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The 11 Reasons why more people don’t become wealthy
More people don’t become wealthy because:
1. They never clearly define what wealth means to them - when you ask most people to describe wealth, they talk in terms of having £1 million in the bank - that is often a figure taken out of thin air. If they were to calculate just how much it would cost to have all of their living expenses paid, e.g. their utilities: gas, water, electricity; then their rent, food, and other necessities, they would be amazed at how little they actually need! Maybe
£20,000 - £50,000 a year. Obviously some people need more, some need less.
2. They make wealth a moving target - People tend to think about a goal and change it the moment they move towards it. Think about this for a moment - if you keep moving a goal, then even when you achieve it, you will never feel as if you are a winner.
3. They make it so huge that they will never achieve it - People define wealth in such a way that they might never achieve it. What is the point of saying you want to be a billionaire in 2 years, if right now you are earning just £15,000 year? Would you be motivated to take action knowing you are probably never going to achieve the goal no matter what you do?
4. They never make it an absolute MUST to be wealthy - For most people it’s a “should”- they get what they MUST have, not what they should have. Right now, you’re earning exactly what you must earn, not a penny more. We get what we have to have.
5. They don’t have a realistic plan - How many people have really worked out where they are now, know where they want to go and at the end of it know exactly how to get there. Are you compounding your money? Asset allocation? The 3 pillars of wealth? The formula for financial freedom?
6. Even if they do have a plan, they fail to follow through! - If you don’t follow through, obviously it’s not going to work. Sometimes even taking small baby steps will help you to gain momentum and before you know it, the task is done.
7. They hand over responsibility to a so-called expert - It is understandable that the overwhelming majority of people like to give experts control over their finances, because it makes them feel safer. But in fact what they are doing is handing over the safety of their family and children into the hands of a complete stranger. Let me make this very clear - No-one, I repeat no-one is going to care as much about your finances as you do. No one!!!
8. They give up when they face major financial challenges - When you talk to successful people, they will all tell you the same thing never give up, because success is just around the corner. In fact, the faster you fail and get up again, the faster you can put into practice the learning you made from last time. So fail faster and more often!
9. They fail to think about their life as business where they have to have a profit at the end of each year - When you measure something, you can improve it. Most people don’t even sit down at the end of the year to see whether they have done better than last
year. Better still, do it every month - it allows you to make corrections quicker.
10. They allow other people’s pessimism or other people’s optimism to affect their intelligent implementation of their plan - How often do you have a plan that is ideally suited to you and your situation, only to let someone else’s ‘opinion’ put you off or steer you in the right direction? You know best, so stick to your guns.
11. They never get quality coaching - What you are looking for is a different perspective, but take it from someone who knows what he is talking about.
So now to be wealthy, just do the opposite of these 11 points!!
How you can become wealthy:
1. Clearly define what wealth means to you - Calculate what your expense are - look at all your bills, credit card statements, receipts etc. and roughly calculate what your expenses are on a monthly basis. Now you know how much you need to survive each month. Are you surprised at how little this amount is?
Next, make a list of the things you want in your life. How about a bigger house or bigger car, an exotic holiday, a year off work etc.? How much do they cost? For example, if you bought a car at £30,000, how much would it cost you a month to pay off within say 5 years?
Now you know how much you must earn on a monthly basis in order to have the things you really want.
2. Keep your target steady - Now that you have that target, write it down, put in up on a wall where you can see it frequently, and start working towards it. Don’t change that target until you are getting very close to it. Then you can make it even larger than it
is now.
3. Define wealth in a way you can achieve it - Once you know how much you need and want, you can go a stage further. What if you could go on a shopping spree without limits? Would you buy a yacht, a plane, what would it be?
Important! You must have a goal that is a stretch but within your capacity to understand that it is achievable.
4. Make it an absolute MUST to be wealthy - Imagine coming up with £1,000,000 within 6 months. Sounds impossible? Ok, now imagine someone sticking a gun to your head - does it seem a little more possible? How about someone you love, like a parent, needing an operation that costs this much - is it a MUST now? The point is you must make sure you know WHY you are doing it. Commit these reasons to paper. They are reasons that emotionally get you going. Whatever it is, it might be very personal and you don’t want to share it with others, it doesn’t matter, just write it down.
5. Create a realistic plan - In order to create a realistic plan, you need to know where you are now (done) and where you want to go (done). All you need now is to know HOW
you are going to get there. You need to find out about some powerful investment vehicles, like Einstein’s 8th Wonder of the World, 5 pillars of wealth (and choose one or several of them) and start immediately applying the formula for financial freedom. Come along to our free preview and we will explain these timeless wealth strategies to you. Email us at info@wellbeingnetwork.co.uk to find out more.
6. Stick to the plan - follow through! The most difficult thing to do is often to take the first step. After that it is much easier as you gain momentum. Following through consistently is the key. Make sure you surround yourself with at least one person who is going to hold you responsible and if possible, get yourself a coach, a mentor or better
still, both.
7. Don’t hand over responsibility to a so-called expert - This is where I went wrong a few times and it cost me ten of thousands of pounds. YOU need to take control. It is worth repeating this: No-one, I repeat no-one is going to care as much about your finances as you do. No-one!!! So expert or no, you must learn how to take control of your own finances. The reason for this is that if you make a mistake, you will learn not to make the same mistake next time around.
8. Never give up when you face major financial challenges - You WILL face major financial challenges when you are committed to becoming wealthy. Isn’t it great to know that up front? So now you know, don’t be surprised when it happens.
The challenge isn’t how can you stop from making mistakes or facing challenges, but how can you have more of them and speed up the rate in which they turn up. Yes you heard correctly! The faster you get them out of the way and learn from them the faster you will achieve your goals.
9. Treat your life as a business where you have to have a profit at the end of each year - Sit down with your family or your team to ask the question, “By how much have we moved forward since last time? Why? Because if you measure something you can improve on it, try something new, anything to get a better result next time.
Some people do this once a year. Can you imagine waiting a whole year? Now imagine doing it once a month. Can you see how much further you would be in one year’s time by measuring and changing your approach?
10. Don’t listen to others, unless they are wealthier than you - Listen only to those people who can talk from experience. If they have made their wealth, they are an ideal candidate to share. However, listen to them ONLY if you respect the way they achieved their wealth and you want to do it the same way.
Anyone else giving you advice, take it with a pinch of salt and usually a huge shovel.
11. Get quality coaching and mentoring - The difference between a coach and a mentor is that a coach does not necessarily have to have been in your industry or be successful themselves. A good coach will ask you great questions and allow you to get the most out of yourself. A mentor on the other hand is already where you want to go. My advice? Get a mentor or get both! The point is that it is objective advice and they want to see YOU succeed.
These people, especially a mentor will save you a LOT of time and pain, because they are talking from experience. Also, they are likely to have the contacts you need and my educated guess is that you are going to need people who can make things happen for and with you.
Good luck, or better still, just make your own luck by contacting us through the Wellbeing Network - Marcus de Maria
Marcus de Maria is a Financial expert at teaching beginners how to make money in stocks. To find out how to make your own luck, to start you on your journey towards financial wealth and to speed up the process, contact Marcus at: info@wellbeingnetwork.co.uk
