When you hear how much Dangote Owns or how much Mike Adenuga Donated to charity, your heart gets to skip a beat and it leaves you wondering, will you ever make that much money?

It’s unlikely you’ll ever experience that. Sorry.

Unless, of course, you can overcome the following four roadblocks stopping you from achieving millionaire status. Each roadblock below also offers an “immediate action step” to help you overcome the things holding you back.

Let’s get started.

1. You don’t understand how money works.

Money is not a complicated topic, but still, few seem to really understand how it works. Do you? Sure, you can blame the Goodluck Jonathan, the witches in your village, school system or your parents, but the responsibility is still on you to figure out how money is made, how it is held, how it is invested and how it is preserved.

Millionaires understand that money is not something that is discovered, won, or created by chance.

Wealth is not an accident, but an action. Building wealth is the world’s largest game, and if you want to win, you need to learn the rules. So start studying.

Immediate action step: Start by reading several great money books, such as:

Rich Dad, Poor Dad by Robert Kiyosaki

The Total Money Makeover by Dave Ramsey

The Richest Man in Babylon by George Clason

But don’t just read, internalize the knowledge. Debate it. Talk about it with your spouse, grandma and friends. Personal finance can be learned, and by mastering it, you might discover that wealth is much easier to build than you previously thought.

2. You don’t value your education.

I get it: you are busy.

You have 25 hours of work to do every day and there simply isn’t enough time to get it all done. That’s the life of an entrepreneur, so something needs to be sacrificed. Chances are, you are sacrificing your continuing education, and it’s severely hurting your chances of becoming a millionaire. Wealthy people never stop learning, despite the business in their life.

When is the last time you scheduled “learning time”? Do you just try to “fit it in” when everything else is caught up?

Trust me – it’ll get you far closer to millionaire status than those TPS reports you were planning on working on today.

3. You live to your means.

What are you doing with your extra money each month?

I know, you probably don’t have any left over. Your boss doesn’t pay you enough. Your company hasn’t taken off yet. Or whatever other excuse you have. But let’s face it: you are spending too much money. No one cares how much you make – it doesn’t matter. Everyone lives to their means. You could make N20,000 per month or N200,000 per month and you’ll still be broke.

Millionaires have made a conscience decision to live on less than they make. Instead of upgrading their life every time they make more money, they choose to put that extra cash to work for them through various investments, such as their business, stocks, real estate or other assets, which we’ll talk about next.

Immediate action step: Start documenting where your money is going to for the next three months. Figure out where every single goes to, organize the entire list into categories. Then, create a solid budget for your future.

4. You don’t collect assets.

A job will never make you rich. Neither will saving all your cash in a box. So how can you build that wealth?

Start collecting assets.

An asset, as defined by Investopedia.com, is “a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.”

Millionaires collect assets. It’s as simple as that. Do you?

Your car is not an asset. That shiny new electronic gadget on your arm is not an asset. These are all liabilities that are robbing you of future wealth.

Stop collecting these, and start collecting things that will make you money in the long term.

Immediate action step: Make a detailed list of all the assets in your life, as well as their current value. Are you comfortable with this list? Then, make a detailed plan to acquire more assets and make a pact with yourself to NOT buy so many liabilities.

Becoming a millionaire is not impossible. In fact, it’s relatively easy when you have time on your side and the knowledge to do so.

However, it does require overcoming hurdles, which can be tough. If you want to achieve a million dollars in net worth, or more, continue to learn about the game of money, value your education, live below your means and start collecting assets. You’ll get there soon enough!

Thoughts? Disagree with us? What other steps did we miss? Leave your comments below!

Source

http://giftedgreen.com/2014/blog/2015/07/28/4-reasons-why-youll-never-be-a-millionaire-and-how-you-can-change-that/

FTC

Very insightful material worthy of front page.

May God grant us the wisdom to be millionaires as we indoctrinate these points with prayers into our lives.

thanks

Educating!

U did justice to this to a good extent! Kudos!

quite educativ ........more grease to ur elbow©

Thanks you are a genius
Money have I pursued in my youth
Money have I gotten,seen ,touched and enjoyed it to the fullest
But one thing do I lack in me is saying for investment
Now I know where my problem lies