Being “rich” could mean different things to different people, yet I strongly believe that it means having the financial freedom to gain your personal goals and live the life you love. However, in fact, successful investors doing things in a certain manner that can help them become rich while other investors continue do things differently and in general they tend to struggle. According to the professionals, there are some common financial mistakes many people make which keep them away from their potential wealth. So, the question asked by those unsuccessful people is why they were not rich yet. Want to know why you will never be rich? Keep reading this article on VKool.

1. You Spend Too Much

Yes, you spend money like you are already rich. Of course, it feels good to purchase expensive things, whether it is designer clothes, a luxury car, a big house, or a tropical vacation. Even if you do not necessarily purchase those pricey items, if you continually buy the stuff that you do not actually need, it might still add up fast. Blowing your whole paycheck each month is not an ingredient in the recipe for financial success. So, in order to rein in spending, right now, you should begin by tracking where the money goes every month. Try to cut back those nonessential things and create a realistic budget which will ensure you have enough to pay the bills as well as enough for contributions to retirement account and a rainy-day fund.

2. You Do Not Create A Plan

Without short, mid and long-term goals, becoming rich will seem like an impossible goal. That will turn into your go-to excuse for why you had better stop overspending or not bother saving. There is a saying that: “Those who fail to plan, plan to fail”. Sure, learning how to create a financial plan is necessary for everyone in the modern days. However, it is rather intimidating or overwhelming, yet it does not have to be. Whether you create a financial plan by yourself or work with a financial consultant, the creating process simply begins with prioritizing your own goals and listing them down. Put that list where you could see it on a regular basis. Also, you can make use of visual reminders to stay on track.

There are a lot of reasons why we will never be rich, so if you want to know more and know how to be rich, you should read the Think and Grow Rich book.

3. You Save Too Little

If you are like most people, your saving habits can use some improvement. The personal savings percentage in many countries, especially developed countries like the U.S goes down over the time. However, for most normal people, saving needs to be a priority to build wealth firmly. Just start with an emergency fund that could be tapped in the event of a job loss, an illness, or other unexpected calamity. Once you plan well for an emergency fund, you could divert small amounts responsively other goals, like paying for college fee or purchasing a new home.

4. You Carry Too Much Debt

Why you will never be rich? In reality, debts are considered as a precursor to financial success, such as buying real estate, starting a new business; nevertheless, a high-interest credit card balance is not your lucid option. In that case, you should pay down those credit cards with the highest rates as soon as possible before paying off for others.

There are a lot of reasons why we will never be rich, so if you want to know more and know how to be rich, you should read the Think and Grow Rich book.

5. You Pay Too Much Fee

Banking fees, late fees, credit-card fees – all these fees may seem insignificant when counted on individually. And, after all, an overdue library book may just cost you one dollar. However, if you are often paying fees and penalties, these charges will rapidly eat a hole in your own budget. Late-payment penalties for those credit cards could increase as high as $35.
Thus, how do you avoid these pesky fees? Just read carefully the fine print so you could understand the fee rules, stay organized and avoid breaching those rules. With a little bit of effort you can manage debt and boost your savings.

6. You Do Not Have Your Emergency Fund

It is recommended that people need at least six months of income saved in case of a certain emergency. We all know that life is tricky, and we could not project every area in our life. Not having some kind of safety net could turn a comfortable situation into an unexpected one or even a disaster.

7. You Keep Complaining Instead Of Committing

As mentioned in the reason why you will never be rich above, in order to achieve your financial goal, the thing you need to do is to commit. Yet, the reasons that people give to justify for their bad habit of saving are often “life is too expensive”, “I do not earn enough money”, or “I will never get out of debt”. Old habits die hard; however, as long as you do not do anything to change, nothing will change. Therefore, stop complaining about your life and your troubles. Instead, you should take responsibility for your own non – productive habits and focus on how to modify them in such positive ways – then do it.

There are a lot of reasons why we will never be rich, so if you want to know more and know how to be rich, you should read the Think and Grow Rich book.

8. You Start Late

With every month or year that goes by without saving, the chances of becoming rich will reduce. Time and compounding interest are your best friends when it comes to increasing money, so wasting your effort and energy really hurts. As usual, like beginning a new schedule of diet or exercises routine, the most difficult part about saving is to get started. Even when you have a small income, many expenses, or have debts, you can still save something, even a small amount.

The sooner you start the habit of saving, the easier and more possible you can develop your savings. In other words, even if you start saving late, you could still live the life you wish if you are committed to yourself. However, it is the best if you start right now.

See: tips to get rich

9. You Buy Everything New

We all love to use new stuff. Yet, it is often not the best investment, especially when you do not have too much money. If you are not comfortable purchasing something that other people have owned, then get over your hand-up as you are missing a great chance of saving money.

