20 hard-hitting reasons why you'll never be rich

Posted by besttvpost on April 20th, 2021

Have you always wondered what stops people from becoming rich - and why you might never be rich?

Very few people are rich, although most want to be. What is the difference between rich and poor people?

I have 20 reasons for you why you are not rich yet. And why you may never be rich.

Many of these reasons are provocative. And that's exactly what they are meant to be.

I want to wake you up. Show you what's going wrong. To enable you to recognise your mistakes.

Of course, some things are debatable and maybe you are that one lottery winner out of 14 million lottery players that luck has chosen.

Nevertheless, the most important thing is that you critically question yourself on each of these points. That will be your path to success.

Because maybe it's not the question, "How do you get rich?" that's the path to success, but much more the question, "What's stopping you from getting rich in the first place?"

1. You don't take care of your finances.
As we all know, nothing comes from nothing. You don't want to give up your comfort. Maybe you're afraid of the headwinds that come with dealing with your finances.

But without dealing with your money, you won't accumulate money. You need to know what you are doing. Control your finances and don't let your finances control you.

2. you just want to get rich quick
Who doesn't dream of getting rich quick? Unfortunately, I don't know anyone who has the secret formula for it.

For sure, there are people somewhere who have become rich quickly with a lot of luck, but there is almost always continuous hard work behind it. Those who just want to get rich quickly and have no perseverance will never get rich.

3. you have a fundamental aversion to being rich
Have you ever caught yourself badmouthing a seemingly rich person?

"That Porsche isn't my thing anyway." "To make a lot of money you have to walk over dead bodies. It's not for me."

If you make excuses and don't feel comfortable with money, you won't get any yourself. Your subconscious mind will always associate your negative statements with having money.

4. you play the lottery
The chance of hitting 6 numbers and the right super number in the lottery is 0.00000071511%. Not a great prospect if that's the only option to become wealthy, is it?

The money is thrown out weekly on lotto and other games of chance is many times better spent on continuous investment.

Some people play the lottery all their lives regardless. After all, they say, it's "just for fun".

What about the following alternative: €10 is invested every week for 20 years instead of being spent on the lottery, and this money earns interest at an average of 8% per year. At the end, there is a fortune of 25,694.36€.

Mind you, this is only due to the fact that you do not gamble every week - anything more.

You invest the way the newspaper or television recommends.
Do you read in the newspaper that you should definitely invest in crisis-proof gold? Does another magazine have five top stocks ready for you that will yield huge profits in the next few years?

If you pay attention to such reports, you will never invest successfully. These media are primarily entertainment, not sound investment advice. 6.

6. you listen to your bank advisor
Unfortunately, most people don't have a clue about profitable investments. There is often only one thing that helps: the bank advisor.

So you assume that he will invest your money in the best possible way, even though you know very well that a bank is supposed to make money. In the same way, the advisor is supposed to sell more than advice.

How often do stories of lost money in the stock market start with "My bank advisor recommended..."?

7. you invest your money without knowing anything about the subject matter
You don't trust anyone in the financial sector - not wrong at first. Unfortunately, you will never gain the knowledge you need to be successful.

If you rely solely on your intuition or believe that you can do everything intuitively better than others, you will quickly be brought back down to earth - unfortunately with an empty wallet.

8. you do not save
You don't get rich by the money you earn, but by the money you save.

Can you save? Can you consciously do without the latest technology and the most expensive designer clothes?

If you don't save, you will never be able to invest your money and thus never become rich - after all, the money is always gone. 9.

9 You think saving means less quality of life
There is probably one thing that bothers you most about saving: you lose the quality of life. You have to limit yourself somewhere.

But these are only the short-term consequences.

In the long run, your quality of life increases enormously. For me personally, it feels much nicer to have more money as security in my account than to own expensive shoes or an expensive watch.

THAT, security and freedom, are really quality of life for me - and no other material things.

10. you only leave your money in current, call money and fixed deposit accounts.
You don't even think about opening a deposit account? "Interest rates are low, but at least they almost compensate for inflation." So your money is only getting less very slowly, not so bad.

HELLO? Every day your money loses value. The only way to counteract this is to profit from inflation - and you certainly don't do that with the interest rates of your house bank.

Use high-yield investments like shares to your advantage. It's not witchcraft, but can be very successful even with little time and minimised risk - and beats any other investment by far.

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11. you use your overdraft regularly
An overdraft facility is a nice thing for many people. No hassle and when the next salary comes in, the account is back in the black anyway. The horrendously high interest you pay on it is suppressed.

