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Thursday, December 9, 2010

Why Are Most People Not Wealthy?

Why is so difficult to get rich? Most people lack the willingness to change their ways. Building wealth is a way of life. It's a mindset or paradigm that few people are willing to accept. Achieving the mindset often requires only a few simple changes in the way we think about and view life.

Most people also lack of dicipline to maintain the changes. It's not easy to change, much less make the change permanent. Most people don't have the tenacity or "stick-to-it-ness" necessary to build wealth. They give up too easily.

Brian tracy, in his famous cassette tape series, "The Phychology of Achievement," mentioned  a study that was done several years ago involving a group of people who were worth more than $1 million before the age of 30. They were all asked, "How many different businesses were you involved in before you became a millionaire?" The average answer was 18. Can you imagine? What does this tell you?

It tells me that achieving wealth takes a heck of a lot of tenacity and patience. You have to be willing to stick to this goal and be willing to fail more than once. I speak from experience. When i don't enjoy what i'm doing, the chances are good that i'm going to give up after failing the first few times. My money- management firm lost money during the first three years of business, but this didn't get me down. I had a passion for building my firm that would never let me quit. Now, my profit margin exceeds 50 percent.

p/s: Two other common ways to become wealthy include inheritance and marriage. Most people who achieve wealth in that manner do not become good stewards of their money.

The Least You Need To Know

  • Wealth can be built by anyone at any age who is willing to learn and develop the habits and characteristics necessary
  • The habits and characteristics are simple to understand and easy to implement but grossly overlooked by so many people.
  • Start identifying the common misconception of wealth, and don't let them hold you back from achieving your fortune.
  • To build real wealth, you have to believe that it can be done.
  • Wealth is a journey that requires a high level of tenacity and determination to overcome the occasional setbacks.

Taken from The Complete Idiot's Guide To Getting Rich by Larry Waschka

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