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7 Reasons People Don't Become Millionaires

Aug 7th 2010 at 11:11 PM

Fortune 500 Magazine in 2009 was able to study 400 billionaires in the US/ It was the first time in history that there was 400 billionaires in the US and this is what they discovered:

173 of them started literally in their garage with nothing. Another 100 or so started with a very modest amount of money ( something like $10K ). What this says to us is " We " are really the BIGGEST problem here. Your mindset does play a BIG part in becoming wealthy.

Top 7 Reasons People Don't Become Millionaires and How You Can Change That

  1. Mindset - It seems people think most things in life are too good to be true or think something is too hard and will not give it a go. If we just broke free from those chains that are holding us back, then we could begin our journey to financial success. It's all about mindset, If you think I can't do something when really you could, then you will fail. It's all about psychology and believing that you can be something in life and go somewhere but if you don't have that belief in yourself, no one can change that and you will be destined to working til your 65 years of age in a job you hate. That's REALITY but you can change that by having a positive mindset and outlook on life, especially when it comes to business and making money, whether online or offline many of the same principles apply.
  2. Setting Up For Failure - This is very true. We have been set up for failure by the " System ". When I say the " System " I am talking about the academic system. We believe that if we are not high achievers academically that we cannot succeed in life. Richard Branson of Virgin did not complete highschool, Nor did Albert Einstein, but were they failures in life? Most certainly not, in fact I believe Richard Branson would be amoungst one of the 400 Billionaires if residing in the US. Point is that we cannot set ourselves up for failure. If you don't pass a subject in high school, Who cares? I have never once been asked for my qualifications since leaving school and I am a firm believer that Life Experience counts for so much. You can be successful if you put aside the past, If you keep thinking of what happened in the past, you can never move forward, so please if you want to be successful then go out there and make it happen - Qualifications are only a grade, it does not truly reflect on your individuality.
  3. The Wrong Vehicle - When I say the " Wrong Vechicle " I don't mean a car or a motorcycle, I mean that you need to have a plan to get you from A to B. There is no sense in jumping straight to the top as that takes us back to setting up for failure, its about planning your future goals and knowing how to get there. If you need to get customers for your business and you are say working from home. Nobody knows you exist unless you advertise your services. The vehicle to get your customers here would be through advertising. You need the right vehicle to succeed - " No point in giving someone a 50cc moped if they are on a racing track, they will need a high powered sports bike ".
  4. Break All The Rules - I think it was Earl Nightingale who said " You can't find a valid model of success, do the opposite of everyone because the masses are always wrong ". If you think about that for a moment you would understand that is true. So really you need to look at who you're hanging around with. You do become who you hang out with, so my suggestion to you is to hang out with people who you would like to be like, not people who would have you stay mediocre, middle to average, probably like themselves keeping them in their comfort zone but probably not getting you what you want. So be REALLY careful about well meaning friends and relatives who are not qualified to give you this advice. But in short " Break All The Rules " Don't do anything the masses are doing because statistically, scientifically the masses are wrong and broke. So don't do anything the masses do.
  5. Systems - Now if you lok at all success, Henry Ford, for example - Ford Motor Company created 2 systems. He created the assembly line that actually makes the vehicles which was a system and he created the dealership who sell the cars and that was another system. You have to follow a system in your business or along our road to success. For example - " If you were to build your house on weak foundations, then your house could collapse " The same rule of thumb applies to business, you need to establish a good business with strong foundations and build upwards into an empire. Figure out what kind of business you want and implement a system to make it happen.
  6. Going Solo - Being a broke and original thinker in my world is costly and dangerous. I would rather be a wealthy model any day of the week! So, instead of trying to be an original and broke thinker, actually take mentors but be really careful of who you take as a mentor. You should be looking for a mentor who is making at least 5 times your income and who can prove to you what they do and how they do it. You can spend thousands of dollars on a mentor, but if you choose the correct mentor from the start then you can save and make a lot of money.
  7. Make Wise Investments - One of the greatest assets today is " Real Estate " It pays to hang onto the money that comes through your fingers. Al ot of people, when their income grows, so does their expenditure. The name of the game is to actually hang onto some things at the end of the day and profit from them later on. You probably know someone who has said " I wish I invested in Real Estate or Shares when I was a kid " If that was the case, we would all be mutli-millionaires today. So in summary, hang onto the money, make wise investments, cash flow comes from business and that allows you to buy anything you like.

 

I hope this helps you in your journey to financial success.

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Jan 5th 2011 at 8:45 AM by LonnieG
Great article, Colm. Keep up the good work. ~L
   
Sep 26th 2010 at 1:52 PM by blackfolder1
All very good points-especially about the mindset. Often times when you start out in internet marketing your family and friends will make fun of you or call you crazy- don't listen to them and never give up! They'll be the ones calling YOU when you are making more money than them!
   
Sep 24th 2010 at 1:48 PM by cmsolution
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Sep 9th 2010 at 4:44 PM by philjansen
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