10. You Retire Too Soon

This reason for the question why you will never be rich though is not too popular, with the pressured working environment in recent days, it might happen more regularly. An early retirement is a popular dream of many people, yet being retired when you are too young can come with some potential drawbacks, like salary benefits and health care. You must be 65 to qualify for Medicare. Concurrently, without access to employer-sponsor plan, you may have to spend a lot out of your pocket for the individual coverage until you are eligible for the Medicare.

There are a lot of reasons why we will never be rich, so if you want to know more and know how to be rich, you should read the Think and Grow Rich book.

11. You Put All Eggs In One Basket

Maybe, you, as being an investor, can get lucky by wagering all your money on the kind of investment. It is also likely you get lucky winning the lottery. Nevertheless, it is not a long-term strategy to live by or for becoming rich. If you put all your investment in one place, you will get too much risk. Your investment portfolio should contain investments with varied levels of risk as well as ROI potential and liquidity.

If you are just starting off and you just have a small amount of money to invest, then you might not be able to diversify just yet. In such case, saving anything is much better than nothing. However, in the long term, diversifying your investment should be your best bet.

12. You Pass Up Those Free Money

Would you neglect a bill of a hundred of dollars on the sidewalk? Absolutely, no. I bet that you will bend over and pick it up. So, why do you overlook other chances to get free money? If your boss matches employee contributions to a 401k, yet you are not joining in the plan of retirement, then you pass up free money. If you let rewards point from credit cards or loyalty programs expire, then you also pass up free money. If you claim the standard deduction on the tax return when you qualify for itemized deductions that can lower your tax bill more, then you pass up free money. There may even be free money out there that you might forget about or you do not know of in the first pale. You should do a research to find out whether or not there are unclaimed assets which belong to you out there.

There are a lot of reasons why we will never be rich, so if you want to know more and know how to be rich, you should read the Think and Grow Rich book.

13. You Do Not Invest In Yourself

You are the exact person who can help you get rich. The average people tend to forget investing in themselves. This might be the single biggest obstacle on their path to riches. If you are not investing in education, or personal development, you might be limiting your potential ability to make money in the future. Your own earning power lies in your education as well as job skills. This is the most valuable wealth you own and it could not be wiped out in the market crisis or crash. So, from now, consider taking those non-degree courses online firstly to boost your current knowledge of your field or enrolling in a certain graduate program. In case you do not have a college degree, then consider taking one. By this way, you can shorten the road to success and happiness. Just bear in mind that some college majors like computer science, finance, and nursing lead to more lucrative jobs than others like arts, humanities lovers or sorry.

14. You Neglect Retirement

This also means that you just live for today and forget about tomorrow. Though it is so easy to concentrate on the present – the bills you need to pay, the items you want to purchase. However, the longer you wait, the more difficult it will be to save for a comfortable retiring life. Even if you are creeping so closer to retirement, it is not too late to begin putting away money.

There are a lot of reasons why we will never be rich, so if you want to know more and know how to be rich, you should read the Think and Grow Rich book.

15.  You Have A Complex

Some individuals believe that they will never get rich and if you believe that, the prophecy might be come true. In order to be rich, you need to believe that you want to be rich and be able to get rich. Some people think that because their parents were poor or they do not have qualities to get rich like college education, or background, they could never be rich. Yet, some of the most successful people dropped out of their college, containing Bill Gates and Steve Jobs.

So, negative thoughts will obstruct you from getting success in life. It also prevents smart people from becoming rich. Thus, from now, eliminate all your negative thoughts  and replace them with positive ones. By that way, you will get closer to success.
 16. You Love To Be Comfortable

Did you know the majority of rich people find comfort in uncertainty? Yes. Average people do not want to leave out of their comfort zone or do not want to do any damn thing except eating snacks or watching TV. They often waste their days at a 9-5 and wasting their nights in front of TV with a bag of chips. On the other hand, those rich ones hate relaxing or do not want relax too much while there are a lot of things they can do and take advantage of out there. Some of them think relaxing is rather waste of time. So, if you really want to get rich, just go out of your comfort zone and throw yourself into challenges, you will learn many useful things which will support you in the road to become a rich person.

17.  You Are Lazy

Well, this reason explaining why you will never be rich seems so obvious, but some people do not realize this fact. The couch is safe, nice and warm place to be. No one will bother you there while you put your feet up and relax. There is a big difference between being lazy and taking unnecessary rest. People need to rest and recharge so they could be ready to work productively and effectively. On the other hand, laziness takes them down the wrong path.

The best way to get out of your bed and work on something productive is finding something you love doing and make a business out of it.

The total 17 mistakes above are what unsuccessful people often make, thereby they cannot get rich. If you want to become the person getting admiration of other people and live the life you want, from now, consider all of these mistakes and start eradicating one by one.
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There are a lot of reasons why we will never be rich, so if you want to know more and know how to be rich, you should read the Think and Grow Rich book.

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