How and Why Many People Fail Part 2: Ill-Defined Concepts About Wealth and Money

508 Why we fail 2_1

In my blog site, I talk a lot about establishing a wealth state of mind and how it can help you create wealth. Now, be honest: when you think of wealth, exactly what are the very first things that enter your mind?

 

If you resemble many people, you probably hold wrong concepts and misunderstandings about wealth.

 

It’s alright! You’re not alone. However if you want to be wealthy one day, we’re going to need to repair these ideas.

 

It’s these very ideas that are the cause for failure. People get into wealth development and they are predestined to fall short from square one due to their frame of mind. Let’s review a couple of mistaken beliefs that people have, and I’ll propose the (right) alternative ideas that will help you succeed.

 

Wealth is Only for the Greedy

 

This might be the number one misunderstanding that I actually heard for many years. The media is constantly perpetuating this concept, a lot of individuals mistakenly presume that if you are wealthy, it’s due to the fact that you’re a dreadful individual and stepped on people to make that money.

 

I remember driving my beat-up vehicle to work in the early morning, and along the way, I ‘d stop next to BMWs and Jaguars at the stop light. I would think: they ripped individuals off, they cheated people, or they were probably given these cars by wealthy parents.

 

In truth, these people probably worked incredibly tough day in and day out to earn what they have. They played by the rules, and using their innovative and innovative mind, they had the ability to discover a way to build wealth. Even after they’re wealthy, they still beware in their financial investments and follow particular principles.

 

It took me years to learn this, however thankfully you arrived at this blog page so you can avoid a couple of steps. All joking aside, if you want to become wealthy, you can’t consider it as “selling your soul” or ending up being a jerk. Rather, you have to discover an ethical and ethical way to develop money.

 

Wealth Comes Easy

 

The 2nd factor that stops people succeeding is when they believe that building wealth is a passive activity. Sure, there are lots of ways to produce passive income, however to set up that income stream, you’re required to do some initial legwork.

 

Here’s what I suggest: people incorrectly assume that if they simply move a couple of things around in their investment portfolio, it’ll develop into millions. The unfortunate truth is that you have to work to build wealth actively; it won’t just happen to you. As the old saying goes, money does not grow on trees, and wealth does not just increase over time without your input. The obligation is on you to embrace a wealth frame of mind and start educating yourself to develop this wealth.

 

Stay Tuned

Make certain to follow me on social media and sign up to this blog to keep up with my newest wealth advice and the next instalment in this series.

 

Resources:

https://www.investopedia.com/terms/p/passiveincome.asp

https://www.investopedia.com/articles/financial-advisors/051215/look-how-ultrawealthy-invest.asp

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