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We all want to be financially stable and enjoy the many comforts of wealth.
Even though the desire to become rich is universal, only a tiny percentage of people achieve the financial status needed to be wealthy.
What sets these wealthy people apart from those who never reach that financial status? It doesn’t just depend on how lucky they are.
The thing that makes all the difference is their mindset and day-to-day habits.
In this article, we will look at 24 things you must sacrifice to increase your chances of reaching total financial freedom and true wealth.
These 24 things are typical behaviors and thought patterns that can keep us from reaching our full financial potential.
Don’t think that giving up these things will lead to a dull, uneventful life. By giving up these things, you will also improve your happiness.
1. Poor Mindset
Changing your mindset is the most significant sacrifice you need to make to become rich.
Without realizing it, you may have a negative poverty mindset, always believing you won’t ever get ahead financially, or being poor is a fact of life.
To become wealthy, you need a positive mindset focused on growth. You need to start believing that things can and will change. This will be challenging at first, but as you practice positive beliefs, it will become much easier.
2. Fear Of Investing
If you are afraid of investing and are scared to take risks, you can’t achieve the wealth you desire.
Investing is essential to true wealth if you want to achieve success, so take the time to learn about different investment options and pursue them.
As you learn, you will see that the stock market goes up, not down, over 70% of the time. By building a portfolio that limits risk, you can grow your wealth without much fear.
3. Your Circle of Friends
If you hang out with friends not interested in building wealth and living a financially stable life, it is time to start looking for new friends.
The old saying “Birds Of A Feather “is especially true when it comes to money, so surround yourself with people who have a mindset and goals similar to yours when it comes to building wealth.
But it doesn’t stop with money. You need to look hard at the qualities of those you surround yourself with. Are they always victims, blaming how things turn out on others and not themselves when warranted? Do they gossip and put down others? The more you distance yourself from these people, the better off you will be.
4. Wasting Hours Binging TV
Building wealth requires diligent work, and you can’t waste valuable time sitting in front of the TV.
Instead, spend your free time learning more about personal finance, investments, and money-saving tricks. Understand this is not saying there is no place for TV in your life. We all need an outlet to recharge. What you want to avoid is spending countless hours every night or on weekends mindlessly watching TV when there are better things you can be doing.
5. Material Possessions
If you enjoy spending money on stuff, you hinder your ability to build wealth.
Material possessions can become a trap that keeps you chained to a cycle of spending and debt when you need to focus on investing and saving. Many people buy things as a status symbol to fit in. They see others with the luxury SUV and think they need it too.
Instead, think about the things you value, spend your money on these things, and limit your purchases of material possessions that don’t bring you joy.
6. Social Media
If you constantly use social media to compare yourself to others and feel pressure to keep up with the latest trends, you are setting yourself up for overspending and financial stress.
Instead, focus on living within your means and learning new ways to build a solid financial foundation.
It’s also important to remember that many people posting online only talk about the good things happening in life. You might see them painting a picture of their vacation as amazing, but you don’t see their miserable everyday life.
7. Thinking You’ll Get Rich Overnight
If you believe in get-rich-quick schemes or think that one lucky investment will make you wealthy overnight, you need to adopt a new way of thinking.
Building wealth takes time, discipline, and a solid plan, so avoid quick fixes and focus on long-term, sustainable strategies for financial success.
8. Expensive Comforts
Whether you like to be comfortable in a luxurious home or drive a high-end car, these expensive comforts drain your bank account and don’t bring you closer to becoming wealthy.
Remember, true wealth is not about having the most expensive things; it’s about being financially secure and having peace of mind.
9. Self Doubt
One of the biggest obstacles to achieving financial success is your self-doubt.
It is important to believe in yourself, have confidence in your abilities, push past any doubts you have in yourself, and trust in the process you have started toward building wealth.
10. Relying On Your Emotions
It’s important to keep a level head and make logical, well-informed choices when it comes to money.
If you let fear, greed, or other emotions cloud your judgment, you can be led down a path of poor financial decisions.
11. Approval From Others
If you rely on others’ approval for your financial decisions, you may make choices that are not in your best interest.
Making decisions based on your goals and priorities is important, rather than seeking validation from others.
12. Procrastination
Procrastination is a common problem in all parts of life, but it is especially prevalent when it comes to managing finances.
If you tend to put off making important decisions or taking action, you will miss opportunities that could bring you financial gains.
13. Eating Junk Food
You might not think giving up junk food is necessary to become rich, but it can have a big impact on your bank account.
Constantly buying fast food, snacks, and sugary drinks adds up quickly, and unhealthy eating habits can also lead to health issues that result in expensive medical bills.
14. Comparing Yourself to Others
If you fall into the trap of constantly comparing yourself to others, stop!
This can make you feel inadequate, leading to impulsive decisions to match the appearance of wealth or the success of others.
15. Overthinking
It’s important to trust your instincts and not get caught up in endless thinking about what to do. Of course, you shouldn’t make important decisions in a split second.
Learn to make informed decisions and take calculated risks instead of missing opportunities by constantly second-guessing every move you make.
16. Thinking Small
Sometimes, we limit ourselves by thinking small and not setting large enough goals for ourselves.
We often make the mistake of thinking we are unable to reach lofty goals when, in reality, a challenge could do us a lot of good.
Even if you start small, with determination and hard work, anything is possible!
17. Making Excuses
If you make excuses for not achieving your financial goals or dreams, you are only holding yourself back.
Stop making excuses and start taking action toward achieving your dreams. Remember that everyone faces setbacks in life. While some people are handed a golden ticket, most successful people fail many times before they make it.
18. Being Perfect
Perfection is an unrealistic goal that will hold you back from reaching your goals. For many people, perfection is the reason they are not where they hoped to be in life. Many times, doing something is a lot better than perfection.
Set realistic financial goals for yourself and strive for progress, not perfection.
19. Fear of Change
Not everyone likes change, but change is necessary for growth and reaching new financial heights.
Don’t let fear of change hold you back from taking the steps needed to succeed financially.
20. Living In The Past
If you have made some financial mistakes in the past, turn loose of them and look to the future.
Learn from your mistakes, but ensure you are moving toward a better financial future.
21. Addictions
Addictions, such as overspending or gambling, or any other addition for that matter, can quickly drain your bank account and your time.
Examine your finances closely to track your spending habits. You might uncover addictive behaviors that are causing you to make poor financial decisions.
22. Fear of Judgement
Many people fear being judged by others, but it’s important to remember that you control your finances and should not let others’ opinions dictate your decisions.
Focus on your progress, and don’t stress about what others think.
23. Laziness
Have you heard the saying, “The early bird gets the worm?” This saying also applies to your finances.
Don’t let laziness stop you from achieving financial success; stay the course and keep moving forward.
Stay motivated and focused on your goals, and don’t let laziness hold you back.
24. Being a Control Freak
It’s natural to want control over your life and finances, but being a control freak can hinder your progress.
It is essential to seek advice from financial experts and learn new ways to manage your money.
21 Habits Of Wealthy People
Do you what separates the wealthy from everyone else? It’s their habits.
The good news is learning their habits is simple which means with a little effort, you too can become wealthy.
How To Become Financially Independent
Being financially independent means not having to worry about money ever again.
You can choose to work if you want to, and spend money as you wish. But how do you get there? Here are the steps you need to take.
HOW TO BECOME FINANCIALLY INDEPENDENT
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.