There is no silver bullet or magic wand to becoming wealthy, and what works for one person might not work for another. But JASON BUTLER has observed five key things that keep some people poor.
1. Resenting wealthy people
If you have a negative opinion of wealthy people, perhaps believing that they are greedy, heartless and undeserving, then it’s going to be very hard for you to join them.
Sometimes these negative feelings and thoughts about ‘rich’ people are due to envy or are an excuse for why you haven’t got enough money.
Learn to admire people who have built wealth honestly and ethically, and try to learn from their example.
2. Thinking you don’t deserve to be wealthy
We can all be our own worst enemies.
A self-limiting belief that you aren’t worthy of wealth or that people like you don’t get ahead with money can become a self-fulfilling prophecy.
You deserve wealth, but you must believe it sincerely and adopt the mindset, habits and behaviours that will make it a reality.
3. Being too busy to think and plan
Sometimes we can be too busy working (or doing leisure activities) that we don’t have enough time to think and plan. As long as you aren’t in critical survival mode, having to work all hours to make ends meet, learn to take time out to work on your finances.
Think about how you can use your time more effectively to increase income, find new opportunities and develop your network of contacts.
And also, take time out to enjoy the simple things in life like a walk in the park, a telephone call with any old friend, or just unplugging from devices and reading a paper book.
The simple but pleasurable things in life cost nothing.
4. Thinking money is scarce
When you have no money, it’s easy to believe that money is hard to come by and that there isn’t enough in the world for you.
You need to stop thinking like this. Wealth is all around you.
Money flows to those who respect and pay attention to it, and it flows away from those who don’t.
5. Not taking responsibility
Sometimes circumstances conspire against people and cause them financial hardship and misfortune due to no fault of their own — for example, ill health or needing to care for a relative.
But in many cases, their financial situation is due to their actions or lack of action. Research finds that humans tend to attribute their successes to their efforts, and they attribute their failures to bad luck.
Many people think the world isn’t fair. They expect someone else to bail them out. They blame everyone else but themselves for their financial woes.
Unless you genuinely can’t help yourself due to circumstances beyond your control, you need to stand up, take responsibility for your financial situation, and be the architect of your financial future.
You start making progress with your finances when you stop hiding behind excuses.
So, as we head into 2023, take stock of what is holding you back from the financial success you need, want and deserve.
JASON BUTLER is a former financial planner, based in Suffolk. He is a personal finance columnist, and is Head of Financial Education at Salary Finance. You can find out more about him on his website.
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