What’s Stopping You From Becoming a Millionaire?
If you’ve ever dreamed of becoming a millionaire, then consider this: The average worker earning $10 an hour – that’s slightly more than minimum wage - will earn more than a million dollars over their lifetime! So what’s stopping you from getting there faster? Here’s a list of possible reasons you’re NOT a millionaire, according to the experts:
•First: You care what other people have. For example: You see that your neighbor has a new barbeque grill, and suddenly you want one too! Jeffrey Strain is a financial advisor who says if you’re trying to impress people with material possessions, then you’re wasting your money, when you could be saving it and building wealth.
•You’re impatient. Strain says if you have credit card debt, that usually means you bought something before you could really afford it. The reality is that people who wait to buy things with cash generally end up with more money in the bank.
•You have no goals. Studies have shown that people who set financial goals are more likely to attain them. So come up with a plan for saving money to buy a house, go back to school, or to retire.
•You don’t have insurance. Financial advisor Strain says bad things can happen to even the most careful people. So if you haven’t prepared for disaster with homeowner’s, car, and medical insurance, then a lifetime of savings can disappear in an instant.
•You rely on others to take care of your money. I’ve got two words for you: Bernie Madoff. Experts say it’s okay to listen to other people’s money advice, but never let others make money decisions for you. Millionaires do lots of research, and they never put their money into get-rich-quick schemes, or businesses they don’t understand.
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