Even though we live in one of the most affluent generations of humankind, research has shown that many of today’s working people will not retire wealthy. Why, you may ask? Here are 5 reasons experts give that prevent most people from becoming wealthy even after a lifetime of hard work or earning substantial salaries:
REASON #1: IT NEVER OCCURS TO THEM
The average person grows up in an environment and is surrounded by people who have no wealth. Thus, it may never occur to such an individual that it’s possible for them to become wealthy. They may claim that they want to be wealthy, but in their heart of hearts they do not truly believe it can happen for them.
REASON #2: THEY NEVER DECIDE TO
Even if a person reads many books, attend tons of seminars, or associate with people who are financially successful, nothing will change until that individual makes a decision to do something different. Until you make a firm, unequivocal committment that you are going to become wealthy and work toward it, you probably will never.
REASON #3: THEY KEEP PROCRASTINATING
Many people are full of excuses and always have a good reason not to begin doing what they know they should do to achieve financial independence. It is always the wrong time, the wrong month, the wrong season, or the wrong year. If you keep procrastinating on your financial future, you may have no future to look forward to afterall.
REASON #4: THEY ENJOY IMMEDIATE GRATIFICATION
The great majority of people have an irresistible temptation to spend every single money they make and whatever else they can borrow from family and friends or buy on credit. If you cannot delay gratification and discipline yourself to refrain from spending everything you make, you simply cannot become weathy.
REASON #5: THEY LACK TIME PERSPECTIVE
This is perhaps as important, if not more important than all the other reasons for not becoming wealthy. Research shows that there is one single factor than any other in predicting financial success, and that factor is called time perspective. Time perspective refers to how far an individual projects into the future when making plans to succeed at any endeavour. Most people are simply unrealistic especially when it comes to financial goals. You may not become a millionaire in one year, but if you are dedicated to what you do and are competent at it, it’s very reasonable to expect to start eaning good money from it within seven years. This requires patience and persistence – two things that most people lack or are just not prepared to cultivate.