Why People Fail Part 2: Incorrect Ideas About Wealth and Money




In my blog site, I talk a lot about establishing a wealth state of mind and how it can assist you develop wealth. When you think about wealth, what are the very first things that come to mind?

Unfortunately, the majority of people hold inaccurate ideas about wealth.

It's fine! You're not alone.
However, if you wish to be wealthy one day, we're going to have to fix these ideas. If you hold on to them and have a misguided wealth mindset, this will greatly increase your likelihood of failure.

Let's discuss a couple of misunderstandings that individuals have, and I'll propose the (proper) alternative thought that you will find a lot more beneficial in the long run.

Only Greedy People Are Wealthy

This may be the most common misconception that I have actually heard over the years. It’s an idea that’s commonly publicised, so many (if not most) people wrongly assume that if you are wealthy, you must be an awful person and stepped on people to make that money.

It’s in fact such a common idea that I once believed it.

I'd drive my old car to work in the morning, and along the way, I'd stop next to luxury cars at the lights and scowl at the drivers. The must have ripped people off, or cheated individuals, or got the money off their rich parents to be able to drive those cars!

In truth, these people probably slogged for years to earn what they have. They did things the right way, using their creativity and perseverance to build their wealth. They now take care of their money, staying mindful of their investments and abiding by the rules.

It took me years to learn this. If you wish to prosper, you cannot believe that wealthy people "sell their soul" or become a snobs. Instead, I recommend finding a morally sound method to make your money.

Prosperity Just “Happens”

The second reason individuals don’t reach their wealth goals is because they think 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 need to do some legwork initially.

Here's what I suggest: people wrongly assume that if they simply shift a few things around in their investment portfolio, it'll turn into millions. The bald truth is that you have to work to build wealth actively; it will not just come to you.

Remember that money does not grow on trees, and wealth does not just increase over time without your input. You must take the wheel, embrace a wealth mindset and begin making moves to build this wealth.

Next Chapter

Make sure to follow me online and sign up for this blog to keep up with my newest wealth recommendations 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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