No matter how hard you try at the work place, if you continue to chart this path, there is no way you can become a millionaire.
If you have habits similar to these, how do you intend to become a millionaire?
Below are some of the practices you should avoid;
1. Sleeping when you should not:
If you wake up until noon and work 12 or more hours per day to make up for a late start. Here is the thing. I understand perfect, because I struggled with it for years. We are not all active people in the morning. Me, I still stay in bed on cool, rainy mornings.
Successful people are known to wake up early, usually before everyone else at home, so they can get started early on to get work started, catch up on the news, answer emails, and exercise without sacrificing time. they spend with their family.
2. Not giving attention to your health:
“When it comes to health, bad habits do harmful damage,” writes Thomas Corley in ” Change Your Habits, Change Your Life: Strategies that Transformed 177 Average People into Self-Made Millionaires .”
Whenever you are unhealthy, you get tired, less productive, more stressed, and much more likely to get sick.
How can you focus on building your health, if you fight those factors every day?
3. Do not read:
People with money invest the time and effort necessary to expand their knowledge, keep up with the news and trends within their industry, learn from others and take responsibility for continuing to innovate.
As Lipovsky wrote, reading brings different perspectives, allows you to gain various points of view that will in turn expand yours, giving you the push you need to dream big and motivate you to never give up.
4. Always rely on a single source of income:
People with a lot of money have several sources of income. Which means that for those of us who aspire to wealth, we have to invest part of our income to pay off our debts, and reserve for retirement and invest.
This does not mean you have to get a second job while waiting for results.
It could be something you are passionate about, like writing about technology. You can do it through a blog and start earning a passive income through the market.
5. Failing to set a budget:
Everyone needs to create a budget and stick to it, but unfortunately, there are many people who do not. Since they cannot see if they are spending more than they are accurately earning, it often leads to financial problems.
If you notice that this is your case, then you need to start reducing unnecessary expenses and you should talk to an advisor to claim you.
As a matter of fact, this is another habit discovered by millionaire authors such as: Thomas Stanley and William Danko after analyzing millionaire people for their book The Millionaire Next Door.
6. Fail to think ahead:
“In my study, ninety-five percent of poor people did not save and most of them accumulated debt to subsidize their quality of life. Consequently, they do not have money either for the time of their retirement or for the their children’s education, or for the opportunities that come their way, “wrote Tom Corley in” Change Your Habits, Change Your Life. ”
Just like Corley says. “Not saving and spending more than you earn creates long-term poverty with no hope of escaping.”
7. Failing to pay attention to small expenses:
You may think that spending Ghs 4 a day on a cup of coffee has no effect on your wallet. The same goes for that GHs 50 gym membership you hardly ever use. But, despite the fact that in the scheme of things these are small expenses, believe it or not, they add up quickly.
I recently randomly checked my company’s credit card payments. I found that 35 percent of people who buy coffee at least 4 times a week or go to the cafeteria every day only pay the minimum on their credit card monthly.
Again, this is why a budget is so helpful. It helps you manage these small expenses so you can adjust and focus on the important things. Remember to only keep the subscriptions that you actually use.
8. Dating the wrong people:
Replace the toxic and negative people in your life with those who are optimistic, motivating and supportive. “In life, you will only be successful if you surround yourself with the right people,” says Corley.
9. Always Postponing:
It is one thing to say that you want to become a millionaire and quite another to start doing it.
If you want to get out of financial stagnation, then you need to take action as soon as possible. If you sit down with a financial professional to adjust your budget, this would be a great step to start doing rather than talking.
10. Drink and gamble:
“There is nothing like getting rich quick”; “Financial success takes time, initiative and requires relentless effort”; “Those who gamble are deluded into thinking that there is a shortcut to success,” Corley writes.
Instead, millionaires “get in the habit of pursuing their dreams and goals.”
Thank you very much for reading