3 Reasons That Could Be Keeping You From Becoming Wealthy

becoming-wealthyMany people try to find a big break or the secret to becoming wealthy. The internet is full of “How to Get Rich Fast” articles, but your paycheck remains the same.

Sadly, there is no quick and easy route to making it big. Attaining wealth takes time, patience, and the know-how.

Here are three reasons that could be keeping you from becoming wealthy…

1. Replace Negative Beliefs About Money

Like everything I’ve said about transforming your life, financial success also starts in your mind.

So first, you’ll have a hard time becoming wealthy if you don’t surface, identify, root out, and replace any negative or limiting beliefs you have about money.

Things like:

  • "Money doesn’t grow on trees."
  • "You have to have money to make money."
  • "Money is the root of all evil."
  • "You can’t buy happiness."

Include Money In Your Daily Affirmations

These beliefs are subconsciously putting out the wrong vibrations. They conflict with your conscious intentions of becoming wealthy. Tackle these beliefs and turn them into positive turnaround statements like:

"When it comes to me, money is the root of love, joy, and good works."

And remember to include money into your daily visualizations and affirmations.

Visualize all your financial goals as already accomplished. See your desired paychecks, rent checks, bank statements, stock reports, and real estate portfolios. Feel the feelings you think you would feel when each of these becomes a reality.

Learn more about daily affirmations here.

2. Start Spending Less

The second reason becoming wealthy is hard for you is you’re not spending less.

Spending too much keeps you in debt, prevents you from saving, and focuses you on consumption.

Try this: Go through every closet, drawer, and cabinet in your house and take out everything you haven’t used in the past year.

I’ve encountered people who found expensive clothes and equipment with the tags still attached, literally used once.

Add up the cost of these items, and you’ll probably find that the total is more than your current credit card debt.

Pay Cash For Everything

To get yourself to spend less, I am going to suggest – except for things like your car or your home - paying cash for everything.

It’s immediate and it makes you think about what you’re buying. Since it’s tangible and visible, you’ll start to consider every purchase much more carefully.

Have the Lifestyle You Want For Less

Also, try living the lifestyle you want, but paying a whole lot less for it.

Try to buy things on sale. Ask for deals. Research the lowest price on the internet. Buy designer clothes at vintage shops and so on.

I know many people who do this to maintain an aggressive saving and investment program - and most success coaches will agree, too!

3. Pay Yourself First

Lastly, before you pay your debt and for the lifestyle you want, you’ll never become wealthy if you don’t pay yourself first.

There’s a book written in 1926 by money leader, George Classon called, The Richest Man in Babylon, which said the first principle of creating wealth is: “A part of all you earn must be yours to keep.”

Start by putting at least 10% of all your earnings aside. Make that money inaccessible for expenses and you’ll see this amount build over time. In turn, it will start earning money on its own.

Live on What’s Left

The world’s most aggressive savers make investing money as important as paying their debt. Get in the habit of immediately putting a predetermined percentage of your paycheck in a savings account.

This will save you some money every month. Do not allow yourself to touch it. Keep adding to that account until you’ve saved enough to move it into a mutual fund or bond account.

You can even invest it somewhere else.

Pay yourself first, then live on what’s left. Trust me, this will force you to find ways to earn more money to afford things you want to buy or do.

You can also use a vision board to stay focused on your goals and attract the resources and opportunities you need to achieve them!

Create New Money Habits

If any of the three reasons I provided resonated with you, it is clear why you are not becoming wealthy. There is no quick fix, but putting in the work and making slight adjustments to your money habits will pay off. You have the power to transform your life. It all starts in your mind.

Here is your homework: if you’re doing some of the things I’ve listed that are hindering you from creating wealth, work on creating a new money habit. Use one of my suggestions.

To help hold you more accountable, comment below on what you’re planning to do and I’ll follow up with you to keep you on track! 

If creating better money habits, achieving your goals, and becoming more successful sound appealing to you, click the button below to download my free success planner. You'll receive a daily, monthly, and yearly planner that uses my time-tested success principles as well as daily guidelines and inspirational quotes to ensure you live with passion and purpose. Don't wait a second longer to transform your destiny.

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  • Aaron Mensah

    Redefining my understanding of money and spending habit. Thank you Jack Canfield

    • This is a great chance to begin on a clear path to your financial goals. Thanks, Aaron.

  • Iris Grattan

    I will pay with cash and pay myself 2nd (I pay tithes 1st). Good points. I'll also pay attention to my thoughts concerning money. Thank you for the constant nudges towards excellence.

  • Bathandwa Mooi

    I will pay cash on everything I buy..Save more and limit my spending habit. Thank you Jack

  • Awesome wealth tips Jack...thank you!

    ~TR

  • Can I share this on my blog if I give you credit?