeed.
Some people feel content with going to their 9-5 job and knowing that they will have a paycheck every Friday. There is nothing wrong with that. Most people cannot raise a family or pay their mortgage if they don’t know how much is coming in every month. However, people who become rich often sacrifice the security of a steady paycheck to pursue something bigger than an hourly wage. They realize that they may be taking a risk, but they feel that it’s worth trying. You can gain a lot by taking a chance on a start-up venture with irregular pay.
When you start a business, income can be completely unpredictable. There may be several months where you do not make any money at all. For some companies, it can take several years before they are profitable. Those who take that risk and come out on the other end are often delighted to get out of their comfort zone. You can also take a chance by working for a start-up at a reduced salary or for an investment opportunity if you don’t have the capital, goods, or ideas to start a business yourself.
It might sound like common sense, but the only way you can become wealthy is if you believe you can be rich. Many people love daydreaming about what life would be like with much money, but they become complacent. They ultimately decide that being rich is a pipe dream, and it would never happen for someone like them. They think it sounds like a nice idea, but they don’t have any plans to make it a reality. However, be reasonable in your expectations since becoming incredibly wealthy without being born into wealth is extremely rare and often due to lucky investments.
People who are rich and famous usually say that they knew from an early age that they were destined for greatness. They believed in themselves so much that they kept going until they achieved their goals. It may be difficult for you to have the same confidence, but it is necessary for achieving the things you want in life. However, remember that for every Jeff Bezos, there are thousands of failed websites, as the dot.com bubble showed. While hard work can make you wealthy, millions work hard and are trapped in a cycle of poverty by our current economic system.
When you start your journey to success, you will naturally want to tell your friends and family about the positive changes you make in your life. Once you do this, be prepared to receive an onslaught of unsolicited opinions and advice. You will receive much negative feedback from people who failed in the past and therefore don’t think you can do it, either. There may also be people who give you advice with the best intention of helping you, but it’s simply wrong because they have absolutely no experience in the field. Feedback is excellent but must be focused and valuable.
Asking other poor people for their feedback will get you nowhere. If they knew how to succeed, they would already be doing it themselves. When you see your friends and family, there should be plenty of other things to talk about instead of work. Living in poverty creates a cycle of short term needs that erases the ability for long-term planning. Living paycheck to paycheck is, unfortunately, not a choice. People stuck in that cycle simply do not have the energy, time, resources, or knowledge to engage in long-term financial planning. Make sure you invest some of your time and resources in helping them on your way up!
The world is always changing, especially with new technology coming out almost every day. If you are not willing to adapt to change, you are going to fall behind very quickly. For example, think about how online shopping changed the retail landscape in the past few years. Companies like Sears were so confident in their legacy that they did not believe it was necessary to put their products online. They thought their customers would be so loyal that they would continue to shop at Sears stores despite the inconvenience. That was a huge mistake, and they declared bankruptcy.
Even if you do not run a company, you still need to adapt to change if you want to succeed. Think about all of the office workers who hesitated to learn Microsoft Word because they preferred to use a typewriter. Alternatively, the people who still refuse to buy a smartphone. If you want to keep up with the working world, always be willing to adapt to change. Even Zoomers will eventually come up against a technology with which they’re not natives. Even the most tech-savvy workers will need to continue building new skills as new technologies and ideas emerge.
Successful people are usually excited to wake up in the morning, and they feel motivated to get to work. They are not forced to get up by an alarm clock or the fear of getting fired. They genuinely want to work because it gets them closer to their goals. If you still feel as though you are dragging yourself out of bed each morning, it might be that you have a lack of motivation. Without a spark of joy, you are destined to stay in a situation where you may be poor. However, if you routinely struggle with getting out of bed, keep an eye on your mental health as well.
Ask yourself what motivates you the most to get something done. Whatever it is, you need to channel that energy into your goal. For example, maybe you feel motivated never to have to commute to your job again. So, you don’t need to be a millionaire to do that. All you need is to find a work-from-home position. Once you figure out your definition of success, you should begin to feel motivated to get started. It’s much easier to work on a goal that you think deeply motivated on versus something you know you need to do to get by. Passion can drive a considerable amount of work.