There are many ways to build wealth, and you are no doubt already engaging in some of them. But it's not enough to just have a good job with a fat paycheck. Are you making any of these common mistakes and undermining your progress towards your seven figure goal?
1. You Haven't Yet Started Your Own Businesses
Entrepreneurs own businesses that make them rich. Employees build other people's businesses and make the business owners rich. That is a fundamental truth that every wannabe millionaire needs to accept, and the sooner you accept it, the better.
2. You Fail To Consistently Take Massive Action
If you want to be wealthier than the average person, then you must work harder than the average person. Don’t fall for shortcuts and wishful thinking. You must work harder than everybody around you if you want to be successful.
3. You Indulge In Instant Gratification
With every dollar that comes into your bank account, you are faced with a choice: instant gratification or delayed gratification? Should you spend that money on things you want now, or should you put that money to work for your future and wait until you are rich to buy those things?
Young entrepreneur Grant Cardone drove a Toyota Camry for a decade, while his monthly income was growing from $3,000 to $4,000 and so on. Why? Because he focused on his long term goals and knew that spending his money on fancy cars and other luxuries would hold him back from achieving his ultimate goal of becoming a millionaire. He learned to be patient and invest his money to build momentum and keep himself moving towards millionaire status – which he achieved at the age of 30.
4. You Save Money Rather Than Invest It
It may still be possible to save your way to a million by working a day job and living simply and frugally, but it will take your entire lifetime! Wouldn't you rather have all that money now – when you are still young enough to enjoy it? If so, then understand that it won’t happen if all you are doing is putting it in the bank. It just won’t grow fast enough.
Invest in the stock market. Invest in businesses. Invest in your education. But don’t just stuff that money into savings accounts and certificates. Put it to work for you!