So many of us dream that we want to be rich – that point in time where you have sufficient finances behind you that you don’t have to ask yourself ‘can I afford this?’ Because you know the answer is already Yes!
But for many of us, that life-long goal is thwarted by a number of tricks, traps and roadbumps.
The following is 10 things that we’ve found stop people from reaching their financial goals and may help you to getting closer to being rich.
Credit – Don’t buy things you can’t afford. It’s that simple.
Lack of interest – Your money in the bank should be earning you money so move to a high interest bearing account.
Budgeting – Some people believe that budgets are for those living week to week but they’re not. It’s about keeping track of your money to allow small changes to make big differences.
DIY – We can’t all be experts in everything so you need to outsource some things. Employ the services of experts such as a qualified and trusted Financial Planner and Tax Accountant to assist you on your journey to becoming rich.
Acting rich – Don’t fall into the trap of showing wealth before you have it otherwise your wealth could be tied up in flashy luxury items rather than in your investments and bank accounts.
Sacrifice & compromise – Don’t expect that you can have it all. Sacrifice now for enjoyment later.
Calculated & comfortable risk – Realise that you have to take some risk to achieve return but work out what you are prepared to take on.
Enthusiasm & Understanding – Be excited and enthused by your plans. Understanding the steps that you are taking can provide comfort in the fact that you are doing things to achieve your financial goals.
Learn from Mistakes – If something doesn’t work, don’t do it again hoping for a different outcome.
Ask – If you ever have questions or need help, ASK!
This article was first published for Leaders and Lattes blog
