In a world where financial success is a coveted goal, the journey towards wealth remains a challenge for many. Despite an array of resources, strategies, and success stories at our fingertips, a significant portion of the population finds themselves falling short of achieving their desired level of financial affluence. The question that naturally arises is: Why?
What are the underlying reasons that prevent individuals from amassing the wealth they dream of? In this article, we will explore the 12 fundamental reasons why people often miss the mark when it comes to achieving true financial wealth.
Building wealth is not complicated. It’s something attainable for all Canadians when it’s approached with a solid foundation and a plan. The world has done a great job at making us think it is unattainable. That’s one of the reasons. Here’s the rest of them:
1. They never define it
It’s astonishing how many people embark on the journey towards wealth without a clear definition of what wealth means to them. Without a precise understanding of their financial goals, it becomes difficult to create a roadmap to success.
Step 1 in your wealth building journey is to identify what wealth means to you. There is no one size fits all version of wealth so don’t worry about what others think. What does it mean to you and what will it look like once you’ve achieved it?
2. They make it a moving target
Constantly shifting the goalposts of financial success can sabotage one’s efforts. If the definition of wealth is a perpetually changing concept, it becomes challenging to focus energy and resources on achieving it.
It’s ok to make adjustments along the way, but be careful not to get caught up in the never ending journey of needing more. Achieving great wealth is awesome and once you’ve “made it” then I recommend you start looking at adding more fulfillment to your life in other areas. Financial wealth will help you with that.
3. They define it so it’s impossible to achieve
Setting unrealistic and unattainable standards for wealth can lead to perpetual disappointment. Aiming for an unachievable goal may result in frustration and discouragement. Start with something achievable so you can build momentum around achieving it. Then you can decide if you want to aim higher or not.
4. They don’t believe they can achieve it
A self-defeating mindset can be one of the most significant barriers to financial success. If you don’t believe in your capacity to achieve wealth, you are likely to undermine your own efforts before they even begin.
5. They never make it a must
Prioritization is key. Without making wealth accumulation a non-negotiable priority, it’s easy to let other commitments and distractions take precedence. Consider why it’s a must for you. What will you do with the wealth? If you don’t know what you’ll do with it then you have no reason to make it and it won[t be a must.
6. They don’t have a reasonable plan
A solid plan is the backbone of any successful endeavor. Without a well-thought-out strategy for wealth accumulation, individuals are left wandering without direction or purpose.
7. They fail to follow their plan
Even with a plan in place, the plan is contingent upon execution. Ignoring or deviating from the established plan can lead to suboptimal outcomes. Stick to your plan!
8. They listen to experts instead of taking personal responsibility
While seeking advice from financial experts is wise, relying solely on their opinions without taking ownership of your financial journey can lead to a lack of control and understanding.
Many financial experts will give you advice, however it will be at a cost. And they aren’t always right. The more knowledgeable you can become on wealth management, the more empowered you will feel to make the right decisions, and you’ll be able to hold your advisors accountable.
9. They give up
The path to wealth is rarely a linear one. Challenges and setbacks are inevitable, but succumbing to these difficulties and abandoning the pursuit altogether guarantees failure.
Everything in life is a learning lesson. The only time you fail is when you quit. Otherwise you don’t fail, you learn.
10. They don’t conduct their financial lives like a business
Managing personal finances with the same rigor and discipline as a business is essential. Failing to budget, analyze investments, and manage risks can hinder progress.
Basic knowledge of business and finances will go a long way here. You have to educate yourself at least on the basics.
11. They allow other people to influence them
The influence of others can significantly impact one’s financial decisions. Surrounding oneself with negativity or excessive optimism can skew judgment and lead to poor choices.
Negativity will look like other dragging you down and discouraging you when little things go wrong.
On the flip side, too much optimism can also cause massive issues as you need to acknowledge the potential downsides in your decisions.
A balance of each is important, while still accepting ownership over your ultimate decisions.
12. They don’t get a coach/mentor
Attempting to navigate the complex world of finance without guidance is akin to sailing uncharted waters. A mentor or coach can provide insights, accountability, and invaluable experience.
I’m a big fan of paying for accountability and guidance. Professionals are worth investing into so that you can skip out on the hard lessons they’ve had to pay for in the past. I’ve always found my investments in professional coaches/mentors to pay me back in multiple ways including direct financial gains.
In conclusion, achieving financial wealth requires more than just a desire for prosperity. It demands a clear vision, a steadfast commitment, a well-crafted plan, and an unwavering belief in one’s ability to succeed. The journey may be rife with challenges, but by addressing these 11 reasons that often impede progress, you too can pave the way for a more prosperous and secure future.
The pursuit of wealth is a marathon, not a sprint. Be patient. The road to wealth is open to all, but it is those who recognize and overcome these barriers who are most likely to arrive at their desired destination.