Did you know that if the world's wealth was split up evenly amongst its population every single person would be a multi millionaire. If this is the case you are probably wondering why everybody isn't rich? The answer to this question is very simple. Everybody wishes that they were rich but very few people actually sit down and decide that they are going to become rich. Below are 20 of the main reason why everybody isn't rich.
1. People never define what being rich actually is
2. People's definition of being rich normally focuses on long term goals therefore making it feel impossible to achieve.
3. Most people over estimate what they can achieve in 1 year and under estimate what they can achieve in 10 years
4. People tell themselves that "they don't really care about money" and then proceed to work 40 plus hours a week in a job they hate.
5. People never decide that they must become rich and take genuine action towards achieving this goal
6. People don't have a realistic plan
7. People don't follow the plan
8. People listen to advice from poor people yet they are very skeptical about advice from rich people
9. People allow other people's opinions to effect their action and goals
10. People don't take responsibility for their own results always blaming everyone else if they don't succeed.
11. People give up when success is just around the corner.
12. People think that their car & house are assets
13. People would prefer to live in ignorance rather than take care of their personal finances
14. People don't understand the concept of compound interest
15. People don't have access investment strategies & high quality coaching
16. People make the same decisions and perform the same actions as everybody else yet they expect to create a different result.
17. People think that investing is risky and fail to realize that not investing is the biggest risk of all
18. In order to become rich you must remember to actually ask for what you want.
19. People want to get rich quick rather than doing any work
20. People don't understand the fundamentals of a budget - spend less than you earn.
Editors note: Only one of these reasons (no.15) relates directly to investing strategies & coaching. becoming rich is at least 90% in your mind. You need to define exactly what it is that you want and truly believe that you can achieve this. You really can 'learn to be rich'.
So if you want to be rich what is the first step that you should take? Without out doubt the best way to get rich is as follows:
Earn more than you spend and invest the difference. Then continue to reinvest your investments (including any interest that you have made. It sounds very simplistic but it really does work. The power of compounding interest is amazing.
So if you want to be rich then the easiest way to achieve this goal is to become an investor.