What Major Mistakes Prevent You from Making More Money? A Top 10 List Everyone Should Read
Updated: Apr 12
Building wealth is different than making money. Making money, well, that's what we do when we don't have a plan. Making money is about survival. But wealth builds wealth in ways we'll explain with this article.
The-inspired.com’s short list of major mistakes we make that prevent us from building wealth is here. While they take focus, surprisingly most of the items listed below won’t take up that much of your time.
So what do I know about wealth? Well, it’s all part of my story…
Just over 10 years ago I was sleeping on a friends air mattress with no job, no prospects and no real game plan for the future. Eventually my friends generosity ran out and I moved into a basement apartment in Vancouver, Canada with some roommates. We were all poor.
Really poor, most of us just making above minimum wage at part time jobs found. When we moved in, we didn’t own any forks, or knives or plates. We didn’t have a couch, or beds, or even chairs and a table to eat at. My first meal at that basement apartment consisted of boiled hotdogs which we pulled out of the pot with our bare fingers, which I definitely don’t recommend. We ate that first meal of boiled hotdogs sitting on phone books, on the floor. It was a stressful time in my life. Not having any money. And not knowing what I needed to do to build my wealth.
And now, just over 10 years later I’m happily married, drive a fun luxury sports car that I paid for with cash. I have a highly successful career earning me a 6-figure salary. I am worth well over 7-figures. My wife and I own two homes in one of the worlds most expensive real estate markets, that is Vancouver, Canada. And over those 10 years, I’ve travelled to over 30 countries in the world. Lastly, and one of the things I’m most proud of now, I was lucky enough to be able to take time off from ‘work’ and my business career to focus on other projects I’ve always been passionate about.But I don’t think luck had too much to do with it.
Life is pretty good. But I’m not saying this to show off. I’m saying because if I can do it, almost anyone else can. The good news is, there was no magic bullet for me and my success.
So HOW did I do it?
No I didn’t get here by stepping on people along the way, or having parents that bailed me out. I did not win the lottery.What I did was focus on my personal strengths and what I was great at. Day in and day out. I worked hard, day and night. I sacrificed my evenings and weekends when I had to. I asked for advice on what to do. I listened. I learned. And I took risks. I took some big ones.
I began a journey of becoming the best version of myself I could be. And while I don’t think I’m there just yet, I know I’m on my way.There’s still a lot left to do, and many new adventures ahead. And that is what makes life fun, exciting and fulfilling today.So without further delay, here are the tips I’ve learned over that time, in short format.
The-inspired.com’s Top 10 Fails Preventing You From Building Your Wealth:
1. Not entering into the real estate market in your 20’s or 30’s. Find a way.
2. Not Advancing your education for a new job.
3. Not learning about Affiliate Marketing i.e selling other peoples products.
4. Not asking friends or family for career advice.
5. Not executing on the advice and tips you get from your mentors.
6. Not putting in the hard work it takes each day to advance yourself.
7. Not attempting to change careers. Or move to a new company.
8. Not educating yourself on how other people make money.
9. Surrounding yourself with people that are failing in their lives.
10. Being afraid to fail. Take risks. You won’t succeed at them all and that’s ok.
BONUS RULE x1: Leaving home to get your life started. Are you still at home living with your parents and in your 20s, or 30's or even 40s? You may be thinking that if you stay at home with your parents, you'll save more money, and you'll be better off in the future. You'll have more money for a down payment. This is all wrong. I hate to break it to you, but unless you are REALLY disciplined with a very specific game plan, you might still be living paycheque to paycheque like most people, even though you still live at home. Living at home causes a dependency mentality to take over. The path to least resistance will slow down your progress, and prevent you from growing up faster. Moving out into the world, will teach you the hard way, as it taught me, about how critical it is to FIND A WAY to make more money. This won't happen if you have the safety net of your parents. Not by a long shot.
BONUS RULES x2: Marry an incredible person. My wife has been my best friend, guide and partner just after I began to skyrocket in my career and life. I know she's played a massive part in my personal success. The right partner will help you move forward in life. The right person is your foundation to living the life of your dreams. The wrong person will stop your growth, and take you down with them.
Well that's it. I hope this help someone out there. If you have additional tips be sure to share your comments!
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