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The truth is that there are millions of
millionaires in the world. Even more people are on
track to become millionaires. However, for every
future millionaire, millions of others will never
come close to achieving financial freedom or a net
worth anywhere near 1 million dollars.
We challenge you to ask yourself, are you on
track to reach financial freedom and/or become a
millionaire? Alternatively, are you sabotaging
your financial future, making the 7 common
financial mistakes that will keep you from ever
building significant net worth?
Here are 7 Ways You Ensure You
Never Become A Millionaire
REASON #1
You are Living Beyond Your Means
If you are making this money mistake, you are not
alone. There are many people who try to finance
their American dreams. They push their budget to
the breaking point. Some live paycheck to
paycheck, others fall into the costly trap of
credit card debt. The best case scenario here is
that you are not accumulating any wealth. The
worst case is that you are setting yourself up for
bankruptcy or having to work forever. Constantly
drowning under an insurmountable pile of consumer
debt, is stressful and costly.
Around 1/3 of US households carry credit card debt
from month to month, according to the National
Foundation of Credit Counseling. This could mean
thousands upon thousands of dollars per year
flushed down the toilet on crazy amounts of credit
card interest.
Does your financial plan consist of “faking it
‘till you make it?” Alternatively, “Keeping
up with the Joneses?” The Joneses are probably
as broke as you are, so not much to aspire to
there, if you ask me.
REASON #2 You Don’t Have A Spending Plan
A spending plan is about managing your financial
expectations to avoid unwelcome surprises, and so
you will still have money left over for the better
things in life. Think vacations, clothes, massages
or even money for a babysitter.
First, take account of your major expenses that
easily fit within your income. Secondly, your
spending plan will pave the way for bigger splurge
purchases – like a vacation or a new car, etc.
If you do not have a spending plan, you will
always just keep spending whatever is in your bank
account on any given day. This will likely mean
you never have the money necessary when the
big-ticket bill comes due. Alternatively, even
worse, you will run up sky-high credit card bills
that you can’t pay off each month.
Without a spending plan, you will probably just
keep paying out whatever is in your bank account
and never have money when big ticket items (or
college tuition for your kids, for that matter)
jump onto your wish list. Or worse, these will end
up on your credit card, accumulating disastrous
amounts of interest.
REASON #3 You Chose the Wrong Career Path
If I had a nickel for every person, I knew who
went to law school, but isn’t working as an
attorney I would have another million bucks.
Anyone, with any income, can become a millionaire.
Bigger paychecks will increase the odds that you
reach the status of having a million-dollar net
worth.
For those who hate your job or career, it will
show. This can result in slower career advancement
over time. While it may be easier said than done,
choosing the right career path that comes with the
potential to earn enough to support your desired
lifestyle and is something you actually enjoy is a
major life quest for many. You many to balance
taking a job you like (versus love) to get the
money you need to bring more happiness is other
parts of your life.
REASON #4 You Are Afraid of Investing
It will be nearly impossible for the typical
worker to become a millionaire without at least
doing some investing. A few movie stars and pro
athletes will break this rule, but from there they
will have trouble making their money last if it
invested and grow over time.
You may feel safe, stuffing your life saving under
the mattress but you are losing money each and
every day after inflation eats away at your
purchasing power. If you want to achieve and
maintain financial independence, you will need the
help of compounding interest via some type of
investing.
While I will admit, there are risks associated
with investing in anything from cryptocurrencies,
stocks, bonds, ETFs, mutual funds and even buying
a home. In my opinion, the risks of not investing
are even greater. By not taking any investment
risk you are likely guaranteeing what you are most
afraid of, running out of money in retirement.
Example How to Accumulate a Million Dollars:
CASE STUDY 1*: Let’s say you wanted to
accumulate 1 million dollars by the time you were
70.
Option 1: Starting at 22 and earning 1% (after
any taxes and fees) you would need to save $1354
per month to become a millionaire. That will be
tough or impossible for most people.
Option 2: However, with the help of
compounding interest, if you were able to earn 10%
(after taxes and fees), you would need to save
just $71 per month. That is less than $2.50 per
day. I’m confident we could all find a way to
come up with $2.50 per day to become a
millionaire. Right?
This is a simple example of the magic of
compounding interest. The same end result, but you
can get away with saving a whopping 95% less!
Putting this another way, if you saved $1354 per
month from 22 to 70 and earned 10% you would have
accumulated over $19 million.
Investment is the key to financial Sucess and
living on just your paycheck alone is suicidal.
For me, Cryptocurrency investment is one of the
man’s groundbreaking invention in finance,
offering beneficial alternative avenues to the
people who have limited access and benefit from
what society presents. Cryptocurrency investment
is the right choice for 2021 and beyond. It
provides a good platform for investment and just
like every other investment, it has it’s own
risks, but you can significantly diminish the
chances of something going wrong when you have the
tight knowledge and information.
There are so many online platforms you can invest
with but not all platforms are legit so when
investing, you must apply knowledge and always
seek help from crypto experts to guide you on well
regulated and registered company platforms to
invest in.
REASON #5 You Are Not Saving Enough
Assuming you’ve overcome your irrational fear of
the stock market and have crafted the perfect
investment portfolio (or had the help of a
fiduciary financial planner to create the best
investment plan for your situation) if you don’t
save enough move along the way you will never
become a millionaire. After all, it is not what
you make but what you keep. I know plenty or
high-income folks without a pot to piss in – I
do have the pleasure of living in a Beverly Hills
zip code. On the flip side, I know plenty of
people who have managed to accumulate a nice net
worth on merely good incomes.
The saying is true; a penny saved is worth more
than a penny earned. Remember, you don’t have to
pay taxes on a penny saved.
Stop procrastinating; there will never be a better
day to start saving than today. Even if you can
only save a tiny amount, you will be better off
than if you never started at all. I bet you will
be surprised how you don’t even miss the money
you are socking away. That tiny savings rate can
grow over time into something substantial.
CASE STUDY 2*: Let’s say you just turned 40 and
want to become a millionaire by the age of 70.
If you earned 1% net of fees and taxes, you
would need to save $2383 per month. That is
$28,596 per year.
Assuming a 10% net return, you would only need
to save $442 per month.
Remembers these numbers continue to grow the
longer you wait. Just starting at 40 versus 22
translates into needing to save nearly six times
as much per month. GET STARTED NOW! No matter your
age, the sooner you get started, the better off
you will be.
Reason #6 You Chose The Wrong Spouse
There are many financial benefits to being
married. Choosing the wrong spouse will make your
quest to become a millionaire much more difficult.
If one spouse is a spender and the other is a
saver- the spender tends to win out. When
considering a life partner, don’t forget to take
into account how you each think about money.
REASON #7 You Lack Purpose In Life
Those who have a purpose or passion in life make
it easier on themselves to get up each and every
morning. Over the years, I’ve observed that many
of my happiest and most successful financial
planning clients actually love what they do. The
move through life with an extra spring in their
steps.
It may be tempting to pick a job or career path
based mostly on the salary, also consider the
quality of life that it will end up providing for
you and your loved ones. Follow your passions and
dreams and money will follow, as the saying goes.
At risk coming off all unicorns and rainbows, but
I can honestly say I’ve seen real-life examples
of this over and over again in my career helping
people better lives through financial guidance.
This is part one (1) of seven (7)
You have the ability to reverse any and all
reasons we list for you.
So we share this program inside the link below.
We know for sure that correcting adverse situations
and using an new game-plan will work.