Habits That Prevent You From Being a Millionaire – While most people complain that 2020 has been a horrible year, it was an opportunity of the decade. Many of you might say that how on earth a pandemic is an opportunity of the decade. Let’s just take a look at the data. 2020 has created 5 million millionaires. Yes, 5 million people became millionaires in 2020, the highest number ever. And that’s not by accident.
As one of the richest people in history – Nathan Rothschild said: “the time to buy is when there’s blood in the streets.” He built his entire fortune by taking advantage out of every crisis that he came across. He is not alone in that. Other famous rich people have said something similar like Warren Buffett: Be fearful when others are greedy, and greedy when others are fearful”. Because during crises, the competition gets easier since everyone is suffering, valuable assets are sold at a discount and people are scared to invest. But that’s just one of the ways to build your way to the top. The reason why most people fail is that they don’t understand how the system works, how capitalism works.
I agree with you, this system is broken and is nowhere close to perfection but it works to a certain extend for most people. We have already made multiple videos explaining everything from how capitalism works to how the stock market works to how the economy functions, but before you do anything like that, you have to start with your mindset, and most importantly, there are a few things you must let go to become financially free. Of course, you don’t have to, but if you do, it’s going to make your journey to financial freedom way faster and way easier.
5 Habits That Prevent You From Being a Millionaire
1. Trying to be perfect.
This is one of the habits that is preventing a lot of smart and talented people to realize their potential. You are afraid of criticism. You are afraid of what people might think so before doing anything, you want to make sure that it’s perfect. Perfection is great but the truth is that it’s super difficult to be perfect from the beginning.
Life is designed in such a way that you try, fail, learn and try again. I have no doubt that you have had at least a few great ideas, but you never tried them because you were waiting for that moment. Or you started but stopped because it just took you so long to perfect it, so you postponed it.
Another reason why perfection is your enemy is that you will not be able to delegate because other people will never care about your thing as much as you do so you will try to do everything on your own, you want to control everything, but that will slow you down. It’s alright to lower your standards slightly in the beginning at the expense of your moving faster. Otherwise, you will never start. So stop waiting to be perfect and listen to what NIKE says – just do it.
2. Low self-esteem
A lot of people have a very low opinion of themselves. Self-esteem is what you think you are worth. Most people think that all they deserve is just a proper normal life, there is nothing wrong with that, but Let me ask you a simple question – how can you achieve great things if you don’t think you deserve that. Everything starts with your opinion of yourself. You might have had a rough past, maybe you have failed miserably in the past, maybe you did poorly in school or college, it doesn’t matter! You have to trust yourself. You have to believe that you are worthy of that.
Most people who have achieved extraordinary things are exactly like you. Only a few of them have been born with extraordinary talents. Yeah, maybe you need a little bit of luck to topple the Forbes billionaires list, but to make a few million dollars, that’s literally under the capacity of everyone, especially in this age of the internet. It doesn’t matter in what corner of the world you are! As long as you are ready to hustle, you can make it.
3. Comparing Yourself to Others
This is one of the traps that most people fall into that prevent them from achieving financial freedom. People always compare themselves to others and try to look like them, like everyone else. Your friend got a brand new car, now you want one too, and if you don’t have one, you consider yourself a failure.
Maybe you can afford that, but that’s not the best financial decision for your circumstances. Maybe you should have saved that money and invested it. Here is the thing, you are a unique individual. Your life, your skills, your talents, your circumstances are different from everyone else.
Your path to financial freedom is going to be unique to you. If you follow other people’s footsteps, you will most likely fail as many people do. On top of that, when you compare yourself to others, you start being resentful, you start feeling jealous. That feeling will cloud your thinking and you will start making decisions that are irrationally and harmful in the long run.
4. Constantly complaining.
There are 2 types of people. Reactive who constantly complain about everything and proactive who recognize the problem but try to solve it. What do reactive people do? They complain that the government is corrupt, every President that they elect gets corrupted by corporations, the wall Street constantly rips them off, and on top of that, the world’s secret government Cabal is running everything behind closed doors. This victim mentality is going to take you nowhere. Someone who has a victim mentality claims everything that happens to them is the fault of others.
It might be the fault of their partner, family, co-worker, or friend. They don’t take any responsibility, asserting that the circumstances aren’t in their control. On the other side, a proactive person would say, alright, the system is broken, the politicians aren’t doing anything to help me, but what can I do to achieve my financial goals? I can pick up a few books and improve my financial literacy.
Instead of playing video games, I can spend some of that time learning how the stock market works. I can try to save some money and start something on my own. There is a long list of things I can do. So yeah, despite all the problems around me, I would rather try to do what is under my control and ignore what I can’t control.
5. Afraid of failure
It’s normal to be afraid of failure. That’s just part of human nature. You never want to be seen as a failure! Your friends and family will remind you that they told you to do otherwise, but you didn’t listen. That’s why you failed. Failure makes you feel inferior in front of others. But failure is an essential part of human life. Think about it, when you were an infant, you didn’t know how to walk, but then you tried. I don’t know you, but I can certainly say that you didn’t succeed on the first try, not even the second.
It probably took you a few months to try to learn how to walk. Some babies learn how to walk before they hit their first birthday. Others take longer, 14, 16, or even 18 months. Imagine if you were afraid to try to walk. How do you think your life would have looked like? How about talking? Some babies do in the first 12 months, others take twice that long, and in some cases, babies never learn how to talk till they get three years old, like in the case of Einstein. Yes, despite his super high IQ, it took him longer than ever to learn how to talk. But let me ask you this? Do you remember all those failures? No! And that’s the thing with everything. Yeah, it feels horrible when you fail, but after many trials, you eventually succeed and forget all those failures.
It doesn’t matter what you are trying to accomplish, land a great job, raise money for your startup or build a successful YouTube channel. I know that money is not a measurement of success. As long as you are happy, you are successful, but money is a measurement of your achievements. That’s how capitalism works! Like it or not. You got a better job. You are financially rewarded! Your business helped more people. You are financially rewarded! And so on. So as long as you try to be the best version of yourself, as long as you keep trying, stop blaming others for your failures, have high self-esteem, and start doing without being perfect. It should be a matter of time before you achieve your financial goals.