Most of the time, it is only a comparatively small amount that has to be saved once to avoid the overdraft facility. A small financial cushion is enough. If you don't even build this up, you will never be able to enjoy a growing account balance.

12. your standard of living always corresponds to your income
You are happy: A salary increase! Congratulations.

But strangely enough, you still don't have more money at the end of the month. Because of the salary increase you buy one more jumper a month, go out to eat more often and think about changing to a more expensive car.

You don't know your standard of living. It grows with your income, which means you never have a surplus. How about saving 60% of every salary increase? Only the other 40% you use for consumption.

This way you benefit from your increasing salary both in the short and long term. 13.

13. you buy things to impress others
When your friend buys a new car, you get jealous. After all, you want to show off what you have, so you want to follow suit. But does that really make you happier?

Do you really want to buy a new iPhone because you want it, or just because everyone else has one?

There will always be someone who drives a more expensive car, has a more expensive watch on their wrist and a bigger house.

You have to know what you really want yourself. Don't let others dictate it to you. Your money is too good for that.

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14. you buy on credit
A loan is something cosy. And a money machine for all banks.

People finance houses, cars, furniture, TVs and laptops through credit. Some things are financed in between, some loans need further subsidies. And each time, considerably more money has to be paid than would actually have been necessary. If you save enough money, you can save an enormous amount of money.

Because the interest you pay to the bank through loans is not paid as a safe interest rate on any account. So always pay off your expensive loans first before investing your money.

15. you buy reduced things to save money
Every week we get new advertisements in our mailbox. Tempting, isn't it?

You see reduced household appliances, something for the garden and a few gadgets. Zack, you buy. After all, it's "reduced", so you think you've saved money.

You can proudly say "I got this for only 15€, although it normally costs 30€." But my question is: How much money would you have saved if you had just done without it?

After all, you didn't need it before.

16 You buy a new car
A new car is every man's dream. (Yes, it's my dream too.) But as soon as you pick up your car and drive off the lot, your car has already lost 10% of its value.

If you have a lot of money to spend on a car, you are welcome to do so. However, it saves you a lot of money to buy a used car, because the depreciation is enormous, especially in the first months and years.

Why don't you let someone else pay for this depreciation and you enjoy your almost new car much more cheaply?

17. you fall for rip-offs
"Earn €12,127 per month? I'll show you how to do it. It's easy."

"6% return per week - with this safe investment!"

Do you really think anyone has gotten rich from something like this yet, except the rip-off artist behind it?

Keep your hands off dubious offers where the normal mind rebels. Don't let yourself be talked into triple-digit returns or other utopian things. 18.

18. you listen to insider tips from casual acquaintances.
You are at a barbecue party of friends and talk to a few people. One of them tells you about his latest stock market coup and his great returns. He also has some great insider tips for you that the rest of the world has overlooked so far.

A year later, these very stocks have completely lagged behind the market or even gone bust. You'll just be annoyed that you put your financial fate in someone else's hands.

19. you invest in far too complicated financial products
The financial crisis hit most investors very hard. But it has taught one important lesson: never invest in financial assets you don't know.

Many people unwittingly put their money into closed-end funds, binary options or other products, all of which were and are highly risky. Only invest in things that you understand and whose risks you can assess. 20.

20. you think shares are the devil's work
The magazine's headline: "When will share prices collapse?". On TV there are reports of new bad economic data and political tensions that will cause the DAX to collapse. The anxiety is omnipresent. And you surely know someone who once lost money with shares.

All this is not due to shares, but to the lack of knowledge on how to handle them properly. Shares are the most profitable asset class and are available to everyone for small amounts.

It is no coincidence that everyone at the top of the rich list owns shares: shares are company shares and thus represent the economy. You can profit through appreciation and profit distributions - and you should if you want to build up and secure your wealth.

You will lose money and it will be your best lessons. So don't be afraid of losing your money. It will only inhibit you and never let you invest successfully. See risk as an opportunity to get more out of your money.

Only those who consciously take risks will be rewarded. If you never shoot at the goal, you can never miss, but you can never hit it.

You confuse liabilities with investments
Owning your own home is definitely something nice, but unfortunately, people get into enormous debt by wanting to own a house.

It is dismissed on the grounds that it is a "good investment". This ignores the fact that the value of a house decreases every year, renovation work becomes due and the loan must continue to be repaid even in a financially difficult situation.

A good investment looks different. Credit to DATABET88