Why aren’t you rich? It’s an important question and the answer is even more important. It may not be what you think (you’re too young; you’re just starting out, your taxes are too high, etc.). It may run deeper. Think about lottery winners. They win big and then they lose it all. Now think about people like Donald Trump, who get rich, lose it all, and then make it all back. Why are some people destined to be rich while others are not? The answer to this question is incredibly important. While the complete answer is outside the scope of this post, here is a list of obstacles to wealth that could be stopping you from achieving financial success.
1. Being rich-minded verses poor-minded
Based on a variety of research and books (my favorite being T. Harv Eker’s Secrets of the Millionaire Mind, rich people think very differently than poor people. If you learn how rich people think, you can then decide if that’s how you think. If it’s not, this may be an obstacle for you, possibly stemming from how your family taught you to think about money during your childhood (your money blueprint). A way to overcome this is to start thinking like rich people. (An example is that rich people think that they create their life while poor people believe life happens to them.)
2. Your habits
Do your habits promote success and wealth? We are creatures of habit, so if you are not in the habit of being successful, how do you expect to get wealthy?
Consider the habit of saving money. Are you a saver or a spender? If you’re a spender, consider completing one task every week to change your habit of spending (e.g.: say “no” to yourself once a day).
Assess why you have the habits that you do. How did you see your family treat money growing up? If your parents were not rich, chances are you didn’t have an example growing up of how to become wealthy. Try learning the habits of rich people, and do what they do.
3. Lack of knowledge
Finance isn’t taught in school. So, unless you took finance in college or were taught the basics at home, you’ve had to rely on yourself. Maybe you’re not rich because you don’t know how to get rich (including managing your money and accumulating assets). If this is the case, read and learn as much as you can about building wealth (see my book recommendations here).
With so much going on in your life, you probably don’t have a lot of down time. Therefore, it’s important that you are intentional with the time you do have. Make your goals a priority. The next time you have down time, consider whether you can afford to spend it watching TV or whether you should do something productive instead.
Fear of failure, success, and debt stop us from achieving our goals.
- If you fear failure, you won’t do anything.
- If you are afraid to think big, you’ll never achieve great success. How can you think small and expect a big result? You need to think big to get big results.
- If you fear your debt, you probably continue to overspend, defining yourself by material items for fear of people finding out.
Fear plays a huge role in our lives. Fear tends to stop people from acting, and inaction means nothing happens. If you do nothing, you don’t move forward. So, if fear is stopping you, address it head on. Often, we fear the unknown, so try eliminating the fear by researching and learning more about what you fear.
If you are an angry person, you probably do things with an angry spirit. And if your spirit is angry, you’re not going to attract money. You have to work on yourself before you can attract money and success. It’ll be much easier that way. So, if you’re angry, work on yourself to recover from the anger. Then, you’ll attract money and success will come more easily.
When you feel shameful, you spend money to overcome the pain. If you feel shame, you think you are not good enough. By feeling less than, you spend more than. To overcome shame (and any excessive spending that has resulted from the shame), create a new “life money story” for yourself. Creating a powerful money story will give you the self-esteem you need to overcome shame. In turn, your spending will decrease.
Feel Good About Yourself!
There is no reason to feel ashamed or insecure about being successful or wanting to be rich. If you have your finances in order, then your life is in order. With money, you can choose your own destiny, help others, and live life to the fullest. While money is not going to make you happy, lack of money will definitely make you unhappy. Feeling good about your life, your decisions, and your finances is hugely important to overcoming obstacles to wealth. Start by addressing yourself and the money will follow.