The gratification of wealth is not found in mere possession or in lavish expenditure, but in its wise application.
In all aspects of life, our mind is our biggest asset, as well as our worst enemy when it comes to building wealth. If not managed properly, our mind can be our biggest liability. Most wealthy people understand this concept and use it to their advantage. They understand the mindsets or mental habits, otherwise known as paradigms, necessary for building wealth.
There are hundreds of reasons why people fail to build wealth. Below are some of the reasons why people fail to build wealth. They are obstacles to wealth.
- They work hard but not smart.
- They’re not willing to delegate.
- They accept self-imposed limitations.
- They don’t live within their means so they don’t have enough to save, and they are too proud to scale back their lifestyle.
- They’re waiting for an inheritance.
- They’re not willing to take risk.
- They don’t do enough homework to protect themselves from scavengers.
- They don’t channel their efforts in the direction of their passion.
- They lack single-mindedness of thought.
- They let pride get in the way.
- They expect and accept entitlements (such as welfare).
Realistically, this list is endless. However, each of the items has something in common. Everyone of them involves a mental belief or mindset that ultimately prevents the person from building any significant wealth. These are paradigms. Understanding paradigms and how they work, can help to improve your chance of building your own wealth.
Setting goals, managing time, and planning regularly are all keys to wealth too. If you want to build great wealth, you must learn how to set goals that align with your most important values in life. All wealthy people plan regularly. Whatever you plan for is achievable to the exact degree to which you believe you can achieve it. Hence, it is imperative that you believe in yourself and your ability to realize the goals you have.