Everyone says they want to be rich, but have you ever wondered that why everyone is not rich? Did you ask ever yourself why you are not rich? If you have not inherited a fortune or a lot of money and wealth; are not good at wealth management; have not been investing in stocks in a prudent manner with a lot of patience and have generally not been very careful with your investments, then the chances are that you would not be a very rich person ‘yet’. Now, that may be seen as quite a loaded statement. Let us look at this aspect in detail here. Please read on if you want to know the important reasons why you are not rich yet. Also you may like to watch the video at the end.
Also recommended: How Rich Become Richer
What does ‘Rich’ mean?
It would be better that we go deep into the subject. So let us begin by defining “Rich”.
The meaning of ‘rich’ could be vastly different for different people. What it means to you would largely depend on your perception, background, outlook, education and perspective in life, in addition to many other factors which could vary from individual to individual. Not only that, your own perception as to what being ‘rich’ means, what is wealth management and your views on investing in stocks can also change as you move on or evolve in your day to day life.
Going strictly by the definition, a ‘rich’ person is one who has a great deal of money, wealth and tangible assets. A commonly accepted idea and perception of being rich is ‘the person has achieved his financial independence and a good level of living for himself and his immediate family’.
Getting rich, wealth management and investing in stocks
As you start earning a lot of money and acquiring wealth, you will need to learn the art of wealth management. Investing in stocks will, perhaps, play a key role in all these activities. Over the last four decades or so, a large number of people have made money by patiently investing in stocks using various tools that are easily available today. One can also learn a lot about investing in stocks and wealth management by tapping various sources online or by joining coaching classes.
Are you ‘Rich’ yet?
Well, that may be a million dollar question!
The very fact that you are, at this moment, reading this article suggests that either you are not rich ‘yet’ or in your own opinion, you are not ‘rich enough’ yet! Whatever the case may be, let us look here at some key reasons why you are not rich enough or rich yet.
Important Reasons Why You Are Not Rich Yet
There could be many roadblocks which have prevented you till now from getting rich. With a conscious effort, you can remove some or all of them within a short span of time. Here are 9 such reasons:
1. You have never had the ‘Intention’ or keen desire to get rich
It is said that there is a strong connection between your thoughts, words, actions and results. In order to get rich sooner than later, you must have a strong desire to earn money and get rich fast, of course through legitimate means only. Your keen desire to earn money and acquire wealth will give shape to positive thoughts and actions such as prudent investments, which will lead to your becoming rich in the times to come.
If you have ever nurtured any negative thoughts about having excessive money or about the extremely rich people, drop them like a hot potato. Having tons and tons of money and rolling in wealth is not a bad idea at all, so long as you know as to what you should do with your money and wealth and you also do not actually put it to any bad use.
2. You don’t believe you deserve to be Rich and Wealthy
The general belief of an average person is that only lucky people are rich. The truth is, in a country which has free economy; you have every right to be rich if you are willing to create valuable service or product for masses.
3. You believe you lack something to be Rich and Prosperous
Whenever you think of becoming rich you remind yourself of the qualities you think you lack. For example you think that you do not have formal education or the age is not on your side or you are not smart enough.
However keep in mind that search so-called “constraints” never held back people who became successful. The founders of Microsoft, Facebook, IKEA, were all either college dropouts or never even attended college.
To amassed wealth you need to be good at your work and your specialized knowledge.
Formal education will make you a living. Self-education will make you a fortune.
4. Risk Aversion
If you are averse to taking risks with your money such as investing in stocks, better change your habits and attitude soon. Not investing in stocks and effective wealth management cannot go together. You must have heard, “No Risk, No Gain!”
Quite simply, if you always choose to stay away from taking any risks with your ‘hard earned’ money, you will continue to get only limited returns on your money, wealth and investments. With just a limited amount of money, wealth and investments, what wealth management can you really do? So, instead of having this approach, you should at least consider carefully investing in stocks and putting a part of your money in other investments where the returns tend to be higher, albeit with a calculated risk that you may need to take.
Don’t let your fear become a roadblock in your efforts to earn money to achieve your financial independence at the earliest. Of course, take calculated and informed risks only.
5. Lack of Financial Literacy
Basic financial literacy is the key to wealth acquisition and wealth management. The art of investing in stocks and wealth management also come with this financial literacy. However, since everyone does not get access to such knowledge in the normal course, you should make efforts to educate yourself on finances and financial matters at least to an extent that you do not have to totally depend on an outsider for your wealth management. Seek guidance as required and keep updating your financial knowledge. Know for sure that even those who start small often reach unprecedented heights with effective wealth management and periodic reviews. They are able to make good amounts of money and generate wealth by getting good returns on their investments.
Cynicism or distrust in yourself may rob you of the confidence to move forward or take a positive financial decision despite having the requisite knowledge and information. This could be counter-productive and be your enemy in that respect. Drop that ‘self doubt’ and stop backing out of wise investments at the last minute.
Better understand that having genuine concerns and having overblown fears are two different things altogether. Do your homework well and don’t let others talk you out of what you know is right. Have total trust in your knowledge.
7 . You believe money is the root of all evil
In some families and societies there is a belief that the love of money is the root of all evil.
In case you have been exposed to this incorrect programming and ignorance, your mind would prefer to focus on lack and limitation when it comes to money. Of course, money doesn’t guarantee happiness, but it does make your life easier and more enjoyable. In fact, having no money or less money adds to the problems and challenges in life.
8. You believe it’s noble to be poor
Many of us have been misled to believe it is not spiritually correct you want money or love money. We are told that if you want to be happy and peaceful then let go of any desires for money. We are programmed not to have any ambition for money because that is pure greed.
The truth is that it is natural for the humans to want more and achieve more. That is how the human mind gets motivated. Ambition is not a sin. On the contrary, ambition is a motivating force which drives to act and achieve.
Arrogance is a proven way to lose money. Arrogant people firmly believe that what they don’t know is not important. Does it not amount to inviting disaster?
Don’t ever use arrogance to hide your ignorance. Instead of pretending to be confident, accept the situation and try to learn what you don’t know. After all, there is no one around who knows everything about everything!
For getting rich, you have to be honest to your own self. Then alone can you achieve the much sought after financial freedom.
These are some of the many reasons why you are not rich as yet. However, keep in mind that Rich people aren’t any more ambitious or have any more desire to be rich than you do. They just have more faith in themselves to make their dreams come true. In order to become rich on your own, you need to believe in yourself more.
A Must Watch Video
A note from the editor
Hope you liked this article. Here are links to a few more articles on this website:
- How Rich Show Off Their Wealth
- Best Passive Residual Income Ideas
- Best Work from Home Ideas for Housewives
- Five Steps to Investing in Stock Market
- How to Start a Business with No Money