You might think that if Kylie Jenner can become the world’s youngest “self-made” billionaire, then the rest of us can manage to become mere millionaires right? With enough time, hard work, and smart financial decisions everyone can become whoever they want to be, you just got to set your mind to it.
There are millions of young people around the world who are on the right track to becoming millionaires. However, for every future millionaire or Jenner billionaire, there are a lot of others who will in fact never come even near achieving their financial freedom, or a net worth anywhere close to one million dollars.
Here I’ll be covering some of the common issues that will prevent you from becoming a member of the millionaire club.
You’re not saving enough
If you don’t save enough money along the way, you’ll never be able to become a millionaire. After all, It’s not what you make, but what you keep.
Afraid of investing
If you want to achieve and preserve your financial independence, then you need the help of compounding interest from some type of investing in anything, varying from stocks, bonds, mutual funds, or even buying a house for example.
You’re living beyond your financial means
If you’re making this particular financial mistake, trust me, you’re not alone. Me and all of my colleagues do this, we push our budget to literally the breaking point, and regret it by the end of each month.
Wasting money on debt payments
This mistake has left many of us in a state of moving from one financial mistake to another. In fact, it actually goes hand in hand with living beyond your means. In spite of a good debt like a mortgage, or a student loan can help build wealth in the long term, however, it’ll more likely become a major roadblock in your life.
You make unhealthy choices
We need to be aware of the fact that without your health, no amount of wealth can be able to buy back your quality of life! Make time and spend your money to ensure you are getting all of the necessary physical exams that your health care professionals recommended.
You spend money like a crazy person
If you don’t have a spending plan, then you’re in big trouble my friend. You need to spend on a budget. I honestly cringe every time I hear this word, but you need to operate on a spending plan to manage your financial expectations and accordingly avoid any unwelcome bills.
Choosing the wrong career path
For those of you who hate their jobs, it shows. This will result in fast career decline, but choosing the right career path comes with the potential to earn enough to support the lifestyle you desire.
You lack purpose in life
For those of us who have a passion about something, and they happen to be good at it, they make it easier on themselves to get up every morning and head to work with an extra spirit in their steps.
Choosing the wrong spouse
There are so many financial benefits from being married such as sharing the financial burden between the two of you. But, if you marry a spender, and you consider yourself a saver, then the spender will definitely win out. So choosing the wrong spouse can for sure make it very difficult to become a millionaire.