While the title seems kind of harsh, maybe it’s time for a little brutal honesty. If you’re at a certain age and you’re not rich yet, then chances are, if all things remain constant, you’ll never be rich. The operative phrase there is “if all things remain constant.” Have you ever had those days when you’d look at yourself in the mirror and see you for who you are: a smart, talented individual who should be rich but isn’t? Don’t fret, because everyone has had those days. The thing here to keep in mind is that there are things you need to change if you do want to be rich. If you’re happy with your finances the way they are, then by all means, keep on doing what you’ve been doing, but remember, things can always get better.
There are plenty of things you could improve on in order to achieve that next financial level, and here are some of them:
Horrendous Spending Habits
If you spend impulsively as though you’re already rolling in the big bucks, then chances are, you’re going to be stuck in a financial rut for a long time. Personal finance management is what separates the financially successful from the monetarily mediocre, and it’s high time you took a good, long, hard look at your spending habits. If you spend more money than you make on a regular basis, then chances are you’ll be living from paycheck to paycheck for a very long time. Wisening up and controlling your spending would go a long way in determining whether or not the possibility of you ever becoming rich.
Lack of Financial Goals/ Planning
A plan always has two integral parts: a goal and the steps to be taken to achieve that goal. It’s hard to craft any workable plan without a specific goal, and it’s impossible to achieve any goal without a logical plan. If you claim to be sick and tired of waiting for your next paycheck, a salary that’s going to be spent almost entirely on bills and debt payments, then what specifically do you want instead? And don’t just say you want to be rich? Vague goals are impossible to plan for. Think about the specific state you want your financial life to be (be it being debt-free, or having a promising retirement fund, or just being able to afford that new car that’s coming out next year) and then work towards getting it. What’s the most effective way of reaching that goal? Is that course of action possible given your current circumstances? If so, go for it. If not, revise the plan. Basically, a plan gives you direction. Not having a plan means you’re directionless, and in personal finances, a lack of direction means either your finances stay in place, or they just get worse.
Prioritising the Image of Being Rich to Actually Getting Rich
Putting up the image of success is indeed required to actually attaining success, particularly if you have a business or investment and you’re looking for people to back you. However, there’s a big difference in conveying an image of success to creating the illusion of being wealthy—the biggest one being that the latter is actually going to stop you from being rich. Maintaining an image of wealth is going to take a whole lot of money. Ditch the need to look rich, roll up your sleeves and start working harder and smarter for your wealth, and with consistency, prudence and a minimal amount of luck, you wouldn’t need to put up an image of being rich at all.
Choosing Easy Over Right
Financial success is always tied into professional success, unless you win the lottery. If you don’t have that kind of luck, then you might have to have a more focused look on your career. People who tend to do things the easy way (taking shortcuts, procrastinating, putting in the bare minimum of effort) are going to have to get used to getting by on their basic wages. Drive yourself to be better at your job in order for you to be truly successful. Always strive to be the best at what you do. Constantly improve yourself. Set a higher standard for yourself and your employers would find it difficult not to notice you.
Summing all of this up, the reason you’re not rich, and the possible reason you’ll never be rich, lies with you. It all begins with a distinct choice of improving yourself and your life, followed up by action consistent to those goals, and your dreams of financial supremacy would become a glaring reality.
CompareHero is the leading Malaysian financial comparison platform, aimed at helping Malaysians save time and money. Visit CompareHero here.
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