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20 Factors that are keeping you from becoming Rich

20 Factors that are keeping you from becoming Rich

woman with scarf beach

Although money alone won’t make us happy, the lack of money surely will make us miserable.
— Suze Orman

Getting rich and achieving financial success is all about hard work, passion, planning and perseverance. It is also about making the right choices, having the support of your family, and dreaming big. Luck has nothing to do with it. Here are 20 significant factors that affect your getting rich and financial success.

1.       You don’t have a budget

Budgeting is the most basic money handling course. It is also the measure of how you will do in the more complex and advanced money management and enrichment activities. If you can manage your personal and family finances well, you’re more likely to do great things in the bigger schemes.

mom and daughter budgeting

2.       You’re not tracking your expenses

It is not enough that you plan out your financial budget, you also need to track your expenditures. Knowing where your money goes will give you a clearer idea of how you can better manage your finances.

3.       You don’t have financial discipline

Are you living from paycheck to paycheck? Are you prone to impulse buying? Do you have a savings account? Any investments? Financial discipline is about not buying things you don’t need. It is about building up your savings and channeling any extra money to income generating investments.

distraught woman with credit cards

4.       You hate learning new things

Keeping up with the times and constantly learning new things is a significant factor to consider if you want to be rich. New ideas and better ways are always coming up to replace the older, slower and more cumbersome process. Don’t sit on what you already know. Keep learning and updating your knowledge, understanding, and skills.   

5.       You give up too easily

The road to getting rich is a long and hard. Nobody said it’s going to be easy, but it will be worth the hard work, sacrifices, and perseverance. If you have the tendency to give up and give in at the first sign of trouble, you’re not going to make it.

sad woman looking out the window

6.       You don’t have big dreams

Are you happy with your life right now? Do you think getting impossibly rich is far-fetched for you? In life, you will not get anything you don’t really want. So if you don’t have any big dreams of success and wealth, you probably won’t get it. Dream big and believe it’s possible.

7.       You blame others for your financial difficulty

You don’t take full responsibility of your predicament. Stop blaming others – your husband, your kids, your parents, your boss, the economy, and the entire society for your financial ruin. You will not really have control over your financial matters if you don’t start taking full accountability.

silver arrows on the table

8.       You hate change

Change is inevitable. Trying to hold onto old and obsolete things will only lead to financial and business ruin. Instead of hating changes, embrace it, prepare for it, and learn how to make the most out of it.

sad woman in bed

9.       You’re Jill-of-all-trades

You’re into almost anything and everything! Getting into too many endeavors and trying to do too many things all at once can easily lead to chaos, distraction, and burn-out. Not to the success that you’re aiming for. Instead, work and focus on one project until it succeeds, before taking on the next one.

10.   You’re always looking for the quickest and easiest way to get rich

Are you always on the lookout for quick rich schemes? There are thousands of quick and easy, no-work, no risk schemes offered online today. Promising impossibly high returns for a minimum investment. But the sad truth is, they’re all a sham. Scams that are only trying to get money from you. So if anything comes that’s too good to be true, it probably isn’t.

bunch of paper money

11.   You’re in the company of wrong people

Who are your friends and how are they doing financially? If you surrounded yourself with financially proficient, persistent, passionate, and goal-oriented individuals, it is of great possibility that their qualities will rub off on you too. The same thing happens when you’re with capricious, extravagant, and short-term minded friends.

12.   You’re letting your fears conquer you

Are you rendered immobile because your fears are conquering you? Are you too afraid of failure, losing, and looking like a fool? Do you shun too much responsibility, unpredictability, and discovering new things? Learn to master and overcome your fears, and you master your destiny.

woman afraid shy

13.   You rely on someone or something to make you rich

You’re banking on finding a filthy rich husband, or on winning the top prize on the lotteries. Are you just waiting for that downfall to get you out of your financial mire? It’s happened to some, but if you do nothing but wait, you can spend a lifetime of waiting.

14.   You don’t have any long term plans

What are your future plans? Do you have plans for the coming holidays? How about after that? Do you have plans for the next five years? Ten years? It takes at least a few years of hard work, dedication, and persistence to achieve financial success and wealth. In order to succeed, you have to adopt a long-term perspective and devise a long-term plan.

planning board

15.   You’re not passionate in what you’re doing

You have to love what you’re doing in order for you to stick with it through good and tough times. It is also the passion that will keep you going despite the hardship and challenges. If you hate what you’re doing right now, leave it. Find something that you really love, and something that will wake you up excited each morning, happy and fulfilled.

happy career woman

16.   You’re too focused on your income, not your net worth

Your income is what you’re making, your net worth is your assets less your liabilities. If your income is making you feel rich, you’re probably in the short-term perspective. Instead of focusing on your income, take stock of your net worth. It will reflect your true financial standing and wealth.

17.   You’re not taking care of your health

Health is wealth, no question about it. If you take care of your health, you’re able to focus more and work better. You also save a lot on expensive, yet avoidable medical bills. Get a lot of exercise, eat right, avoid harmful vices, and get enough rest.

happy mother cooking

18.   You’re afraid to commit mistakes

Committing mistakes are part and parcel of learning and growth. It is impossible to avoid errors, blunders, and mistakes. It doesn’t matter if you commit a mistake. What matter is how you minimize the risk to you and your family, manage to get back on your feet after the fall, and learn from it.

sad mom

19.   You’re afraid to be different

You don’t want to stick out. You’re happy being one of the gals, an ordinary working mom striving to survive, or a happy and contented homemaker. You go out with friends on the weekend, watch TV series, complain about how hard life is, and go on yearly vacations.

20.   You don’t have a supportive spouse

Your partner has a lot to do with how successful you can be. The support and understanding of your spouse are important to achieving your goals. Financial success and wealth most likely come with a happy and harmonious relationship, while unhappiness and discord lead to failure and ruin.

unhappy couple
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