“Your shoes are lying here and I am going to throw them away now, keep your books where they belong, your bag are here again....…zzzzzzz.” You have tuned off already. If you have ever been a teenager you remember this with your mom's voice in the background.
And when you read “You are spending without control, don’t overuse your credit card, you are not saving enough, you borrowed badly, you are investing without a plan” about how you should manage your money, does your mom's voice tune in too? It does for me. They mean well true, but they end up being mostly nagging noise bites that no one is listening to.
While you are at it and thinking about what is stopping you from getting really rich, all the above are true. You probably have no control over your spending or you are not saving enough. You know them and you beat yourself about them.
But if you are simply not able to do much, I know what that means. I have been there. Your self-control and discipline have a certain stretch limit. You get back to earlier habits in no time.
You cannot address them, because they are symptoms. They are not the problem itself.
Do you want to know what the problem is? You know what is really stopping you from getting rich?
No.1 – It never occurred to you
Most of us, average Indians have grown up in middle class families. No one in the family was really rich. No one told us we could get rich.
You probably relate to being smart or intelligent or athletic or kind, but being RICH is something that doesn’t occur to many. So, you never really had a chance.
No.2 – You wish you got rich
I wished I lost weight too. I wished and wished but nothing happened. Till I broke a sweat.
If you are saying dreamy eyed and all ‘someday I will get rich’ and are hoping and praying that you make a lot of money, you don’t need me to tell you that it’s not working. Allow me to suggest something.
Try a little change in the script now. Say, “I have decided to get rich” and check for next steps. Now, you are giving yourself a fair chance.
No. 3 – Maybe tomorrow
You are waiting for the bonus to come, or the business to settle down. Some important expenses do come up all the time. It is not a good time in business, or it is very good time in business. The product is not perfect, the markets are very volatile, the monsoons have failed. There are a hundred legitimate reasons for saying “Maybe, next year”.
If you are giving very good reasons to not do now, what you know you should have done long time back, you just sabotaged your chances.
No. 4 – You don’t pay the price
Price one – Delay gratification. You don’t have to spend every rupee you earn and max out the credit limit in every card. It is not compulsory.
Price two – Get an adviser to help you set a target for how much wealth you can create, draw up a plan, make it easy for you to implement the plan and stick to it. This is money spent well. Of course, I have to say this. I have my interests.
When you don’t pay the price, no one is willing to sell. Goddess Lakshmi inclusive.
No.5 – You fail to see the long term
I was reading a very interesting article on entrepreneurial lessons from Marwaris – the original business community. The focus of the article, apart from many other very interesting insights was how Marwaris see long term business success which grows over many generations and hence carefully groom successors within the families to carry forward the torch.
The idea behind this was, to do great things one lifetime isn’t enough. How then will 3 years be enough to build multi generational wealth? 30 years or more is what it takes.
Now, that doesn’t mean you live poor to die rich. No. You live well and manage money intelligently to leave behind a legacy.
So, if you want to get rich you start with
Thoughts inspired by Brian Tracy’s blog on the same topic
So, what do you think are reasons most people don’t end up rich? Are you giving you and your family a fair chance? Share your thoughts here ....